Mouli Cohen on Philanthropy
A Slow 2009 for Philanthropy Spurs Creativity by Wealthy Donors
In financial terms, last year was a dismal one for philanthropic megagifts. The donors on the Philanthropy 50, The Chronicle’s annual list of the most generous people in America, gave a total of $4.1 billion to charity in 2009, less than in all but one year since the newspaper began tracking the biggest philanthropists in 2000.But while the recession is dissuading some of the country’s wealthiest people from donating, it is spurring others to get more creative in their giving. Gifts for new buildings were few last year, while donations to solve environmental and social problems, restructure the recession’s toll, and encourage charities to work together were more common.
“There’s no question that the downturn has been a catalyst for encouraging people to think differently,” says Bruce Boyd, managing director of Arabella Philanthropic Investment Advisors, which counsels wealthy individuals on their giving. “This is driving a period of experimentation by nonprofits and by donors that will serve us well over the next number of years.”
I think that the recession, along with the examples of donors like Bill and Melinda Gates and Eli and Edythe L. Broad, has prompted smarter giving. Philanthropists are more likely now to invest in ways to advance their mission, work with governments, and support advocacy. It has brought a greater seriousness. People have less, and they want to make sure whatever they’re doing is having a greater impact.
About Mouli Cohen
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Mr. Cohen is a successful entrepreneur who has founded and developed successful ventures in the biotechnology, high technology, digital media and entertainment sectors. He has balanced his success in business with extensive philanthropic activities. Over the years he has supported children's charities, food programs, medical research, and the arts as well as education projects both in the US and abroad. |