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The Most Philanthropic Athletes

On August 20, 2019

In this day and age, sports fans around the world demand far more philanthropic activity from athletes than ever before. With athletic contracts and sponsorship deals putting many of today’s athletes into countless Forbes “wealthiest people” lists, it would be quite surprising if these athletes were not giving back to their communities or donating to charities. Fortunately, many of today’s superstar athletes make it a priority to pursue philanthropic endeavors, propelling some of them to even start their own non-profit foundations.

The Top 10 Most Philanthropic Athletes

Serena Williams – The world-famous tennis superstar is arguably the leading philanthropic athlete, donating her time and money to a broad range of charities around the world, most notably including UNICEF.

Colin Kaepernick – This NFL star has a bad reputation amongst some football fans, however, the former football player has taken up activism full-time and has donated a large portion of his NFL earnings to causes like social justice and education.

Ronda Rousey – MMA’s top female athlete of all time has spent a lot of her free time helping out underprivileged children, teens, and young adults.

Cristiano Ronaldo – Soccer’s megastar might be one of the wealthiest athletes in the world currently. He is well known for helping children’s hospitals, schools, and other foundations. He also has a habit of donating his winnings from various competitions to charitable causes.

Lebron James – He is arguably in the top 5 list of greatest NBA stars to ever play the game. His off-court charity game is equally as impressive as he donates time and money to children’s education through his self-named organization.

John Cena – WWE is officially classified as a sport, despite its theatric qualities. There is no acting, however, behind Cena’s leading role in the Make a Wish Foundation charity, helping to grant over 500 wishes so far. He is also invested in spreading awareness and raising funds to beat breast cancer.

Conor McGregor – Despite his bad-boy image, Conor is heavily involved with Irish charities and mentorship programs. He has donated to help out homeless shelters, children’s hospitals, and more.

Michael Phelps – The most decorated Olympic athlete of all time is also the most giving. Phelps has donated millions of dollars of his own money and his time to help underprivileged kids through his own organization.

Carlos Beltran – Baseball’s most charitable player is without a doubt Carlos Beltran. He is known to occasionally drop millions of dollars into children’s charities that he supports, and has started his own organization to provide hurricane and natural disaster relief.

Tiger Woods – Despite his marital meltdown and slight fall from grace, Woods has always been a huge giver and continues to be. He is particularly well known for helping impoverished young adults pay for college.

Philanthropy Trends of 2019

By Jimmy Lustig

On July 19, 2019

In Blog, Jimmy Lustig

With the better part of this year behind us and the mild weather months on the horizon, this time can be used to reflect on the trends that we have seen in philanthropic involvement this year so far. Identifying and analyzing current trends in philanthropy and how they have changed in comparison to previous years is the best way to make future predictions. We can use these trends to predict how societal involvement and philanthropic engagement should pan out in 2020 and even beyond.

Donations are increasing

Since the Great Recession, total charitable donations have been on the rise. Since 2014, the U.S. is continually surpassing their total donation amount year after year, with no evidence of this trend slowing down anytime soon. However, while most would attribute this to a rise in the number of households becoming involved in philanthropic engagement, it is actually more likely due to a larger monetary amount donated from the same number of households, on average. The donor pool is decreasing, while the donation amount continues to rise.

More millennial involvement

The millennial generation is the most recent age group to begin to enter the workforce. With this emergence comes a new generation of socially aware individuals with a salary and income to support their philanthropic desires. Millennials are a generation surrounded by social media influence where activities, like volunteering and donating to charities, are broadcasted. Seeing others involved in acts of kindness and volunteering is contagious to others, with help from real-time streaming and technology available on smartphones.

A rise in impact investing

Impact investing is the act of investing in companies that are intending to not only gain fiscal profits but also provide social impacts to benefit organizations that align with the company’s mission statement. This is not a new concept by any means, but it is an activity that has seen a rise in interest by many industries in recent years. Impact investments provide a way for donors to be able to advise and oversee their funds, which appeals to the businesses who are more considerate of making a profit while also doing good for society.

Technology making us more knowledgable

Philanthropists and donors are interested in knowing more about their charitable impact. Donors are becoming more focused on results and have been known to increase their charitable contributions when they are provided information on how their donation has directly impacted the organization and cause. Technological advancements make it easier to provide donors with this information. It is now easier than ever to spread awareness of organizations and even more simple to make a donation with the click of a button on a social media profile.

It is likely that these growing trends from 2019 will follow us into 2020. With technology and social impact progressing as it has been, there is no limit as to what philanthropic trends we might see in the near future.

Tax Benefits Of Philanthropy James Lustig

The Tax Benefits of Philanthropy

By Jimmy Lustig

On June 24, 2019

In Blog

Volunteering in a charitable organization that is important to you can provide many altruistic benefits, like a feeling of selflessness and compassion. Those benefits alone are typically enough for individuals who are heavily involved in philanthropy and serve as a motivating factor to continue to contribute. However, as an added bonus, philanthropic contributions can also provide financial benefits to volunteers as well in terms of their taxes. While tax deductions are not typically the driving factor behind most philanthropic engagement, it is still helpful for volunteers to know about the fiscal benefits of their hard work and dedication.

Cash Donations

Donating money to a charitable organization provides them the opportunity to choose what they use your contribution for. In most cases, monetary donations are used by philanthropic organizations and nonprofits to cover expenses. Since nonprofits do not receive revenue profit, as the name alludes to, all expenses that they face are covered by donations or pro bono contributions. This can go towards amenities and necessities like supplies, research, events, and employee compensation. So long as you save your receipts and any documentation of monetary donations, you can claim a tax deduction for the fiscal year in which it was made.

As with any governmental involvement, there are limitations on these tax deductions. However, for most individuals, the ceiling of how much you can donate is not usually an issue. A percentage of your gross income is able to be match from your contribution to your tax deduction. It is recommended to consult with a local tax professional if you plan to make a bigger donation to be sure that you are educated on your tax deduction limitations.

Non-cash Donations

Non-cash donations offer an endless amount of ways that individuals can get involved in philanthropic endeavors. Many people think that they are not fit for philanthropic involvement due to a lack of funds but this is not the case. Volunteering your time is a great way to help a charitable cause while remaining financially sound. Since most charities run as non-profit entities, they are always welcoming volunteers to assist their employees in their missions. You can itemize a list of the resources that you used to volunteer for tax deduction benefits, like time, mileage, parking expenses, etc.

Donating items like clothing, glasses, shoes, furniture, and technology are another way that people can be involved in bettering society through philanthropic contributions while also ridding themselves of items that they no longer need. As always, saving the receipt for these donations will make them tax deductible.

There are also a number of very generous individuals who donate high value items like cars, houses, and land. There is a fair amount of paperwork involved in these donations as the items carry a higher appraisal value than others. This is when it is especially important to consult with a tax professional to be sure that all areas are being covered when making a large donation like this if you intend to declare it on your next tax deduction.

No matter the donation, large or small, monetary or not, any charitable contribution is making a positive impact on an organization and helps them take the necessary steps towards accomplishing their mission. Just be sure to retain all paperwork and proof if you intend to reap the fiscal benefits in addition to the altruistic ones.

Jimmy Lustig Make Philanthropy Second Job

How to Make Philanthropy your Second Job

By Jimmy Lustig

On June 18, 2019

In Blog, Jimmy Lustig, Philanthropy

While you may enjoy the work you do in your regular nine to five job, it may not be very rewarding. For many people, turning to philanthropy can give them an opportunity to do something meaningful. While you may end up working without earning much in the way of monetary compensation, volunteering your time, expertise, or money can help you do something more meaningful.

Achieve immortality

There is no fountain of youth. We all must die someday, but we can be immortal by leaving behind a legacy that will be cherished by others. You can achieve this kind of longevity when you participate in philanthropic projects. Even if you don’t have the resources to fund a cure for cancer or pay for an addition to a university, your smaller acts will be remembered and cherished as well.

Use your talents

It’s easy to sit back and say anyone could design a better irrigation system or create a self-sustaining garden. While that may be true, the fact of the matter is that no one is doing it. When you’re the one to step forward and use your expertise to offer an innovative solution, that’s something that can and should fill you with pride. Even a small act, like organizing a community food drive, will benefit dozens or hundreds of people in need.

Network with other philanthropists

While you didn’t get into philanthropy for personal gain, that’s just what can happen. As you involve yourself with philanthropic events, causes, and organizations, you’ll meet others who share your passion for giving back. This can open up new opportunities for you, which you can use to advance your own career. You will also have the opportunity to develop long-lasting friendships with the people you meet. Philanthropy offers as much to the donors as it does to those in need of charitable donations.

By getting involved in philanthropy, you can change the lives of those in your community, or you can help a community somewhere else in the world. It’s up to you to decide what causes mean the most to you. Whatever you end up doing, your efforts will help make the world a better place and that can be far more enriching than your regular nine to five paycheck.

Jimmy Lustig Giving Tips For Philanthropists

Giving Tips for Philanthropists and Their Families

By Jimmy Lustig

On May 22, 2019

In Blog, Jimmy Lustig, Philanthropy

Are you and your family looking for a way to make a difference in the world but are unsure where to begin? It’s not surprising when there are millions of causes out there competing for your donations. Here are some tips that will help you get started:

Give to a cause that’s meaningful to you

Everyone will find different causes meaningful to them. Some people are natural animal lovers and feel drawn to help causes like the Humane Society while others have soft spots for children and may prefer to give to a children’s charity.

If you’ve gone through a hard time in your life when you could’ve used help, search for an organization related to that hardship. If you can find a cause that means a lot to you personally, you’ll find giving is more enjoyable.

Do your research

When giving away your hard-earned money, it’s essential to know how it will be used. Even if the cause is one that’s near to your heart, how can you be sure that the organization is effective at creating positive change in that area?

There are plenty of tools available to you that can assist with researching non-profits. Charity Navigator is a popular site that reports on larger non-profits (those claiming over $1 million in annual revenue). Charity Watch or the BBB’s Wise Giving Alliance are also useful as references. The information available on these websites include income amount, foundation status, and effectiveness reports.

If you aren’t sure where to start, you can look at one of these sites and see which charities they rank as the “best.” If one stands out to you, cross reference it on other sites. If the consensus is that the organization is legitimate and effective, then it’s a good choice.

Give with a plan

Creating a plan for your charitable giving the same way that you would for a business. How much money will you contribute? Will you give monthly or annually? Will you give a more substantial amount to one organization or smaller amounts to several different ones?

If you’re giving as a family, each family member could choose a cause that’s most meaningful to them. Or, you can take a vote and decide on one charity that is worthy of your contribution. Whatever your plan is, decide on it before you begin sending out donations.

Give respectfully and with humility

As a philanthropist, give respectfully and from a place of humility. You are doing a noble act by giving, and of course, you are allowed to be proud of that. But try to remember that you are a part of a community of donors and that every part of that community is valuable. Also, remember to be grateful for the organization and the individuals who work hard to make your donations worthwhile.

Give joyfully

Lastly, whether you’re a solo philanthropist or an altruistic family, be sure to make giving fun. When you enjoy giving, you’ll be happier and you’ll be more likely to give in the future. And who knows? You may even inspire others to become more generous too.

Jimmy Lustig Changes For Philanthropy To Survive

Three Ways that Philanthropy Needs to Change to Thrive

By Jimmy Lustig

On May 9, 2019

In Blog, Jimmy Lustig, Philanthropy

Right now, the field of philanthropy is facing several serious challenges. There’s the need for collective action on an unprecedented scale to tackle climate change. There’s the fact that while technology is helping to solve a lot of problems, it’s also creating some new ones. Then, there’s the fact that the very nature of philanthropy is currently under attack. Some are questioning whether or not philanthropy is effective or not. There’s a question of whether or not it can remain legitimate in a democratic society. All of these issues mean that philanthropy is currently at a crossroads and three major changes need to happen for it to continue to be a successful endeavor.

Acknowledging how money is made

The Sackler family is the owner of Purdue Pharma, the inventor of OxyContin, a drug largely responsible for the current opioid crisis. The family is also a big donator to the arts. Recently, a number of organizations have rejected donations from the family and have stated they won’t take any more of their money. It’s clear that donations cannot be separated from how the money was made. It’s been a long debate, one that started with Rockefeller and Carnegie, but it seems to have come to an agreement that money made through ethically dubious ways shouldn’t be put towards philanthropy.

Reflecting diversity

Power shifts in philanthropy can only happen if the field itself reflects the diversity of the communities and people they serve. Some nonprofit organizations have begun to ask themselves if the gender and ethnic makeup of their board of trustees is representative of the larger population of the communities they’re working in. As philanthropy continues to grow around the world, it’s crucial that organizations match the culture of giving already present in that country.

Transparency and openness

Transparency is an ongoing challenge for nonprofit organizations. A level of anonymity is sometimes required to keep donors private, but the general culture should be one of openness. It helps the organization remain legitimacy in regards to where the money comes from. Open data can also help inspire new discoveries. The recent shift towards using limited liability companies (LLC) in place of traditional philanthropic structures provides more flexibility but also means there is much less transparency required of the donor. This switch could undermine the fields overall effort to be more transparent.

Jimmy Lustig Can Small Donors Impact Philanthropy

Can Small Donors Make an Impact in Philanthropy?

By Jimmy Lustig

On April 12, 2019

In Blog, Jimmy Lustig, Philanthropy

It’s a commonly held belief that giving small amounts to philanthropy is pointless. Change can’t be done with just a few dollars, so donations should be left to those who can give in large sums. However, that type of thinking prevents change from happening. Small donors can still help to change the world with their philanthropic giving. Many small funders are uniquely positioned to be the catalyst for lasting change. Family foundations especially have the opportunity to help make a change in their communities, even if they are donating in small amounts. Here are three ways that small funders can have a more significant impact in philanthropy.

Small funders serve smaller areas, meaning they can build stronger relationships

Strong relationships are the foundation of lasting impact in philanthropy. Small donors can use those relationships to inspire larger groups to give. Think of a small community where the local hospital is slated for closure. A small funder that is connected to their community can rally everyone up to voice their support for the effort to save the hospital. This movement would have nothing to do with how much money the philanthropist gives, but everything to do with the connections they’ve been able to make with others.

Small funders can be more responsive and agile than larger ones

Without huge staffs and large boards, small donors and family foundations can make decisions quickly and deploy resources much quicker than large philanthropies can. With large organizations, it sometimes takes weeks to send out much-needed relief. When dealing with disasters in the local community, most small funders can approve emergency funding and send out relief within 24 hours. Quick response times have a significant impact on the people affected by natural disasters and help them to get back on their feet quicker.

Small funders can take risks

Risk is essential to philanthropy, and no one understands this better than small donors. While large foundations may also realize the importance of risk, they have barriers and safeguards in place that prevent them from taking advantage of the little opportunities that turn into considerable successes. Small funders can invest in a program that seems promising but has no proof that it will work. A modest investment may be precisely what the program needs to see success.

Jimmy Lustig How To Know If Philanthropy Reaching Right People

How to Know if your Philanthropy is Reaching the Right People

By Jimmy Lustig

On March 22, 2019

In Blog, Jimmy Lustig, Philanthropy

Practicing generosity through philanthropy can give you a feeling of satisfaction, especially when giving towards a particular cause you’re passionate about. However, philanthropy is meaningless if your efforts aren’ t reaching your targeted groups. It’s important, with any type of philanthropy, to determine if your contributions are going where they’re supposed to. Follow these three steps to make sure your philanthropy is impacting the right people.

Evaluating the organization’s competence and commitment

The charity organization you contribute to should be well led by competent and committed leaders who have a passion for charity. Before making the partnership with any charitable organization as a philanthropist, you should evaluate the organization’s leadership, vision, mission and objectives. Your due diligence ensures that you are partnering with an accountable charity institution that will channel your contributions to the proper people.

Evaluating the organization’s previously completed projects

A good charity organization that would put your contributions to good use should be able to showcase its previous successes. When assessing their past projects, you may want to establish how well managed the projects were. Do some research into how much funding the project received, how the funds were utilized, how long the projects took to complete, the precise objective of the projects and how the projects are faring in terms of helping those targeted. A good profile of the previous projects should be a positive signal that the charity organization will put your funds to good use in helping the right people.

Getting in touch with other donors and volunteers

If you want to know the reputation of a given charity organization that you plan to partner with, you should speak with previous donors and volunteers who work with the organization. Most organization’s keep a record of past volunteers. Ask to see those records, if possible, and reach out to some of those volunteers. If not possible, speak with current volunteers in private. Donors showing concern and reservation for a given charitable organization are a clear indication that your funds will most likely suffer a similar fate of poor usage and management. Equally, talking to volunteers who work for the organization will give you an idea on how well-managed, focused and accountable the charitable institution, which may equate to how focused and accountable they are when handling money.

Jimmy Lustig Build Philanthropy Into Budget

How to Build Philanthropy into your Budget

By Jimmy Lustig

On February 28, 2019

In Blog, Jimmy Lustig, Philanthropy

Incorporating philanthropy into your business plan is one of the most effective ways to make a difference. It allows you to put more money and muscle behind your efforts. However, it can also cause some companies, especially smaller ones, to struggle financially. Most companies don’t have the resources of Google, which gives 1 percent of the company’s total equity and profits to charity, but every company can make an impact. While it’s not recommended to bankrupt yourself to incorporate a corporate social responsibility initiative, there are ways to make philanthropy work for your budget. Here are three ways to make philanthropy more cost-effective for your organization.

Don’t reinvent the wheel

Throwing money at different causes isn’t the most effective approach to philanthropy. The best way is to incorporate social responsibility into your business model organically. Look at what your organization already does well and determine how philanthropy fits in with those strengths. It isn’t a requirement that you think outside of the box to have a social impact. Often, what you already do well is what you can do for others. For example, TOMS philanthropy is tied directly to their business offering. For every pair of shoes purchased, a pair is given to a child in need.

Join forces for a broader reach

When working alone in philanthropy, your impact is limited to your own expertise and resources. If you want to have a more significant impact, it’s necessary to partner with other organizations. Look for relationships that are mutually beneficial and will result in long-term results. Collaboration helps to expand the mission of your organization and lessen the financial and operational load for smaller businesses.

Get your hands dirty

You may be tempted to outsource your community involvement work, but a hands-off approach means that your employees have little opportunity to be involved with the project. Hands-on involvement with philanthropy will help your employees to feel connected to your mission. This doesn’t mean you need to send your employees across the world to see the impact of their work. Work on initiatives either taking place in your local community or even inside of your office. You can start a green initiative to reduce waste and save on energy consumption within the workplace. These types of efforts help your employees to feel a sense of ownership over the corporate philanthropy and allow them to see the direct impact.

How to Find your Philanthropy Secret Weapon

By Jimmy Lustig

On February 7, 2019

In Blog, Jimmy Lustig, Philanthropy

The point of being involved with philanthropy is the hope to make long-term changes in an area of need. To be able to achieve this, philanthropists need to create a space where they can pause their routine, take a step back and look at the bigger picture. Taking a step back allows you to reflect and think on how you can improve your philanthropy. What this “secret weapon” looks like varies from philanthropist, but here are three places to start to find yours.

What do you read?

There is a plethora of information available out there that can help inform your work. In fact, there’s almost too much information. Don’t let information overload get to you. Instead of subscribing to every newsletter about philanthropy leadership or the specific cause you’re interested in, choose a select few and set aside time each week to really go through them. Take in the information they have to offer instead of just skimming over it. Another way to approach this is to think if what specific issues you’re currently dealing with in your organization and seek out information to help solve those issues. If you’re trying to address a foundation-wide issue, then have your staff set aside time during their work day to read the selected materials as well. Don’t expect them to use their personal time to do so.

Where can you build camaraderie?

In the effort to get everything done that you need to, you may not prioritize attending conferences and speaking with others working towards the same mission as you. It’s easy to push them aside to accomplish more pressing tasks. However, getting outside of your office and meeting up with others face-to-face is necessary and will help you find a new perspective when addressing your issues with philanthropy. It enables you to learn what your peers do to manage the same challenges you face and can help you build a support system. Even if you serve in different roles, you’ll be able to make connections with the people you meet at these events that will help open your eyes to your organization.

Whom do you confide in?

Having someone you can discuss difficult decisions with is necessary, especially in the world of philanthropy. Having someone who is an expert in the field can you give you an objective, third-party view and help you to make sure you’re doing the right thing. Finding an adviser that you trust will help you to get out of your own head. There will always be certain issues that you’re not able to talk about with other board members or staff, so having someone to turn to will help save you from experiencing frustration and burnout. This adviser may be a professional or life coach that you hire, or it may be a connection you’ve made by attending conferences. As long as it is someone dedicated to helping you and removed from your organization, they can be a valuable source.