Elizabeth Wong
Elizabeth Wong
CHARITABLE PLANNING
Your e-mail source of breaking news and events that directly impact financial advisors and the clients they serve . should be worded clearly so the foundation ’ s internal and external audiences can easily understand it .
At the very least , it helps to include a description of the change the foundation wants to see ( or the impact it wants to make ). More detailed statements may also include a description of how the foundation will effect that change .
Consider the brief mission statement of the American Diabetes Foundation : “ To prevent and cure diabetes and to improve the lives of all people affected by diabetes .” cific ), others might go through abrupt shifts in focus as families respond to current events or members ’ personal experiences . These foundations may start addressing causes their founders never imagined .
6 . Revisit It Regularly
Families should view their foundation ’ s mission development as fluid , something to be revisited periodically as they progress in their work and reflect on the organization ’ s achievements and impact . Adopting this approach at the
Families should view their foundation ’ s mission development as fluid , something to be revisited periodically .
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Compare that with the more detailed statement of the Eat . Learn . Play Foundation , which says it is “ committed to unlocking the amazing potential of every child by fighting to end childhood hunger , ensuring students have access to a quality education , and providing safe places for all children to play and be active .”
4 . Allow Room For Growth
A foundation should use language broad enough for its charitable focus to be modified or expanded down the road . That can particularly benefit those organizations set up in perpetuity . As times change , future generations may want or need to adapt , and a broad mission can help a foundation address current and emerging issues more nimbly .
Take care , however , not to go too broad . If a mission includes a sweeping phrase like “ improve society ,” it might be too general to offer helpful direction for the foundation , and possibly prevent the foundation from effecting measurable change in any specific area .
5 . Be Open To Shifting Focus While some foundations ’ missions evolve gradually ( from broad to spe- outset will prevent the foundation from crafting a mission that later becomes too restrictive . You can complement the foundation ’ s own work in this area by keeping tabs on it as part of your clients ’ overall wealth management portfolio , helping them deploy their capital in a way that aligns with their objectives .
7 . Enjoy The Journey
As writer Ralph Waldo Emerson said , it ’ s not the destination that matters but the journey . A mission can evolve with a foundation ’ s endeavors — so the process can be an enjoyable one that reflects the personal and philanthropic interests of the family .
When you help your philanthropic clients approach mission development as an iterative process , they can better effect the change that is important to them , while you also strengthen your relationship with them and deliver the tools , support and expertise they need .
ELIZABETH WONG is the head of philanthropic advisory services for Foundation Source , the nation ’ s largest provider of specialized support services for private and family foundations
22 | FINANCIAL ADVISOR MAGAZINE | SEPTEMBER 2023 WWW . FA-MAG . COM