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Putting Wealth to Work

Putting Wealth to Work

by L Joel Fleishman
3.8
8k+ ratings
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Key Takeaways

1. Philanthropy's evolution: From perpetual foundations to "giving while living"

"Clearly the answer to that question is both. (And if this book's publisher had not feared unduly complicating the title of this volume by giving that secret away, the title would have read so.)"

Historical shift: Philanthropy has undergone a significant transformation in recent decades. Traditionally, wealthy individuals established perpetual foundations to carry on their charitable work indefinitely. However, a new trend has emerged: "giving while living," where donors aim to distribute their wealth during their lifetimes.

Driving factors:

  • Desire for greater control over philanthropic impact
  • Urgency to address pressing social issues
  • Influence of high-profile donors like Bill Gates and Warren Buffett
  • Skepticism about long-term adherence to donor intent

Implications:

  • Increased focus on measurable short-term results
  • Potential neglect of long-term, complex societal challenges
  • Shift in power dynamics within the philanthropic sector

2. The critical role of America's civic sector in social progress

"America's civic sector is substantially unencumbered by government regulation—much freer to act without the advance approval of government officials than America's famously vigorous and innovative for-profit sector."

Unique freedom: The United States' civic sector enjoys unparalleled independence, allowing it to tackle social issues with creativity and urgency. This freedom is protected by the First Amendment and has historically set America apart from many other nations.

Key contributions:

  • Pioneering social innovations
  • Challenging government policies and corporate practices
  • Providing essential services to underserved communities
  • Fostering diverse expressions of cultural and intellectual life

Economic impact: The civic sector's annual expenditures exceed $1.7 trillion, surpassing the discretionary spending of the federal government. This financial clout enables nonprofits to address societal needs on a massive scale, often complementing or supplementing government efforts.

3. Increased collaboration and advocacy in modern philanthropy

"Partnerships among foundations are now sprouting with regularity."

Collaborative trend: Foundations are increasingly joining forces to tackle complex social issues, pooling resources and expertise for greater impact. This shift represents a departure from the historically siloed approach to philanthropy.

Examples of successful collaborations:

  • Detroit's Grand Bargain: Multiple foundations working together to resolve the city's bankruptcy
  • ClimateWorks: A global partnership to combat climate change
  • Fund for Shared Insight: Improving philanthropy through feedback from beneficiaries

Advocacy role: Foundations are becoming more active in policy advocacy, recognizing that systemic change often requires influencing legislation and public opinion. This trend has led to:

  • Increased support for think tanks and policy research
  • Direct engagement with policymakers
  • Funding of public awareness campaigns on key issues

4. The rise of donor-advised funds and impact-driven giving

"As of the end of 2015, the total value of all donor-advised funds in community foundations, federations, and for-profit corporations in the United States was $78.64 billion."

Donor-advised funds (DAFs): These flexible giving vehicles have experienced explosive growth, offering donors immediate tax benefits and the ability to direct funds to charities over time.

Key features of DAFs:

  • Tax deduction at time of contribution
  • Ability to grow investments tax-free
  • Flexibility in timing and selection of charitable recipients

Impact-driven approach: Modern philanthropists increasingly focus on measurable outcomes and data-driven decision-making.

Trends in impact-focused giving:

  • Use of business metrics to evaluate charitable effectiveness
  • Investment in social enterprises and "impact investing"
  • Emphasis on scaling proven interventions

5. Balancing present needs with future impact in philanthropic strategies

"Today's pioneering efforts are bold, strategic, and measured by impact data."

Strategic tension: Philanthropists face a critical decision between addressing immediate societal needs and investing in long-term solutions. This dilemma shapes giving strategies and foundation structures.

Considerations for donors:

  • Urgency of current social problems
  • Potential for compounding social returns over time
  • Capacity of existing organizations to absorb large-scale funding
  • Donor's personal timeline and desire for involvement

Emerging hybrid models: Some donors are adopting flexible approaches that combine elements of both immediate and long-term giving, such as:

  • Time-limited foundations with specific sunset dates
  • Donor-advised funds that allow for both immediate and future giving
  • Creation of operating organizations alongside grantmaking entities

6. The enduring value of perpetual foundations in addressing long-term challenges

"Perpetual foundations are the primary engines of peaceful social change in America's civic sector."

Unique strengths: Despite the trend towards "giving while living," perpetual foundations offer distinct advantages in addressing complex, long-term societal challenges.

Benefits of perpetual foundations:

  • Ability to take on multi-generational problems
  • Institutional knowledge and expertise accumulation
  • Capacity to fund unpopular or emerging causes
  • Stability in times of economic downturn

Examples of long-term impact:

  • Rockefeller Foundation's role in developing the polio vaccine
  • Ford Foundation's support for civil rights movements
  • Andrew W. Mellon Foundation's ongoing support for arts and culture

7. Practical advice for donors: Aligning philanthropic goals with resources and time horizons

"For any donor, the key to a right decision in deploying your philanthropic assets is to align carefully the duration of your philanthropic vehicle with the amount of resources at your disposal and the nature of the values and goals that matter to you."

Strategic alignment: Effective philanthropy requires thoughtful consideration of one's resources, values, and desired impact timeframe.

Key steps for donors:

  1. Clarify philanthropic goals and values
  2. Assess available resources (financial, time, expertise)
  3. Research potential focus areas and existing efforts
  4. Choose appropriate giving vehicles (e.g., foundation, DAF, direct giving)
  5. Develop a strategy for impact measurement and learning

Considerations for foundation structure:

  • Perpetual vs. time-limited
  • Family involvement and succession planning
  • Geographic and thematic focus
  • Governance and decision-making processes

Last updated:

Review Summary

3.8 out of 5
Average of 8k+ ratings from Goodreads and Amazon.

Black Mass receives mostly positive reviews, with readers praising its detailed account of the FBI's corrupt relationship with Whitey Bulger. Many found the story fascinating and well-researched, though some felt overwhelmed by the amount of information. Readers appreciated the book's exploration of FBI corruption and the Boston crime underworld. Some criticized the writing style as dry or repetitive. Overall, the book is recommended for those interested in true crime, organized crime, and FBI history, providing a comprehensive look at a shocking chapter in law enforcement.

Your rating:

About the Author

Dick Lehr is a journalism professor at Boston University and former reporter for the Boston Globe. He was a Pulitzer Prize finalist and won numerous awards during his career. Lehr has authored several books, including the New York Times bestseller and Edgar Award winner "Black Mass" about Whitey Bulger. His other works include "The Fence" and "Whitey: The Life of America's Most Notorious Mob Boss." Lehr's background as both a journalist and attorney informs his writing on crime and law enforcement. He lives near Boston with his family and has been recognized with fellowships and accolades for his investigative reporting.

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