Deciding where your family foundation should donate is a crucial and often complex process. It requires careful consideration of your foundation’s mission, values, goals, available resources, and the impact you want to achieve. Here at Fagundes-Johnston we are here to help identify organizations that align with your family’s values and ensure you are actively engaged through philanthropic giving.
As you work with us to identify where, how, and the timeline you wish to employ for your philanthropic support, below is a basic outline of the areas we can help you craft:
- Define Your Mission and Values:
- Clearly articulate the mission and values of your family foundation. What causes and issues are most important to your family? What values guide your philanthropic efforts? Your mission statement will serve as a compass for your giving.
- Assess Your Resources:
- Determine the financial resources available for philanthropy. Create a budget and establish guidelines for your giving, including how much you can allocate each year.
- Identify Priority Areas:
- Based on your mission and values, identify the priority areas or causes you want to support. Consider the societal problems that resonate most with your family.
- Research and Gather Information:
- Conduct thorough research on the causes and organizations operating within your chosen priority areas. Use sources like online databases, reports, and expert opinions to gather information.
- Set Clear Goals and Objectives:
- Define specific, measurable, and realistic goals for your philanthropic efforts. What do you hope to achieve with your donations? Establish criteria for evaluating the impact of your contributions.
- Engage Stakeholders:
- Involve family members and key stakeholders in discussions about philanthropic priorities. Their perspectives and input can help shape your giving strategy.
- Create a Grantmaking Strategy:
- Develop a grantmaking strategy that outlines your giving approach. Determine whether you want to provide general support, fund specific projects, or collaborate with other foundations.
- Leverage Expertise and Networks:
- Seek advice and input from experts, advisors, and nonprofit professionals who have experience in your chosen priority areas. They can provide valuable insights.
- Assess Nonprofit Organizations:
- Evaluate nonprofit organizations based on factors like their mission alignment, track record, financial transparency, and governance. Conduct site visits or interviews when possible.
- Due Diligence:
- Verify the legal status of the organizations you’re considering, ensuring they are registered charities or nonprofits in good standing.
- Evaluate Impact:
- Develop a system for assessing the impact of your donations. Consider metrics, outcomes, and reports from grantees.
- Consider Collaboration:
- Explore opportunities for collaborative giving. Partnering with other foundations or donors can amplify your impact and reduce duplication.
- Diversify Giving:
- Consider diversifying your giving by supporting a mix of established organizations and grassroots initiatives. Smaller, community-based efforts can often have a significant local impact.
- Review and Adjust:
- Periodically review your philanthropic strategy to ensure it remains aligned with your mission and objectives. Be open to adapting your approach based on lessons learned.
- Communicate and Build Relationships:
- Maintain open and transparent communication with grantees and stakeholders. Building relationships can lead to more effective partnerships and a deeper understanding of the issues.
- Stay Informed:
- Stay informed about current events, emerging issues, and evolving best practices in philanthropy. Being aware of changing dynamics can inform your future giving decisions.
Remember that philanthropy is an ongoing journey, and your priorities may evolve over time. Flexibility and a willingness to learn from your experiences are key to effective family foundation giving. Engaging in meaningful dialogue and reflection with family members and partners can help ensure your giving is both impactful and aligned with your values.