Philanthropists want to see their money at work: "The difference between charity and philanthropy, she explains, is that charitable giving involves the donation of money for immediate relief to a cause while philanthropy is a long-term commitment that works to get to the root of a problem.
'A very simple example is you see somebody begging on the street, you give them $10, that's charity. The philanthropic approach to that situation would be to figure out why those people are homeless,' she said."
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Understanding this definition of philanthropy underlines the importance nonprofits have in long term fund development. Organizations with the ability to develop and manage relationships with their donors have the ability to create a win-win situation for themselves and the donors through structured gifts.
With proper structuring of the gifts, not only will philanthropists get to see their dollars at work for the long term, but the charity can also establish a relationship with heirs. Building intergenerational relationships opens the door to future gifts as heirs see the impact initial gifts had on the community.
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