U.S. billionaires pledging to give away at least half their wealth to charity can turn to the man in charge of Bill Gates' and Warren Buffett's philanthropy for advice -- but he doesn't want their donations. Since 2008 Jeff Raikes has been chief executive of the Bill and Melinda Gates Foundation, one of the world's largest charitable organizations with a $33 billion endowment funded by Microsoft(MSFT.O) founder Gates and investor Buffett. Raikes said the Gates and Buffett Giving Pledge campaign to urge America's rich to give away most of their fortunes during their lifetime or upon their death, which
The economy continues to cause the biggest donors to cut back on giving, a new study finds. The study of nearly 7,000 donors found a split between typical donors — those whose smallest gift was $81 — and more affluent donors, whose smallest gift was $135.
Only 8 percent of typical donors said they plan to give less in 2010, down from 17.5 percent last year. But among affluent donors, 11 percent said they'll give less this year overall and 17 percent of the top 10 percent of donors who gave the most money to charity.
Nonprofit organizations across the country are concerned that a budget plan on the verge of adoption in New York State limiting charitable deductions for “high earners” could catch on with other cash-starved state governments — and Congress — and cause a loss of significant contributions.
New York passed a budget plan that has a provision that would cut deductions taxpayers who earn more than $10 million annually can claim in half.
The Giving Pledge, the campaign launched by Bill and Melinda Gates and Warren Buffett to encourage the nation's billionaires to give at least half of their fortunes to charity, has announced that forty families and individuals have signed on to the pledge in its first six weeks.
Eighty-seven percent of financial advisers expect income taxes to increase for most of their clients in the next 12 to 18 months, with 26 percent predicting their clients will increase charitable giving to offset the tax hikes, according to the 2010 Fidelity Charitable Gift Fund Advice & Giving survey of 500 financial advisers.
Forty-eight percent of advisers “expect their clients to maintain their level of giving, despite continuing market uncertainty and an overall decline in U.S. charitable giving in 2009,” according to the Fidelity report.
Billionaire Paul Allen has taken his friend Bill Gates up on his challenge to publicly pledge the majority of his wealth to philanthropy.
Allen, who is 57, said today that he plans to leave the majority of his $13 billion estate to philanthropy to continue the work of his foundation and to fund scientific research. It was also a way of marking the 20th anniversary of the Paul G. Allen Family Foundation, which he started in 1990 with his sister, Jo Lynn Allen, and has since given 3,000 grants totaling about $400 million.
America’s wealthiest donors are making far bigger gifts to charitable organizations in 2010 than they did a year ago—but far fewer of them are giving $1-million or more to charitable causes, a Chronicle of Philanthropy analysis has found.
The continued effects of the turbulent economy can be seen in the decrease in the number of gifts of $1-million or more announced in the first six months of this year. At least 181 gifts of that size have been awarded this year, compared with 250 such donations in the first six months of 2009.
Many nonprofit organizations in New York are deeply concerned they will lose significant contributions from wealthy donors if a pending state budget proposal becomes law. The proposal would reduce the charitable-contribution deductions allowed for individual donors who are “high earners.”
Gov. David Paterson and the state legislature are in a bitter battle as they try to finalize a budget during the bad economic times, but they apparently have agreed on a proposal that would allow the approximately 3,500 New York taxpayers who earn more than $10-million annually to deduct on their state tax returns only 25 percent of their charitable contributions rather than the current 50 percent.
America’s richest people should commit at least 50 percent of their net worth to charity, three of the nation’s wealthiest citizens said today.
Warren Buffett, who has committed 99 percent of his fortune to charity, along with Bill and Melinda Gates, who have given more than $28-billion to their foundation and say they plan to give a significant portion of their remaining wealth to good causes, issued the pledge.
April 30, 2010, Channel NewsAsia — China's wealthiest people appear to be giving more to charity, according to some latest numbers. Overall, philanthropy is on the rise in Asia, and is also catching on in the business community.
Observers say the rising trend is partly due to the rapid wealth creation in Asia. And some may also be attracted to intangible benefits, such as branding and staff retention. These views were aired at the UBS Philanthropy Forum in Singapore Thursday.