Putting Wealth to Work: Philanthropy for Today or Investing for Tomorrow?

by Joel L. Fleishman Narrated by Barry Abrams

Overview

During the next twenty years, more than $500 billion is expected to pour into the philanthropic sector. Some of it will come from retiring baby boomers, but even more will come from newly rich Silicon Valley billionaires. Since 2006, the idea of "giving while living" has grown in its appeal such that many philanthropic donors now expect not just to give money during their lifetimes, but to create organizations or ventures-some for profit, others not for profit-whose missions are expected to be completed within the lifetime of the donors. The combination of these two trends has transformed the not-for-profit sector in scale and dynamism, attracting some skeptical scrutiny along the way.




Joel Fleishman is one of the wisest of wise men in philanthropy whose advice is routinely sought by organizations and individuals across the country. In Putting Wealth to Work, he tells the story of a uniquely American financial sector, all but created by Andrew Carnegie's example, that since 1995 has become more dynamic with every passing year.

Editorial Reviews

Publishers Weekly

06/12/2017
Fleishman, a law and public-policy professor at Duke University, carries out a thorough but intimidatingly dense survey of a recent shift in American charitable giving. He explains that while American philanthropy is at a high, philanthropists are rejecting a long-established model—handing over funds to preexisting and presumably long-lasting entities—in favor of direct donations or time-limited projects unlikely to outlive themselves—a model he calls “giving while living.” The book convincingly argues that if wealthy individuals fail to support “perpetual organizations” such as the Ford Foundation, it will be at the expense of America’s civic infrastructure. Fleishman pinpoints conservatives as leading the antifoundation trend, out of fear that legacy organizations almost inevitably become more liberal over time. Fleishman also has insights about how time-limited foundations achieve results, about the unique role of family foundations, and about the advantages of perpetual foundations. Despite the author’s evident expertise, his book falters in the execution, which is unnecessarily dense and repetitive. Few readers will make it to his epilogue, which supplies the unilluminating answer “both” to the question in the book’s subtitle and recommends donating to political candidates as the most effective method of “giving while living.” Fleishman has crafted an interesting exploration of timely questions, but the treatment is too heavy and intense for a lay audience. (Sept.)

From the Publisher

"Joel L. Fleishman has again shown why he is the nation's preeminent scholar on the important subject of philanthropy."—David M. Rubenstein, CEO of the Carlyle Group

"This book not only praises traditional perpetual foundations but examines in detail the limited-life or spend-down models that inevitably mean the future philanthropic scene may well be very different. [A] must-read for foundation boards and those giving or raising billions for charitable causes."—Frank Bennack, executive vice chairman of Hearst

"Joel L. Fleishman, author of the leading book on the American foundation, has written a stimulating sequel about contemporary philanthropic practices, including the trend to spend down during the donor's lifetime, that is wonderfully knowledgeable, wise, opinionated, and argumentative."—Paul Brest, professor emeritus, Stanford LawSchool, and coauthor of Money Well Spent

"Targeted both to donors with a desire to establish foundations and to development specialists, Fleishman's book also offers useful tips for fund-seekers."—Kirkus Reviews

"Putting Wealth to Work reminds us why Joel L. Fleishman is America's preeminent scholar of philanthropy. By building on his extensive knowledge and practical experience as president of one of the nation's largest foundations, Fleishman challenges a growing trend among new donors against establishing perpetual institutions. . . . Putting Wealth to Work should be urgently downloaded to the reading apps of newly minted Silicon Valley billionaires, Wall Street titans, and captains of industry who aspire to carry on the legacy of Rockefeller, Carnegie, and Ford into a new century of giving."—Darren Walker, president ofthe Ford Foundation

"Given the author's vast knowledge of, and experience in, organized philanthropy, readers have much to gain from his insider survey of the field—the book is replete with personal observation and colorful opinion."—Philanthropy magazine

"The thoughtful, highly authoritative discussion, supported by interviews with 50 leaders of prominent foundations, makes it a key source for donors and for professionals and academics in this field."—Choice

Library Journal

10/01/2017
Fleishman's (law & public policy, director of the Heyman Ctr. on Ethics, Public Policy, and the Professions, Duke Univ.; The Foundation: A Great American Secret: How Private Wealth Is Changing the World) qualifications to question and discuss the trends in the establishment of philanthropic foundations, from perpetual to limited life, is without reservation. Fleishman discusses the history and changes in foundation establishment practice dictated by the intent of the donors and the changes in U.S. law. Using numerous examples to demonstrate his findings, he shows that the trend appears to be toward a more limited life approach than perpetuity, although the advantages of both are considered in great depth in a readable manner. Several appendixes add to the book's scholarly usefulness. VERDICT Fleishman presents a thorough picture of the foundation industry today. His practical and well-researched treatise should be held by university, public, and law libraries.—Littleton Maxwell, formerly with Robins Sch. of Business, Univ. of Richmond

Kirkus Reviews

2017-06-15
Survey of changing patterns of and avenues for big-ticket charitable giving, with American generosity finding ever more effective vehicles for distribution."Both donors and recipients of charitable dollars in this century are now much more able to achieve results more intelligently, more purposefully, more creatively, more knowledgeably, and more effectively," writes Fleishman (Law and Public Policy/Duke Univ.; The Foundation: A Great American Secret: How Private Wealth Is Changing the World, 2007, etc.). This is in some measure because of innovations in directed giving, including an emphasis on "giving while living"—in other words, not waiting until the donor is dead to distribute a fortune but instead heeding Andrew Carnegie's dictum that all billionaires should die penniless. One reason for that, writes the author, is that family trusts tend to fall apart in squabbles and rancor, while "family members have lost interest in devoting their limited time and energy to distributing wisely a limited quantity of charitable resources." Writing diplomatically, even gingerly at times, Fleishman looks at apparent successes and failures in charitable giving, including the astonishing bequest, in 2002, of $100 million to Poetry Magazine, "which was thereby transformed into the Poetry Foundation" and which in fact received closer to $200 million when the pledge was honored. Has the state of poetry improved accordingly? That would seem to merit an argument, but for the author's purposes, the case is notable in its rarity, since so few donors give to poetry and the arts relative to other ends. One such end, especially useful these days, is the realm in which civility and improved politics lie. Fleishman urges, without naming names, that our society "has an absolutely desperate need…for men and women of all ethnic, gender, racial, and religious backgrounds who are animated by ethical and moral norms that guide their behavior in all things." Targeted both to donors with a desire to establish foundations and to development specialists, Fleishman's book also offers useful tips for fund-seekers.

Product Details

BN ID:	2940170488438
Publisher:	Tantor Audio
Publication date:	09/26/2017
Edition description:	Unabridged

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