Once when someone spoke about philanthropy, others would know what the term meant and how the money would affect or transform the world. This is no longer the case as the world of giving and getting goes through a massive change in the rules, laws, and allowances that govern the paradigm that is in flux. Whether the donation is $1,000,000,000 or $1,000,000, the views on how it needs to be spent and who can receive the gifts are changing. With the emerging forms of exchanging money comes many types of philanthropy you may not know about.
Donor Fund
When a donor sets up an account and adds money from time to time with a foundation or commercially-run group, it is known as a donor fund. The group controls the money, but the donor reserves the right to decide where it goes. An example would be a donor at a university like Mark Stevens setting up an account for six scholarships a year.
The donor gives the university the right to fund the money, but the philanthropist can reserve the right to determine the area of specialty the student would study. These accounts have been under scrutiny because they often sit for long periods drawing interest without being given out to impact the community the tax-deductible money was meant to help.
Check Book
When money comes from a single person instead of a group, it is called checkbook giving. No organization is represented, and no bureaucracy is involved in presenting the money. There may be hand-shake agreements in place, but the majority of this type of philanthropy comes from a long-time investor with an agenda that closely matches the organization of the person receiving the money.
Partner Group
If an existing organization or company receives a partnership offer from a philanthropist, it is called a partner group. There have been some prime examples in the media lately of this type of philanthropy when some billionaires partnered with other billionaires to focus on a single cause with the backing of their joint financial promised funds.
Stand Alone
Most of the money donated to this type of for-profit structure or entity is still seen as philanthropy. The organization must not be newly constructed, but it can support political activity, which is what occurs most often with the stand-alone donated money.
A donor gives the funds to the group, which then filters it to a political organization or campaign. The one stipulation for this type of philanthropic giving is that the political cause cannot be the primary reason the organization was created.
Support Grants
When an existing group receives a considerable amount of money from a philanthropist or philanthropic organization, it is said to be an anchor or supporting grant. These grants are presented as money used to keep the operation of the organization going, and the financing usually comes with few or no strings attached.
Competition Prizes
Presenting prizes is a popular way philanthropic organizations give money to children or small business individuals. Monetary awards are presented to the winner at the end of a competition. The competition can be about almost anything – from medical ideas to mathematical equations to future inventions.
There are often stipulations about how the money is handled, such as making sure it is in a college trust for individuals that are under 18 years of age. For some competitions, the award winner must intern for the nonprofit group upon graduation in order to receive the money.
Novel Institutions
New institutions that are focused on a particular field of study can be created and receive funding from a philanthropic foundation in the form of investments and grants. When these focus companies are created, they often are short term and have a mission in mind. Generally, the focus is political in nature and directed for or against a specific political party or candidate.
Pool Money
Several philanthropists can get together and pool their money into a central account of an existing organization, or they can start a new one with a single purpose. The organization can be for-profit or not-for-profit, but it must have a single focus that is common to all the donors. Often the goal is to devise strategies, take advantage of common opportunities, or fight widespread problems.
Private Support
If an organization seeks out individuals in a specific field of study and strategically funds the grantees with the stipulation that the money is to be used only in that particular field of interest, the money is termed private support. The private organization can also help organize events, oversee the study and research, and fund other areas that help support the field of study.
With so many ways wealthy people can give to the community, it is no wonder most people are confused when it comes to philanthropy.
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