How to Begin Your Family Philanthropy
How to Begin Your Family Philanthropy
A guide for families who want to make a positive impact in the world
What is family philanthropy?
Family philanthropy means giving money, time, or other resources to help your community – as a family. With this charitable giving approach, you create actionable positive change from your family’s shared values while also strengthening your family’s bond.
Why engage family philanthropy?
There are many good reasons to engage in philanthropy together, such as:
- You can support the causes that you and your family care about, possibly increasing the impact through collective giving.
- You can learn from each other, work together, and grow as leaders.
- You can save money on taxes and manage your wealth better.
- You can make a positive difference and encourage others to do the same.
How do I begin this process?
Starting family philanthropy can be a rewarding experience, but it also needs planning and preparation. Here are some steps you can follow to get started:
1. Decide
Decide what you and your family value and want to achieve. What are the problems that you and your family want to solve? What are the results that you want to see? How will you know if you are successful?
Try starting this process with our complimentary generUS workbook.
2. Consult
Consult with the experts. Central Florida Foundation has a team of charitable giving experts and can meet with your family to make a strategic charitable giving plan that creates a legacy of which you and your loved ones can be proud. We’re happy to meet with one, two, or multiple families members who are interested in being involved. Bring your completed GenerUS workbook or we can work through the exercises together during your consultative meeting.
Contact Our Philanthropy Team
3. Decide again
Decide how to execute your charitable giving plan. Our team can help determine if your strategic plan is independently manageable or if it makes sense to weigh the advantages and challenges of establishing a charitable fund.
4. Give!
This is the fun part. If you’re unsure of where to give, we offer resources to help you make this sometimes-daunting decision, such as Nonprofit Search, our database of local nonprofits.
Explore and research local nonprofits at Nonprofit Search!
5. Engage
Engage in annual family reviews. If your family decides to establish a charitable fund with us, we offer annual fund reviews that serve as the perfect place to evaluate the past year and decide if changes need to be made. If your strategic plan does not include establishing a charitable fund, we encourage meeting with your family at least once a year to evaluate how the past year has gone and making any necessary changes for the next.
The Takeaway
Family philanthropy can be a wonderful way to show your family’s values, make your family closer, and make a positive difference in the world. By following the steps above, you can begin engaging your family in the rewarding work of charitable giving.
About Central Florida Foundation: As our region’s community foundation, Central Florida Foundation serves as a launchpad for high-impact philanthropy. Championing the collective power of head, heart and dollar, we coordinate the commitment and investment of philanthropists, nonprofits, and community partners to target today’s most critical challenges and those on the horizon to truly transform our community. The Foundation also offers expert giving advice, a personalized approach to managing charitable funds, and the capacity to convene collaboration across sectors. Learn more at cffound.org.
Continued Reading
The Desai Family Story
