Katherine Fulton – “The Deeper News About the New Philanthropy”

Posted on Friday, November 3rd, 02006 by Simone Davalos
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Katherine Fulton

Philanthropic stamina

10,000 families in the US, Katherine Fulton reported, have assets of $100 million or more. That’s up from 7,000 just a couple years ago. Most of that money is “on the sidelines.” The poor and the middle class are far more generous in their philanthropy, proportionally, than the very wealthy. Philanthropy across the board is in the midst of intense, potentially revolutionary, transition, she said. There’s new money, new leaders, new rules, new technology, and new needs…

Read the rest of Stewart Brand’s Summary

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  • Ted Krum

    I am aware of very few examples of private foundations, or other asset pools, that have been successfully managed for long-term survival. One is the trusts created by the will of Benjamin Franklin, in Boston and Philadelphia which made economic development micro-loans to skilled tradespeople. Franklin stipulated that they terminate in 200 years, and the Philadelphia trust, at least, was sufficiently successful at that time to fund the establishment of the Franklin Institute.

    The other example was the creation of the Sailors’ Snug Harbor, by a will crafted by Alexander Hamilton, for a successful sea captain who wished to create an old age home for retired merchant seamen. The institution is still in operation today.

    I would be interested to collect other stories of successful long-term trusts, estates, or foundations around the world, that would help modern philanthropists understand how to create durable institutions. Would anyone with such information, or leads, please email me at tokrum@aya.yale.edu?

  • Thomas of Baltimore

    Here in Baltimore, the “mutual fund model” of the primary community foundation creates unique problems when the needs of the community are not the same priorities of the community foundation. As a result, funding rarely flows from the “gatekeepers of the funds” to not-yet-popular, controversial, and novel (often untested) ideas.

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