How To Make An Impact With Your Charitable Giving
By: David M. Foster, CFP®, CAP®
Hello, listeners, and welcome to the 14th episode of the Gateway Giving Podcast!
In a 2018 U.S. Trust study of philanthropy, 9 out of 10 households with a $200,000 household income and/or a net worth greater than $1 million gave money to charity. Disturbingly, among that same group of people, only 42% believed that their giving was having the impact they intended. The other 58% either believed that their giving was not having the intended impact, or, more frequently, they just didn’t know. This group gave an average of almost $30,000 in 2017, and the majority didn’t know if their generosity was helping anyone!
You may or may not be a millionaire, but chances are, if you’re listening to this podcast, you are a giver, and you care about the impact of those gifts. So how can you make sure you’re among the 42% who is confident in the impact of their giving?
My guests today have devoted their professional lives to answering that question. Phil Buchanan is the President of the Center For Effective Philanthropy, and Grace Chiang Nicolette is the VP of Programming & External Relations.
If you’re looking for easy answers to the question of how to make sure your donations are having the desired impact, you won’t find them here. As I discuss with Grace and Phil, philanthropic effectiveness cannot be boiled down to an easy to understand and easy to compare metric the way that return on investment can be used to determine the success of an investment in a for-profit business. But, just because there are no easy answers doesn’t mean there are no answers at all. If you truly believe, as I do, that philanthropy is one of the best ways to impact the world and the community around you, then doing the hard work of determining effectiveness is worth it, and, in this interview, Grace and Phil offer several valuable insights to make that difficult task a little easier.
As always, if you have any questions, requests, or suggestions for people or organizations for me to interview, you can email me at firstname.lastname@example.org. Now, without further ado, here is my interview with Grace Chiang Nicolette & Phil Buchanan!
Grace Chiang Nicolette & Phil Buchanan and The Center For Effective Philanthropy are not affiliated with or endorsed by LPL Financial, Gateway Wealth Management, or Cornerstone Wealth Management.
- The Center For Effective Philanthropy
- About CEP
- 2019 Form 990
- 2019 Annual Report
- CEP's Definition of Philanthropic Effectiveness
- How Major Givers Can Best Support Nonprofits
- Donors: 5 Things Nonprofits Want You To Know
- Giving Done Right Book
- Giving Done Right Podcast
- CEP's YouTube Channel
- Grace's Twitter
- Phil's Twitter
- U.S. Trust Study Of Philanthropy
Hi, I'm David Foster! I am the host of this podcast, and I am also the founder of Gateway Wealth Management, LLC. I hope you found something valuable in what you just heard/read. If you'd like to read more about me, click here. If you'd like to read more about my firm, click here. Thank you for listening!