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Creating a Culture of Philanthropy

May 12, 2021 | Slice of Life

New to the Walkner Condon team, I come from 10 years of fundraising for non-profit organizations. Whether it was promoting wildlife conservation or helping to eradicate preventable diseases (which feels especially poignant these days), my career in charitable giving has cemented my understanding of the importance of philanthropy.

I have had the privilege of working for some highly reputable organizations, but I have also had the privilege of working with a highly diverse swath of donors and volunteers – ages, nationalities, and socioeconomic backgrounds. 

Taking some time now to reflect on my tenure in charitable giving, I have noticed a common thread among those generous donors and volunteers. No matter the size or shape of their gifts, they subscribe to a culture of philanthropy. Somewhere along the way, the importance of giving back was impressed upon them. Perhaps their families have supported the same causes for years, or perhaps they themselves were beneficiaries of gifts that changed their lives. Regardless, experiencing a culture of philanthropy instilled the importance of exploring the many ways in which we can all make the world a better place.

But where to start? Depending on the charity, gifts can be made in several different ways – for example, outright cash, monthly sustaining gifts, gifts of appreciated assets such as stocks, IRA qualified charitable distributions (QCDs), as well as giving posthumously from your estate. But beyond that, giving can also take the form of volunteering and advocacy for your favorite organization(s). Is there a cause that you find important or an organization that intrigues you? Research it! Visit that charity’s website, send an inquiry to their volunteer office, or do the really fun task of reading their annual reports. 

Some families have established family foundations that allow and ensure their culture of philanthropy transcends generations. But for the majority, it can be as simple as taking the small step of making room in our monthly or annual budget for this purpose. Perhaps it’s a monthly contribution to your favorite cause. Or perhaps you choose 2-3 charities to give to each December. And even beyond financial support, consider the other resources you have to offer (time, talent, etc.).

Deciding where and what to give can be a solo decision – or one that you make together as a family. We know our kids are watching and learning from us as we talk about money, so why not include them in the discussion? Instilling this culture of giving back at an early age can be critical and lead to a legacy of giving.

If you ever think a gift is too small to make a difference, I would challenge you to reconsider. Think about that “small” gift combined with hundreds of other families doing the same thing. That “small” gift now becomes something substantial. And not to mention, that act of giving can turn into a habit or inspire others to join you, especially those in your own circles of influence.

We all know how it feels when asked to contribute to a friend or family member’s fundraiser for this or that. All are important and worthy to support, but might be difficult to prioritize. So maybe create some space in your budget for those individual fundraisers that pop up. It may even give you a sense of security knowing you can be there for those who need you when they need you. Plus, you are demonstrating to your children (or other impressionable connections) that you can care passionately about something and actually do something about it.

In the world we live today, there is no shortage of worthy causes. Just remember to do your research and ensure you understand where your money is going. Charity Watch and Charity Navigator are two great places to start.

This is one of the things I’m most excited about in joining the Walkner Condon team: learning the money management side of this equation. After all, thanks to smart financial planning, your family can create space for giving back and making your own brand of difference in the world.

While I leave behind a career of soliciting, processing, and stewarding donations, I look forward to helping our clients achieve their goals, whether that includes charitable giving or not.

But if you think about it, the simple act of giving once and talking about it with your children, grandchildren, nieces, or nephews, could be the inspiration and catalyst for creating your family’s culture of philanthropy.

Polly Price