More may not be better
The Financial Times, 7/5/07
With US donors alone giving away the record sum of nearly $300bn last year, the trend seems bright for philanthropy. But more does not necessarily mean better.
The most striking philanthropic headline of 2006 was Warren Buffett’s decision to hand most of his fortune to the Bill & Melinda Gates Foundation, in a move that is set effectively to double the endowment of the world’s largest charity to $70bn.
The positive aspects of the gift were clear. The gesture was selfless by not setting up his own foundation named after him; it “rewarded” an existing philanthropist who has set a trend for bold and rigorous initiatives; and it helped stir a broader debate about donations.
“His decision was exemplary,” says Melissa Berman from Rockefeller Philanthropy Advisers. “It was a really major commitment, was about ‘giving while living’, and was focused on problem-solving.”