Families and Philanthropy: An Overview for Donors
Introduction
"We know that America today — in its most admirable accomplishments, its most cherished creative achievements, its most stunning and useful scientific discoveries, and its most durable civic institutions — is unimaginable without the contributions of its philanthropic families."-Virginia M. Esposito, National Center for Family Philanthropy
Over the past 100 years, families in the United States have engaged in philanthropy, making significant contributions to the well-being and improvement of the lives of those in this country and around the world. In recent years, the number of donor families has grown significantly, as evidenced by the proliferation of family foundations and donor-advised funds. Many donors have found that engaging their families in philanthropy can be a powerful experience and one that brings their family closer together as they employ their family resources in pursuit of a shared mission.
For those embarking on the philanthropic journey together as a family, whether engaging the older or next generation in philanthropy, it can be challenging to know where to begin. This publication is designed to help donors think through the key questions related to whether and how to engage your family members in your philanthropy:
- Why should you engage your family in philanthropy?
- Who is in your “family”?
- What values are core to your family philanthropy?
- How do you want to involve your family members in philanthropy?
- Which decision rules should you use in your family philanthropy?
- When should you start talking with your family about philanthropy?
- How can you engage your spouse/life partner in philanthropy?
- How can you engage your preschool- and elementary school-age children in philanthropy?
- How can you engage your middle school- and high school-age children in philanthropy?
- How can you engage young adults in philanthropy?
Each family and family dynamic is unique and families change over time. How you decide to engage your family in philanthropy may also evolve depending on your circumstances and the abilities and availability of your family members. As the authors of an article on family philanthropy from The Bridgespan Group’s www.givesmart.org website state, “Because all philanthropy is personal, and each family unique, the process is likely to be iterative and complex…the key to achieving results is clarity of thought and disciplined decision-making.” We hope this publication is helpful in clarifying your thought process in engaging your family in philanthropy.
To read full report, click here.
This material is intended for educational purposes only and is provided solely on the basis that it will not constitute investment advice and will not form a primary basis for any personal or plan’s investment decisions. While it is based on information believed to be reliable, no warranty is given as to its accuracy or completeness and it should not be relied upon as such. Information and opinions provided herein are as of the date of this material only and are subject to change without notice. Goldman Sachs is not a fiduciary with respect to any person or plan by reason of providing the material herein. Information and opinions expressed by individuals other than Goldman Sachs employees do not necessarily reflect the view of Goldman Sachs. Information and opinions are as of the date of the event and are subject to change without notice.
© 2023 Goldman Sachs. All rights reserved.
Goldman Sachs & Co. LLC is registered with the Securities and Exchange Commission (“SEC”) as both a broker-dealer and an investment adviser and is a member of the Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”)