Connected Giving | June 2019 edition

Welcome to the June edition of Connected Giving, Australian Executor Trustees  monthly update on current trends and news in philanthropy.

Dear baby boomers: Australian philanthropy needs your help

Welcome to Connected Giving, Australian Executor Trustees monthly update on current trends and news in philanthropy. As the financial year draws to an end, we look at why we need baby boomers in philanthropy, Twiggy Forrest’s largest donation ever and a run down of Australia’s top 50 biggest giversWe also reflect on the questions that not-for-profits need to be asking when it comes to measuring outcomes, and six ways that philanthropy could go at this important turning point. The Paul Ramsay Foundation have also begun their groundbreaking new funding and review program. 

 

Jump to any one of the edition’s articles by clicking the links below:

Dear baby boomers: Australian philanthropy needs your help

People experience philanthropy in Australia in a variety of ways, for example, the Yes campaign in 2017, and right now, funding advocacy to lift the rate of Newstart. But philanthropy can still be shrouded in an aura of mystery. This is why we have an opportunity to improve our giving culture. Australia is about to witness the largest intergenerational wealth transfer in our history, with estimates at $2.4 trillion from baby boomers to be passed on to the next generation. But giving through bequests made in wills is currently low. What will ultimately drive the growth of giving, large and small, is the culture of giving that we foster in Australia. Part of this must entail the right incentives, structures and information for everyone. Read the full article (9 mins).

‘As country people, it’s in our DNA’: Forrests reveal what motivates them to donate billions

WA mining magnate Andrew ‘Twiggy’ Forrest and wife Nicola made the largest living donation by any philanthropist in Australian history, announcing a contribution of $665 million to their Minderoo Foundation. This overtakes their previous record of donating $400m in 2017. When asked what motivates them to donate so much money, Ms. Forrest said that it was “part of their DNA” as country people, to help where they could. Mr. Forrest is part of a group of billionaires who have pledged to give away their wealth while alive. The Forrests are publicly encouraging other wealthy people to work with fellow philanthropists and governments to make a difference for the better. Read the full article (6 mins).

Australia’s 50 biggest givers

The Australian Financial Review have compiled their list of Australia’s top 50 philanthropists for 2019. To make the top 50 list, you need to have donated at least $3.6 million in the previous financial year. The most significant trend for this year was that instead of being dominated by one-off bequests, the trend is impressive because donations simply became bigger. The list includes individuals, families, and private foundations. The nation’s biggest donor is the Paul Ramsay Foundation at $85.8 million, followed by the Minderoo Foundation at $60.4 million. Read the full article and list (10 mins).

Why NFPs need to ask powerful questions

Not-for-profits looking to measure outcomes must first ensure they are asking the right questions in their search for data measuring outcomes. For data to be useful to not-for-profit strategies it has to be tied to what you think it means to be effective. This set of learning habits has the capacity to eliminate much risk, and improve relationships between foundations and not-for-profits because it enables deeper conversations about challenges and support. Read the full article (6 mins).

Philanthropy is at a turning point. Here are 6 ways it could go

This is a difficult time for philanthropy, as challenges like global climate change are demanding action on a massive scale, technology is changing the scene, and shifting demographics and social trends are changing our notions of community, society, and nationhood. There are six ways we could go about addressing the future of philanthropy that are explored in this article. Some requiring a degree of introspection to see where the problems lie and where they can evolve to become more effective and reflecting of the people it serves. Read the full article (6 mins).

A groundbreaking training and funding program to help solve disadvantage

The Paul Ramsay Foundation, in collaboration with the Social Impact Hub and Philanthropy Australia, this month announced the launch of a $900,000 funding program that capacity builds funds to five Australian organisations to develop solutions to the root causes of disadvantage. The program will enable organisations to participate in a two-day development workshop this October. At the culmination of the workshop, the organisations will determine which ones receive $150,000 each to further develop their solution. This peer-reviewed evaluation process is the first of its kind in Australia, and designed to help organisations collaborate and converse about complex issues and solutions. Read the full article (5 mins).

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