Like many people, I’ve watched with interest (and I have to admit some envy) the almost mind-numbing amount of money entering the philanthropic landscape over the last decade or so. For example:
- Bill and Melinda Gates created - literally overnight - the largest foundation in the world, with current assets estimated at over $35 billion.
- Warren Buffet decided to gift $44 billion to several foundations with the lion’s share to the Bill & Melinda Gates Foundation in annual installments that must be disbursed in the year they are given.
- Google announced that they will set aside close to $1 billion for charitable impact including the creation of a for-profit philanthropic venture called Google.org.
I whole-heartedly support “giving something back” and, while I would probably do things differently, I applaud the earnest generosity and creativity of these philanthropists.
But talking about creativity, let me tell you a little about another philanthropist who didn’t make the front page of the Wall Street Journal. Dave (not his real name of course) works in a local manufacturing shop and decided several years ago to build an endowed fund in his family name at the Community Foundation. That’s not always an easy proposition for a factory worker. As you might imagine, manufacturing in Lorain County goes through pretty severe cycles. When times are good, work is plentiful but other times it can be very slow. Dave’s philanthropic giving has followed those cycles through times of layoffs and overtime. I’ve been terribly impressed with Dave’s discipline and tenacity - when his employer refused to do payroll deductions for just one employee, Dave convinced a local bank to transfer a portion of his direct deposited paycheck to the Community Foundation’s account. Over the years the endowment has grown and the Fund Dave established is now making annual grants to organization’s he and his wife care deeply about. Dave’s dream of involving his children in “giving back” can now be a reality through the permanent legacy he created.
I’ll continue to be impressed with the stories that make the Wall Street Journal, but I’ll be equally impressed with the stories that don’t. People like Dave are making a difference by creating a philanthropic strategy that works for them. Philanthropy can be personal, individualized, and rewarding - and Community Foundations are a fantastic vehicle to accomplish all three.
