The Family Giving Circle for Philanthropy Planning
What is a Family Giving Circle?
A Giving Circle is a form of participatory philanthropy where a group of people pool their own money and decide together where to donate it, be it a charity or community project. Although not as common, it can also include donated time volunteering. A Family Giving Circle uses the same concept within the family to teach children about charitable giving.
Introduce Philanthropy at a Young Age
While many high net-worth families have family foundations that will be passed from generation to generation, many wait to start the underpinning of a philanthropic heart until the next generation is almost ready to run the family foundation. A Family Giving Circle can provide an intellectual and emotional experience of giving to children at a very young age, thus giving the family an opportunity to discuss and experience their charitable philosophy. It is also an opportunity for young children to feel valued and empowers them to feel they can make a change in their community. And it’s a fun way to bring a family closer together as they discuss, come to a decision, and implement that decision.
- Start your first meeting during dinner, a long car ride, or any other uninterrupted family time. Propose the idea of giving as a family in language that your children can understand. Emphasize appreciation for what you have and your gratefulness for the ability and desire to help others.
- Decide to what general category you would like to give. Is it animals, children, the environment? Older children will be able to participate in this process more actively but younger children can still have a vote if given two or three choices explained to them.
- Once a category is chosen, find an organization that fits. Local charities may be more relevant to children.
- Learn together about your chosen organization and the issues they address, even pay them a visit if appropriate. Find out how your donation will impact others or what your donation will be used for.
Add more dimension if you like:
- Enlarge your circle to include grandparents, cousins etc.
- With this added aspect, you will need additional structure. How often do you meet? How often do you give? How do you decide things? Does everyone get a vote or one vote per family group? Does each family put in the same amount of money or do they give what they can? Is the giving anonymous?
- Older children can do research on their own and present their chosen charities to the group.
However, you choose to run your Family Giving Circle is up to you, just remember that the purpose is to give, teach, and cultivate a life-long love of philanthropy!
Important Disclosure Information: The information contained within this blog is for informational purposes only and is not intended to provide specific advice or recommendations. Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Schultz Financial Group Incorporated), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Schultz Financial Group Incorporated. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Schultz Financial Group Incorporated is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Schultz Financial Group Incorporated’s current written disclosure statement discussing our advisory services and fees is available for review upon request. Please Note: Schultz Financial Group Incorporated does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Schultz Financial Group Incorporated’s web site or incorporated herein, and takes no responsibility therefore. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.