My latest podcast The Nurse Philanthropist, tells the story of Ida, the nurse philanthropist. This very modest lady left what I thought would be a few thousand dollars to Memorial Sloan Kettering Hospital. It turned out to be one million five hundred thousand dollars. She was recognized by having a nurse’s lounge name after her and having her name displayed on a donor’s wall. It all has to do with philanthropy which goes beyond just being charitable. It goes beyond putting some money in the plate on Sunday. It involves making a commitment to give a substantial sum not a token amount. It involves an expression of love of humanity
As often is the case a full world of opportunity has grown up around philanthropy. Charities have to raise money unless they are privately endowed. Educational institutions never stop fund raising. It’s become a huge business. At first it was called fundraising and one would be a professional fundraiser. That didn’t sound elegant, so it became “giving “. That didn’t sound proper for a school, so it became “development “.
However, it sounds better if you work in the department of “Advancement “. It’s a career with college degrees including a Master’s and has its own professional societies with recognition dinners and awards. I couldn’t find any PhD. programs, but I’m sure it’s in the works. Fundraising jobs start at fifty to sixty thousand dollars and the director earns an average of two hundred and fifty thousand dollars per year. Then there’s a big career in managing the funds which involves handling billions of dollars.
The Bill and Melinda Gates Foundation appears to be the largest in the United States with an endowment of fifty-two billion dollars. They take an optimistic approach into their attempts to fight poverty and disease worldwide. Bill and Melinda certainly qualify as philanthropists.
The Ford Foundation, with an endowment of sixteen billion may be a little different. The Ford family appears to have been faced with estate taxes on their Ford Motor Stock. Their family control of Ford Motors could disappear in a mound of estate taxes. If the stock was donated to a charitable foundation, it could be a tax deduction. The donors might not have to pay taxes again. The foundation could exist forever and be controlled by future generations of Fords. The foundation could vote the stock in Ford Motors, maintaining control of the company and could keep the Ford family as top officers with huge salaries and fringe benefits. The Ford Company stock dividends would fund the charitable work and the publicity would be terrific. I would not be surprised to find that Edsel and others created the endowment with the donation of stock.
Sorry to continue to disillusion you, but there’s a word to be said about charitable scamming. “Make A Wish” is a great charitable concept, but as is often the case the scammers have entered the picture. The “Kids Wish Foundation“ might be on the phone with you at dinner time. They may tell you that they are a non profit, but actually only zero to eleven percent of the funds that they collect go to charity. The bulk goes to fundraising expense, and office overhead including automobiles and salaries. Watch out for organizations raising money for firefighters, police associations, state troopers, disabled anything… children, veterans, police, animals. Non profit doesn’t mean that they are a charity. The I.R.S. unfortunately, is unable to stop them. The best thing to do is to check with Charity Navigator before you give.
Ida is buried at the Calverton National Cemetery. Of the two hundred and seventy-five thousand graves at Calverton, as best as I can find, she’s the only one with the inscription of “Philanthropist “. You’re welcome to fact check that. ~ Lewis