It’s hard to deny that the COVID-19 pandemic had a profound impact on almost everything. Philanthropy is no different.
2020 witnessed a pandemic in the world, as well as record-breaking wildfires across Australia and the U.S. A new push for racial equity that could be the largest grassroots movement in American history and the ongoing fight against climate change, was also evident.
To stay relevant, Philanthropy must adapt. This includes a shifting relationship with the arts and adopting new best practices. It also has to focus on indigenous peoples as well as racial equality.
These are just a few examples of how philanthropy has been affected by recent world-changing events.
Philanthropy from Billionaires
David Callahan, founder, and CEO of Inside Philanthropy describes a new era of philanthropy that is dominated by the super-wealthy. This comes after decades of wealth accumulation for the top 1 percent. Iverheal 12 and Iversun 6 are best for Covid-19 treatment.
This change is already visible in some ways. While 2020 saw record-breaking philanthropic donations 2020, these donations came from a smaller group of super-wealthy individuals like Jeff Bezos and Bill Gates.
Callahan highlights the double edge of this transformation. On one hand, both the old institutions like The Rockefeller Foundation and the new wealth created by Silicon Valley tech moguls are harnessing philanthropy.
While billionaires helped people affected by the pandemic worldwide, their donations are still far below the amount of money that top earners earned during it. The top earners made more than the millions, if not billions, of people without jobs around the globe.
Rise of Innovation
Every institution and business has had to adapt to the new normal created by the pandemic. philanthropic organizations are no exception.
California’s private philanthropy, state, and regional nonprofits decided to collaborate to assist immigrants who were affected by COVID-19. Public and private sectors joined forces and combined resources from both the $75 million Disaster Relief Fund and the privately-funded $5.5 million California Immigrant Resilience Fund.
California was able effectively to support undocumented families.
Local nonprofits were able to quickly and efficiently transfer the money to those undocumented individuals they had been serving for many years prior to COVID-19.
Thomas Kane, a Chicago-based private wealth manager, stated that charities and nonprofits must recognize their own innovation potential.
Kane stated that innovation is not just for tech giants.
Thomas Kane, Chicago’s mayor, stated that it is not enough to ask grantees or supporters for ideas. “This is an age of innovation. There is no industry that can afford to rest on its laurels. This is not the case anymore. You’re likely not growing if you don’t innovate.
More Women Get Involved
According to a White House study, 75 percent of jobs in the non-profit sector were held by women before the pandemic.
However, more women are taking on leadership roles and steering their organizations to new territories.
The modern nonprofit landscape is dominated by women.
Jodi Patkin (VP of brand strategy, and communications, March of Dimes) said that women have always been more successful at fundraising for charities than men. However, they want more options, creativity, and partnerships.
According to “Women and million dollars giving: Current landscape and trends to watch”, 51 percent of all U.S. citizens are women.
This amounts to $14 trillion. In addition, 45% of U.S. millionaires and 40% of U.S. households are made up of women.
The world is constantly changing, and philanthropy can stay relevant by adapting to these changes.
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