A new year often brings a litany of new year’s resolutions – be more active, spend more time with family, learn a new language… and the list goes on. Have you thought about resolutions for your philanthropy?
Philanthropy is hard. It’s also a long game – your sub-funds are perpetual vehicles which means that your legacy, and donations to your chosen causes and beneficiaries, will last forever. You’ll often hear us say: Giving is easy; doing it well is hard work!
Your strategy and your giving will change as your knowledge and understanding grow, and will continue to evolve when your successors follow in your footsteps.
At least in the beginning, start small, be realistic, and break down the big tasks into manageable chunks.
Here are a few small but realistic resolutions you might like to adopt for your and your family’s philanthropy in 2020:
Take the time over the next 12 months to bring your family/nominated successors together and share with them why you embarked on structured philanthropy. This should include outlining your ambitions for your sub-fund, in terms of what you hope your giving will achieve, as well as providing an understanding for your loved ones of how they may like to get involved in the giving journey.
You may consider using our Giving Consultancy, an in-house consulting methodology that aligns your values to your philanthropic giving. Whether you’re just starting out or would like to review how you are giving, it’s a great opportunity to create or refresh your philanthropic strategy together as a family.
Choose your favourite charity or identify a cause that you would like to learn more about, and your Relationship Manager can organise and join you on a site tour or event a site tour or event. For-purpose organisations love engaging with philanthropists and their major donors, explaining face-to-face and showing first-hand all the great work their philanthropy enables.
Your Relationship Manager will ideally meet you and your successors face-to-face at least once a year, or more frequently required. Whether it’s advice on strategy, involving the next generation, charities or cause areas – your Relationship Manager is there to assist you with your giving journey.
Some families already have their chosen causes and nominated beneficiaries, but if you would like to hear about new organisations or are interested in finding out more about what’s happening in the sector, speak with your Relationship Manager and they can curate the information for you.