Fostering Family Philanthropy through Generational Giving

Family philanthropy is a powerful way for families to come together and make a positive impact on their community. Donor advised funds (DAFs) are one way that community foundations support family philanthropies, providing a structured and effective way for families to give back.

The importance of family philanthropy lies in its ability to instill a culture of giving and service, promoting empathy, social responsibility, and a commitment to making a positive impact in the community. By supporting causes that are meaningful to them, families can foster a sense of unity, purpose, and shared priorities.

Successful family philanthropy initiatives can include funding scholarships, supporting local food banks or shelters, sponsoring community development projects, and investing in social entrepreneurship or sustainable development initiatives. These efforts not only benefit the community but also create a lasting legacy of compassion and service.

To get started in family philanthropy, families can discuss their values, interests, and goals together, and identify causes or organizations they are passionate about supporting. Community foundations can play a crucial role in facilitating this process, providing expertise on local needs, handling administrative tasks, and assisting with legacy planning.

As the next generation of donors emerges, there is a new energy around addressing core issues, strengthening communities, and reaffirming the importance of philanthropy. By following best practices for involving multiple generations in decision-making and governance, families can ensure that their legacy of giving continues to make a lasting impact for generations to come.