James Hickey PhD - Philanthropy

Remembering Those in Need

james hickey phd

Save the Children Releases Supporter Promise

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child-james hickey phdCitizens of the public should not feel pressured to contribute to charitable causes. The CEO of Save the Children believes this area needs improvement. Organizations rely on the support of volunteers and those who give money. These types of relationships rely on the principles of respect and shared trust. Implementing regulations may be a step in the right direction. The advertising industry has the Advertising Standards Association. Something similar for charities may help to hold these organization more accountable for their methods.

Save the Children recently launched their Supporter Promise which helps donors choose how they want to contribute thus diminishing unnecessary methods of donor targeting. This organization has a history of over 95 years and places a strong emphasis on their contributors and the types of relationships that are sustained with them. The Promise ensures the public that they will not receive cold calls and that their contact information will not shared. Save the Children allows individuals to indicate how they want to be reached and they ensure that is the only method they will take to get in touch.

2014 was a year where many children needed assistance. The numbers were higher than years prior. A yearly report shared that 97 emergency situations took place in 54 countries. One example of an urgent situation included the Ebola outbreak in South Sudan and Sierra Leone where treatment centers were critical. The goal of Save the Children is to keep children alive and away from life threatening causes that can be avoided. Also, this charity wants all children to be exposed to educational opportunities. The involvement of the community is paramount, therefore these new regulations should help maintain the positive relationships that helped shape and sustain Save the Children over the years.

To read more, visit The Guardian here.

How Philanthropy Helps Family Businesses

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beach-james hickey phdParticipating in charitable efforts is an important aspect of running a family business. This may mean giving money or time to a cause. By having a focus in philanthropy, the business can thrive in several areas.

According to a survey administered by EY and Kennesaw State University, statistics show that philanthropy is a part of family business in several ways. First, of the world’s largest family businesses, 81% practice philanthropy. The amount that have a family foundation is 47% and 37% want to contribute more to causes.

Families can use their engagement in philanthropic efforts to tighten their bond and continue valued traditions through generations. Philanthropy is valuable because it shows the world the key things that are important to that family.This type of work also encourages people who aren’t tied into the business to get involved. It may also be a part of displaying pertinent beliefs that could be tied to religion, for example.

Philanthropy is an area of life that encourages the involvement of everyone. Anyone with an interest can make an impact and is welcome. It also shows that the company is contributing to the future of the world of which it is a part. For younger members of the family, core principles that philanthropy offers may include training for their future and the chance to understand business matters. They will be able to explore these things outside of the perhaps strict guidelines set up by their parents.

The Rockefeller Foundation is a good example of this overall idea. For a family that became recognized over 100 years ago, this foundation is a means for all the members to contribute to society together. To learn more about the potential difference families can make in their business, they should research impact investing. This idea stems from philanthropy and some of its torchbearers include the Rockefeller Family.

More information can be found from Forbes online here.

Preparing Your Finances Before Giving to Others

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In order to help others, it is important to have your own finances in order. A financial advisor is a valuable tool in achieving your financial goals and planning the best way to contribute to philanthropic causes. This person can be an informative source on the different options available for investments, for example. Before settling down with one pick of a financial advisor, there are a few questions you should explore.

Education

Being a financial advisor comes with a choice variety of different certifications. It is important to find out what credentials your selection has before deciding to commit to that person. Each type of license comes with different specializations and it is imperative to match that financial advisor’s skillset with what you need.

A few examples of certifications may include Certified Financial Analyst (CFA), Certified Financial Planner (CFP), and Certified Investment Manager (CIMA). In addition to matching the skillset with your personal requirements, it may be important to complete a check of the advisor’s compliance record to ensure their licenses are up to date.

Services

Understand the difference between the services an advisor offers and see if that is what you’re seeking. You may have to compare services such as comprehensive financial planning, investment, and money management. If you are seeking someone to oversee the full range of your finances, it will be key to have an in depth understanding of how that will function. Also find out more about previous clients the advisor has assisted. This will provide insight into whether this financial advisor has prior experience with a situation similar to yours.

Trust

Building a closeness with your financial advisor is a valuable part of this type of relationship. Details related to personal finances can be very private, and to share them requires a sense of trust. Look for traits such great listening skills and shared interests. Often, feeling confident and secure in this type of relationship is more important than any academic credentials.

Ways to Ensure Donors Pick the Best Charity

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box-james hickey phdPeople often keep a few things in mind when deciding to which charity they would like to contribute. Some decide on the social return by selecting a particular focus. An example may include primarily giving to groups that benefit children because that person truly believes society will benefit the most from harnessed childhood development. The results may be economic and social, thus solidifying the need for the donation. Others are inspired to help organizations related to their personal experiences. All in all, it is important to think in terms of what world change one would like to see.

Research the cause you are considering for a donation.

Is there proof that their work is resulting in a positive impact? Also, review the membership listing of their leadership board. Acknowledge the skills of each person and decide if those combined abilities can result in a well-run organization.

Consider crowd-funding as a way to donate to nonprofits.

Websites such as GlobalGiving.org and Fundly.com allow donors to select a project to submit funds toward. Afterward, they’ll even receive updates via email about the progress being made. Also, giving to charities without a large media presence may lead to greater progress in the early stages.

Giving results in other benefits beside the obvious. The amount of a donation can grow due to tax breaks. Several countries pride themselves in reducing taxation on gifts to charity. Some of these countries include Germany, the United States, and Italy. Low income countries are even more likely to give due to the tax relief and incentives. Not only is giving good for the soul but the government rewards you by reimbursing some of your money.

To learn more about charitable giving, visit BBC online here.

Philanthropy in the Fashion World

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neckties-james hickey phdFashion and philanthropy are often viewed as two areas on opposite sides of the spectrum. Consumers looking to feel good about themselves may venture to the mall on a Saturday to pick up an outfit aimed to fulfill desires perceived as selfish. Whereas, charitable efforts often involve the selfless giving of one’s time and money. It seems that within the past few years, these two avenues have found a way to successfully intersect. Popular clothing designers with causes close to home are pioneering ways to join fashion and alms giving.

Shopping frequently involves an element of indecision. An endearing shirt may risk being left behind due to higher pricing than what the customer expected. However, notifying this particular shopper that 30% of the cost will benefit a particular charity may have this person think twice. Tommy Hilfiger, for example, is a designer who promotes autism research. Knowing the challenges his autistic son faces, he was sure to implement philanthropic fundraising into his own life’s work in fashion. As a result, shoppers can feel a greater sense of gratification through their clothing and accessory purchases.

The model mentioned above is only one way charities can benefit from retail purchases. Some organizations have centered their entire business format around contributing to a specific cause. Founder, Blake Mycoskie created TOMS with a charitable mission in mind. After visiting Argentina, he took note of the children of villages that were without shoes. This inspired the “One for One” format of his business. For every pair of shoes bought by a consumer, one pair of shoes gets sent to a child in need. TOMS customers know they are aiding a bigger plan when they purchase products. Strategies like this have elevated the shopping experience to where it is not only a selfish act, but one that has the power to benefit others in need.

 

Generation Generous – A New Age of Philanthropy

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dollars-james hickey phdThe Chronicle of Philanthropy recognizes Mark Zuckerberg as one of the most generous among America’s richest. The newly-wed Mr.Zuckerberg and his wife, Priscilla Chan created quite the buzz when the donated a staggering $992.2 million worth of Facebook stock (a total of 18 million shares) to the Silicon Valley Community Foundation.

The twenty-nine year old billionaire of Facebook is unsurprisingly the youngest person to make it to the top of the list of 50 most generous donors – a highly esteemed list compiled by the Chronicle of Philanthropy.We all know that Facebook founder Mark Zuckerberg is one of the richest Americans today. According to the Chronicle of Philanthropy, he is also one of the most generous. It is Zuckerberg and young entrepreneurs like him who are now shaping what is now recognized as the golden age of philanthropy.

An article of Forbes.com explores the psychology behind the younger generation’s heightened awareness about the importance of charitable giving. According to a survey conducted by nextgendonors.org, the “Gen X’ (born 1964-80) and “Gen Y” (born 1981-2000) Americans, in their lifetime, are expected to inherit $40 trillion or more in wealth and generate trillions more and most of it is predicted to go to charity as this generation is proven to be far more philanthropic than its predecessors.

The survey suggest the following reasons are the main contributors in this generation’s philanthropic spirit:

  1. Leaving a mark: This generation has been fortunate enough to be raised with philanthropic values from the previous generation and kick it up a notch by applying various approaches that have greater long-term value. The generation is focused not only on improving the present, but also to create a lasting change for the generations to come by diving head-first into long-term issues by donating to research and environment protection.
  2. Networking: The young philanthropists are very well-networked and have no qualms about sharing their knowledge and experience. Their collaborated efforts coupled with their multiple-approach-strategy generates better results for their causes. With access to more platforms of donations and with the internet revolutionizing the concept of charity, this generation is automatically more involved in its social causes and more united.
  3. Sense of urgency: As opposed to the previous generation who shifted focus to philanthropy much later in their career , this generation thinks about their legacy while at the early stages of building their career. They are quick to apply their skills and are already aware of the kind of changes they wish to see and do not wait to make it happen at a more comfortable stage of their life.
  4. Flexibility: This generation’s adaptability is one of the key factors that bring about great changes in their philanthropic work. They are more focused on the cause rather than the organization and this helps them choose the most efficient way of improving the cause without being too caught up in organization ties. They are likely to put greater faith in a little known non-profit, or even an individual instead of a well-know international organization if they think its more worthwhile.

Only time will tell what is in store for the future of philanthropy, but with a generation more aware, involved and united, it is safe to assume they are on the right track to preserve America’s spirit of giving.

Avoid Scams When Donating to Help Fight Ebola

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money-james hickey phdIn the quest to assist the Ebola epidemic, finding legitimate organizations can be a challenge. Although, the amount of donations received has not been astounding, barriers have already become present. Follow these few steps to get the best results as a philanthropist.

Explore the Lists of Organizations

If someone is searching for the best place to give that is dedicated to fighting Ebola, there are lists available. These contain collections of non-profits. Examples include Guidestar and the Better Business Bureau Wise Giving Alliance.

Let the Organization Decide Where to Spend the Money

Non-profits are likely to have a sense of the areas that need funding the most. Sometimes givers request that their dollars go to a special drug or service. Meanwhile, the true need within the organization lies elsewhere. Read the mission statements and chose somewhere you trust.

Got Some Extra Sick Days?

Give them away! The Internal Tax Revenue Service allows Americans to donate their leftover vacation, sick, and personal days. Employers can translate this amount into cash and donate it the the specific cause. This is a special process that was created for Ebola related charities.

Is the Charity Site Verified?

As a way to protect one’s self against scammers, an extra layer of research should be done to be sure the donation site is verified and safe. Crowdfunding can be started by anyone. It’s important to be mindful of a few things that will help avoid scams. Don’t send cash. Be mindful of charities that mock the names of larger, more established non-profits. Lastly, avoid giving to groups that popped up overnight due to an event in the news.

For more information, visit Time online here: http://time.com/money/3551593/best-ways-donate-charity-ebola/

Philanthropy: The Effect on Poverty

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james hickey phdEach year the Census releases information about the state of poverty in the United States. When analyzing this data, it has not fluctuated much from the 1970s and leaves onlookers with the same questions year after year. If philanthropy is designed to assist those in need, why is poverty still such an issue?

“Generosity” Covers Only a Piece of the Problem

People who contribute to charities may feel they are giving freely. However, the actual financial needs to eradicate poverty are gargantuan. Today, 44 million Americans are impoverished. According to Giving USA, $335 billion were acquired through donations. Yet, if solely distributed to those in need, families would still remain in poverty. This issue requires much more to resolve.

Poor is Not a Priority

In the midst of fighting climate change and curing cancer, individuals without money or necessities fall to the bottom of the priority list. There is a trend that those perceived as wealthy rather combat the right to choose and fund college campuses. While not a generalization, the impact for change in poverty is not enough.

Face to Face Services are a Minimal Solution

Those who directly support the tools necessary to overcome poverty may be distributing funds unwisely. History has shown that the most effective method to rise above poverty lies in government programming. Structures such as Social Security, Medicaid, unemployment, food stamps and more keep millions of people and families above the poverty line.

When Graduation Rates Improve, Poverty Doesn’t

One way philanthropists show they care about fixing poverty is through ongoing donations to education in economically troubled areas. Some great changes that took place included the placement of strong teachers and better college prep. However, when students return home the same issues exist.

Philanthropy is a great tool that benefits many causes. However, it is important to assess and challenge the benefits generated by this structure. Poverty is an area that needs more than small gifts from many giving individuals. The further enhancement of pre-existing government programs could be the solution, or perhaps greater brainstorming sessions should take place. For more information, visit Inside Philanthropy here: http://www.insidephilanthropy.com/home/2014/9/30/7-reasons-why-philanthropy-hasnt-made-much-dent-in-us-povert.html#