From tax reform to impact investing, there are a number of incentives and trends that are changing the way people approach philanthropy. Here we look at some ways charitable giving could further evolve.
Laurie Tisch
President of the Laurie M. Tisch Illumination Fund
“I’m not sure it’s about reforming philanthropy. It’s about [figuring out your own] values. For me, it’s important to do something that transforms lives. Sometimes that’s not splashy. I want to give where the money opens doors for people who would otherwise be left out. We work hard to find where our money can have impact. I am passionate about the power of art to improve health, but more people need access, and there’s always a need for more donors. We partner with New York’s public hospitals to support programs in arts in medicine, so that more people, including the staff, can participate. At Children’s Museum of Manhattan we started a program to reunite incarcerated mothers from Rikers [Island jail] with their children for a day of fun and learning at the museum. It is astonishing and deeply moving to be part of something like that. Getting involved at that level, on the ground with people, is what inspires me to keep giving.”
Harold Ford Jr.
Former Democratic Representative, Lincoln Center and Posse Board Member, and Chairman of Rx Saver, a discount prescription platform
“Reforming charitable deduction rates should be included in any new effort to reform the tax code. Specifically, I think the charitable deduction rate enjoyed by the taxpayer should be largely based on the need of the charity they are giving to. So the more an individual gives to an organization with a large endowment, or one with lots of cash on hand, the less the deduction. I don’t want to discourage giving. In fact, I want to encourage more giving to organizations doing great work for people who need it most.”
Phyllis Costanza
Head of UBS Philanthropy and CEO of UBS Optimus Foundation
“There is more focus and energy on philanthropy today than at any point prior. This surge of energy has created a disconnect between big announcements and programs with big impacts. With the right direction, planning, and resourcing, it is possible to have both, but there are plenty of initiatives that simply do not succeed because the right infrastructure is not in place. The reform I’m pushing toward is to give those on the front lines the tools and resources to measure their inputs, outputs, and impact, so that if they are succeeding they can make that known and get rapid access to more resources. This feedback loop also enables them to identify what is struggling and address those changes in shorter cycles. Social finance solutions will bring more resources, accountability, and interest to the philanthropic space and enable those that want to do good with their wealth and legacy to connect with innovative programs addressing challenges big and small all over the world.”
This article was provided by Bloomberg News.
