Rockefeller Philanthropy Advisors

The New York Times
Paul Sullivan

The expectation in America is that people who do well give back to society. For the wealthy, it is one way to stave off charges of being greedy. And in the boom times, being seen as philanthropic seemed a social and political obligation.

But just as the downturn left the wealthy (and the rest of us) reeling from personal portfolio losses, their foundations also suffered investment losses that have affected their capacity to give.

The Foundation Center in New York said this month that philanthropic giving in 2009 could fall as much as 13 percent. This has left many charities, particularly small ones, scraping for funds.

Yet Charles Bronfman, the former co-chairman of the Seagram Company and founder of the Andrea and Charles Bronfman Philanthropies, was quick to correct me when I asked him how philanthropists felt about the pressure to give back. “I never give back,” he said. “I don’t like that term. I give because I want to give. Other people give because they want to increase their social standing.”

That may help explain why philanthropy has not dipped as much as people’s net worth. “I think some donors are in a state of panic, which leaves them frozen in place,” said Melissa Berman, president of Rockefeller Philanthropy Advisers. “But others have a more philosophical temperament and have continued on a steady course.”

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This entry was posted on Monday, November 16th, 2009 at 12:41 pm.