Philanthropic giving is needed more than ever. The third sector (voluntary organisations, charities and social enterprises) and funding support for it is in a transition phase. This is occurring at a time when the societal need for third sector support is growing – these needs include but are not limited to addressing the problems and high costs of poverty and its impact (e.g. inequality, increased crime, negative health outcomes and increased costs, reduced educational attainment); and issues related to the environment and climate change, the economy, population growth, migration, health and culture.
In addition, over the past ten years there have been significant cuts in government spending, making it difficult for local authorities and government departments to fund services. This may have a major impact on social enterprises and charities where a significant percentage of their revenues are from government sources.
Philanthropic giving has never been more important to the health of our society.
Many philanthropists have discovered that there is more to life than making money. Many have found that there is great satisfaction in helping others to applying their skills and money to solving problems.
Benefits include tax relief as well contributing to the philanthropist’s health and happiness.
It is important to approach philanthropic giving in a business like way – agree to a vision/the impact you want to achieve, develop a strategy and plan, involve your family, implement your plan and give effectively, and evaluate to improve.