Friends in Philanthropy: May 2022 Issue
Do philanthropists only make major donations so they can take tax write-offs? The general public might suspect that’s the case, but the numbers tell a different story.
When BNY Mellon polled 200 high-net-worth individuals about why they give, tax planning ranked far below other considerations.
Granted, these answers are self-reported, so you might think respondents are downplaying their self-interested reasons for giving. But according to financial planner Juan Ros, these results track with what he hears from his own clients.
“Taxes are a nice side benefit, and sometimes taxes can be the catalyst for a larger discussion of charitable goals, but taxes are not a primary reason why people give,” Ros told CNBC.
The stories in this month’s issue speak to those higher priorities: the impact your generosity can make on a grateful stranger’s life, and the legacy you create when you do.
How an Alliance of Givers Is Fighting Human Trafficking In Florida (National Christian Foundation) – A retired energy executive details the steps he took to launch an “impact alliance” to help nonprofits and other experts collaborate on projects they couldn’t tackle alone.
Here’s What ‘Trust-Based Philanthropy’ Actually Means (The Conversation) – Can funders help more by participating less? Catch up on the concept of “trust-based philanthropy,” which has been picking up steam in recent years.
How Two Sisters Found the Woman Whose Kindness Changed Their Lives (CNN) – In 1999 a stranger on a plane gave them $100 as they fled the former Yugoslavia. Now thanks to a wide-ranging internet campaign, they finally get to thank her.
Make Philanthropy Part of Your Workplace Culture (Newsweek) – A CEO argues that when businesses make philanthropy “an everyday event,” it benefits everyone—companies, employees, and charities alike.
Tax Breaks Aren’t The Main Reason Wealthy People Give (CNBC) – A new study confirms what financial planners already know: major givers see tax breaks as a mere side benefit. Impact matters more, especially for younger donors.
Photos courtesy of Unsplash.
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