| How private wealth is changing the world. In 2004, one sector of the US economy gave away $32.2 billion dollars, almost 10 per cent of their GDP, largely because it had to. Neither from government nor corporations, the money came from America's unique third sector, its private foundations, which are mandated by law to spend a minimum of 5 per cent of their assets each year. Although there are more than 66,000 of such foundations, most of them are family foundations that donate to a variety of charities. But the largest 25 control 25 per cent of the total assets, and they seek to have major social impact on society. Foundations are a peculiarly American institution. They have been the dynamo of social change since their invention at the beginning of the last century. Yet just over 10 per cent of the public knows they even exist; and for those who are aware of them, as well as even those who seek grants from them, their internal workings remain a complete mystery. They are cloaked in secrecy - their decision-making and operations are inscrutable to the point of obscurity - leaving them substantially unaccountable to anyone. Joel Fleishman has been in and around foundations for almost half a century...running them, sitting on their boards, and seeking grants from them. And in this groundbreaking book he explains the history of foundations - with their fledgling beginnings in the era of the robber barons seeking social respectability - through to the present day, in which the largest foundation in the world is the one run by Bill and Melinda Gates; and, he tells the stories of the most successful foundation initiatives - and initiatives that have failed. The baby boomer generation is going to participate in the largest transfer of wealth in history when it passes on its assets to its successor generation. Many boomers will set up foundations or contribute to existing ones. The third sector is about to become more powerful than ever. This book shows you how, why it matters, and how the future of foundations can provide a vital spur to the engine of the American, and the world's, economy - if they are properly established and run. |
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