The synonyms for Philanthropy are giving, charity, alms, donation, benefaction, patronage, generosity, humanitarianism, beneficence amongst others. Philanthropy in essence is the active effort and contribution to promoting human welfare and social causes that encompass humanity, social issues, and our environment.
Philanthropy is a very personal endeavor, its impact and rewards tend to be greater when your giving is relevant to your life, your life experiences, and your life journey.
To achieve a meaningful and impactful philanthropic initiative, there are some guiding lights that we must bear in mind. These are considered below:
Setting your objectives
Making out time to articulate your giving or philanthropic objectives is essential, as this brings clarity for the entire journey. You should also think about your own personal beliefs and passions and shape your giving around those passions and beliefs.
It is also important to think about past experiences with your giving, what you enjoy doing, what you have found frustrating, what has held you back from giving more and what you have learned most.
Giving can take different forms, we can give our time, knowledge, resources, money, assets amongst others. Goals for giving can be targeted at:
- supporting a specific cause that reflects your personal beliefs, experience, and passions, such as helping disabled children to live a more fulfilled life or providing clean water or sanitation.
- spending your time productively by passing on your family values to the younger generation; and
- helping ‘disadvantaged youth’ in your own community etc.
Once you have set out your objectives, you need to translate these objectives into something practical and achievable that reflects your resources (what you are ready to commit to or part with/give). once there is clarity, there will be a multitude of different ways to achieve your set objective.
Developing a Strategy
Developing a strategy for your giving helps when you want to build a sustainable giving initiative that strives and endures despite death, physical incapacitation, or other challenges. The questions to work through in articulating a strategy are:
- What is the focus of my giving?
- How much time, resources and assets do I want to commit?
- How engaged do I want to be as a sponsor or donor?
- What types of organizations or initiatives do I want to support, and what kind of funding/resources can I offer?
While you may already know specifically where you want to direct your giving and donations, the reality is that many people find it difficult to prioritize the range of pressing social and environmental needs that surrounds and resonates with them, whereby questions like; should I support children’s hospices/orphanages, save a dilapidating primary healthcare center or local school, or provide scholarships for rural indigents? There is no right or wrong answer, and many people choose to spread their giving across multiple issues. But if you can define a clear focus for your giving, it will allow you to have a planned and strategic giving that aims to tackle specific issues close to your heart.
However, before activating your strategic plans, it is important to first assess the needs of your focus area; that is, understanding the key problems that need to be addressed and where funding or resource gaps exist. There are many areas of focus when it comes to activating a strategic plan, amongst which are:
Giving within your local community
Donors choose to give locally for different reasons; their desire to improve their local area, personal experience (e.g., supporting their local schools and hospitals), a belief that supporting small local organizations can have a great impact, etc. Giving locally is one of the easiest ways to really see what difference your money or time is making, and this can be incredibly rewarding.
Giving nationally or outside of your local community
In this context, we mean giving outside of your immediate local community or environment because over time we may have drifted from our local community to other places.
Giving within this context is mostly seen by donors as a way of reaching areas of greatest need and achieving maximum impact with their resources. The Donors who set their focus on giving externally understand the importance of giving to help develop educational or health services or any given strategy in a larger and expansive sphere.
Getting involved in Venture Philanthropy
Venture philanthropy entails giving out funding or assets that support a social initiative but with an investment approach. Venture philanthropy adopts some principles of venture capital such as detailed evaluation or hands-on support to organizations that provide public benefits such as charities and social enterprises.
Venture philanthropists work in partnership with a wide range of organizations that have a clear social objective, charities, social enterprises, or socially driven commercial businesses. Venture philanthropists focus on social initiatives or organizations that have rapid growth, significant development of new products or services. An example of venture philanthropy we like to share within our local context is funding a market space or kiosk for indigent women to start their trade and after a specified duration, such women return the funds with a symbolic return that allows other women to benefit from the same initiative and in effect leads to a continuous cycle of uplifting indigent women from poverty.
In the subsequent edition, we will share insights on choosing vehicles or structures to use in our giving or philanthropic journey, that is, charities or social benefit organizations as well as why it is important to assess and measure your giving and philanthropic initiatives against its impact.
At Fiduciary Services Limited, we are expert philanthropy advisors, we assist to identify suitable structures/vehicles that support your giving objective as well as projects and organizations which resonate and meet the focus areas of a donor. We help givers to be more strategic and more impactful in their philanthropy journey. We are experienced in long-listing projects based on clients’ interests, and short-listing candidates for support based on detailed due diligence. You can choose what level of involvement to have in this process; you may want to identify projects or initiatives yourself and ask us to conduct due diligence. Send us an email at email@example.com to begin your philanthropic journey!
More than 100 billionaires call for global wealth tax
In an open letter, they said: “Most of us can say that, while the world has gone through an immense amount of suffering in the last two years, we have actually seen our wealth rise during the pandemic – yet few if any of us can honestly say that we pay our fair share in taxes.”…READ MORE
How Roman Abramovich has accessed low tax citizenship by lineage
I always have to preface this personal revelation with a disclaimer that my siblings and I did not go out nightclubbing as we sought European dance partners, says David Lesperance, founder and principal of international tax and immigration advisers, Lesperance & Associates.
As it turns out, though, my older sister married a Latvian; my brother an Italian; myself a Pole; and my younger sister an Irishman… READ MORE
UK joins Spain and Singapore in crypto advertising crackdown
The UK has followed in the footsteps of Spain and Singapore in cracking down on cryptocurrency advertising, with new rules bringing the adverts in line with other financial promotions.
The move means that the FCA will have oversight of crypto adverts, in a bid to limit the number of misleading adverts touting Bitcoin and other cryptocurrencies… READ MORE
Mauritius exits the European Union list of high-risk third countries
We are delighted to share that the European Commission announced that Mauritius has been removed from the High-Risk Third Countries list of the European Union.
The Commission’s analysis concluded that Mauritius does not have strategic deficiencies in its AML/CFT regime and has successfully addressed strategic deficiencies that the FATF identified and the additional benchmarks or preliminary concerns set by the Commission… READ MORE
Are NFTs Really Art?
The snarky, but true, answer is that some NFTs are worth money because people are willing to pay money to own them—think of the images of Bored Apes or pixel-art Punks, iterations of which have touched six-digit price points. Most reference the technology and the widespread belief that the blockchain is the future of financial transactions, so anything associated with it carries a sheen of promised riches… READ MORE