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| Print article | This entry was posted by Click. Buy. Help. on August 5, 2010 at 6:45 PM, and is filed under Commentary. Follow any responses to this post through RSS 2.0. You can leave a response or trackback from your own site. |
40 Wealthy Families Join Gates and Buffett
Earlier this year, Microsoft co-founder Bill Gates and Berkshire Hathaway Chairman and CEO Warren Buffett launched a campaign to encourage other high wealth individuals (read that: billionaires!) to donate the better part of their amassed fortunes to charity. Now, 40 wealthy families – not all billionaires – have signed the “giving pledge” and are shown on the Giving Pledge web site.
It appears their efforts to personally reach out to their “peers” is making a difference.The better part of what is already good news for non-profits is the initial list of 40 do not contain billionaires exclusively. Others who have not quite reached that station in life are on board as well. Consistent with Mr. Gates’ success in revolutionizing personal computers, it appears that it isn’t just billionaires who are sharing the philanthropic vision.
The pendulum may be swinging back the other direction.
Non-profit organizations have historically struggled with budgets and the global recession has not issued any favors. “Donor Fatigue” is a common malady among people who want to do the right thing, but honestly struggle themselves to dig as deeply as needed. By jump-starting this process with two of the most widely recognized and obviously wealthy individuals, their actions are providing hope and benefits in two very important areas.
First, the shear volume of dollars. In 2009, The Chronicle of Philanthropy estimated that American charities received approximately $300 billion in donations. Gates and Buffett estimate their efforts alone could generate upwards of $600 billion.
Secondly, the raising of awareness is equally important as the raising of funds. Remember those “non-billionaires” on the list? One could argue they won’t be the last and that the expanding interest in doing good will grow to eventually include the average you and me.
There are many who are hoping that growth turns into a revolution.
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