Category: Jimmy Lustig Page 7 of 9

Student-Run Philanthropy Spotlight: THON

On December 16, 2019

It began as a simple idea way back in 1973. Why not hold a dance contest to raise money for kids battling cancer? Since then, students at the University of Pennsylvania have turned that first dance fest into one of the most successful fundraising movements in American history. THON – short for dance marathon – was the brainchild of then Penn State Interfraternity Council President Bill Lear.

The first THON drew 78 dancers, lasted 30 hours and raised just over $2,000. Since then, THON has raised an amazing $168 million. The money is delivered to the Penn State Children’s Hospital where it is used for the direct care of patients and cancer research.

The annual Penn State THON has spun off numerous “mini-THONs” held at area high schools. These have raised an additional $36 million for Four Diamonds, a foundation associated with Penn State Children’s Hospital.

Today THON events are huge and have become an annual institution for Penn State students. Thousands of participants flocks to the Bryce Jordan Center to either dance or cheer on dancers determined to prevail in the grueling marathon event.

Keeping the events organized and safe requires literally hundreds of highly coordinated volunteers handling an array of specialized tasks. One of the 16 groups, for example, is charged with monitoring the health, hydration and well-being of the “thonners” who may be on their feet dancing for up to 46 hours.

In addition to raising money to treat kids with cancer and pay for medical research, THON events are invaluable for raising public awareness. That’s important because pediatric tumors are so rare, many people don’t know this problem exists. Pediatric cancers are less than 1% of all malignancies and will affect 1 in 200 families. About 16,000 cases are reported annually for people age 20 or younger.

While it’s a good thing that pediatric cancer is rare, it presents problems for medical researchers who are working to treat and cure the problem. Limited awareness makes raising funds extremely difficult. That’s exactly why THON is a blessing for those afflicted and those determined to beat this disease.

THON is the largest student-run charity in the world. It has helped more than 4,000 families and has marshaled the contributions of 16,500 student volunteers.

What is Impact Investing?

By Jimmy Lustig

On November 21, 2019

In Blog, James Lustig, Jimmy Lustig

Investors have the power to improve the world and turn a profit at the same time, they merely need to find the right methods for doing so. Impact investing is one such technique, one that is growing in popularity as more and more people take an interest in corporate responsibility.

How it Works

Impact investing is an investment strategy that focuses on businesses that have a positive impact on the world. Investors look for companies or small businesses that have good environmental policies, provide opportunities to underprivileged communities, or offer other benefits to society. However, they still also look for businesses that can turn a profit.

Both aspects are important because companies need to make money and stay in business in order to provide societal benefits. Investors who turn a profit can dedicate even more money to impact investing or general philanthropy. A talented investor can turn impact investing into a virtuous cycle that provides both social and financial benefits to everyone.

Myths and Misconceptions

There are quite a few myths surrounding income investing. Many of them deal with the potential for profits. For example, some investors believe that impact investing necessarily has lower rates of return than other methods. That is not the case. Investors have reported internal rates of return as high as 34% on their investments, which demonstrates the potential for profit.

Other investors worry that they will need to tie their money down for long periods to see a reasonable return. The average holding period for income investors is roughly five years, which is on par with that of venture capital firms. Investors can expect a reasonably rapid return on their investment as long as they choose their investments wisely.

The Results of Impact Investing

Impact investing really can make a big difference for a community. Businesses that operate in developing nations often need relatively small investments of capital in order to thrive. Those that get the investments provide livelihoods for their workers, who can go on to spend their wages in the local economy. That fuels more growth and encourages development.

Impact investors can also encourage companies to focus on protecting the environment, such as by providing alternative jobs to people who work in destructive industries. Impact investing is getting more popular over time, so it is likely that the positive impact will likewise continue to increase.

Exploiting Myths About Philanthropy

By Jimmy Lustig

On October 14, 2019

In Blog, James Lustig, Jimmy Lustig

Philanthropy is one of the most important parts of an American altruistic culture. However, it is also one of the most misunderstood aspects. The American understanding of philanthropy focuses on big gifts from single donors and obscures the actions of people who work from the ground up. This distorted focus encourages charitable organizations to approach giving and development in ways that arguably do not work.

American media love a big story about donations from a single person. Pointing to figures like Andrew Carnegie, Bill Gates, or Julius Rosenwald is an easy, uncomplicated story to tell. It also feels good to know that people who have made a lot of money haven’t forgotten about those who have very little. These stories make great morality tales and the men behind the donations really do make a big difference.

However, focusing on large donations from the very wealthy is not necessarily efficient. The truth is, plenty of people who live outside of the 1% give small donations that can really add up. Whether those donations come in the form of money, time or donated labor, they are all of value. For example, college students and recent graduates don’t always have a lot of money to give, but they may be able to work an internship or donate time in the development office. Cultivating those relationships can mean more donations down the line. It can also be a great way to develop new talent for the organization.

It’s also important to understand those small donations can add up. A thriving community that donates regularly can actually be a better source of donation income than a wealthy, fickle donor. Evidence for this can be seen in the Latinx community, where donations to organizations like churches and mutualists are common.

Many nonprofits also neglect to understand the data around giving. Though most Americans donate to charity annually, they do not necessarily give to the same organizations every year. Organizations also tend to believe that women give less than men, and this is often untrue. Data shows that, today, women are the higher source of income for up to two-thirds of American families. Many women are also large donors. People like Sheila Johnson and Oprah Winfrey are often left out of conversations about giving, but they give millions annually to a number of causes.

No matter the common myths that are debunked around philanthropy, the most important piece of knowledge to take away from charitable giving is that any amount, large or small, can make a difference.

Suggestions for a Company Volunteer Day

By Jimmy Lustig

On September 23, 2019

In Blog, James Lustig, Jimmy Lustig

Companies put a great deal of effort strengthening teamwork skills in an effort to make the work environment a better place. While there are numerous activities that can be done in the actual workplace to improve this, volunteer work is one of the best options. Having a company volunteer day not only gives workers the opportunity to give back to the local community in which they live but it can strengthen their bonds with each other as well. There are a wide variety of different company volunteers that can be held.

Food Banks provide the perfect opportunity for companies to give back to those in need of food to feed their families. Local food banks are in constant need of volunteers to help sort, package, cook, and serve local community members. Taking a weekend to lend a hand to those who are in need of food not only helps the hungry but is an excellent morale boost. Volunteering at a food bank also can provide employees with a sense of the scope and severity of hunger in their neighborhood, leading them to live a more sustainable life and produce less food waste.

Taking the time to spruce up and clean a local neighborhood or park is another great way to host a company volunteer day. This would also serve as an excellent team-building activity for the workers. Whether it be collecting litter, planting new trees, or helping to paint a community building, there are many things that can be done to improve the community that you live in.

Hosting a drive to help collect items such as backpacks or clothes for children at the beginning of a school year is also another wonderful company volunteer platform. While it doesn’t necessarily have to be these particular items being collected at the drive it could be something that your local community is in dire need of. During emergencies, many companies host a local blood drive when there is a shortage. Drives are a perfect way to rally the company together for a good cause. This is also a great opportunity for employees to contribute by bringing in items if they are unable to attend the actual volunteer event.

If these suggestions don’t seem to fit the bill for your particular company, take the time to meet together and let employees decide on a volunteer activity. Have an open discussion with the team to see what means the most to them right now, and make plans to form a company volunteer day. This type of volunteer work can boost morale and help to build leadership skills while building a sense of altruism.

How to Encourage Your Employees to Volunteer

By Jimmy Lustig

On September 17, 2019

In Blog, James Lustig, Jimmy Lustig

Of late, corporate social responsibility (CSR) and the broad concept of philanthropy have gained increased attention where businesses commit themselves to give back to society. The success of CSR projects depends on how well-coordinated they are. To increase the success of charity projects, companies should endeavor to involve their workers by encouraging them to volunteer in various ways.

Making giving a corporate culture

The art of giving can be enforced within your company by making charity a corporate value and internal culture. Employees joining your company will be highly likely to adopt such a culture and commit themselves to live by it. Besides, businesses that have incorporated the culture of giving in their internal values stand a better chance of attracting employees that have a passion for philanthropy.

Allocating responsibilities

To win the hearts of your employees towards giving to charity, you should endeavor to allocate related responsibilities to workers who have a passion for CSR. Once you identify employees who are committed to serving society through charity, giving them an opportunity to organize and coordinate the fulfillment of the CSR projects cements their commitments.

Recognizing employees’ dedication

Employees who have dedicated themselves to fulfilling charity projects that are organized internally by your company should be appreciated and recognized. Recognizing the top participants in philanthropy encourages more workers to show commitment to similar projects in the future. Such recognition can be in the form of giving workers certificates of participation or even branded attire that recognizes their philanthropic efforts.

Showing commitment right from the top

Employees are highly likely to follow suit the foundations laid within the workplace by the senior managers. The entire C-suit structure of your company, including the president, Chief Executive Officer, and other senior managers, should show commitment by attending CSR projects. Whereas such projects should not be made mandatory for other employees, the senior management will generally serve as a role model and encourage employee participation.

Making CSR fun and attractive

The last incentive that can attract your employees’ participation in charity projects is by making the projects fun. Creating teams that compete and win prizes during the project brings even the workers who have no passion for philanthropy on board. Pictures and videos of the event can also be published on the company’s social media platforms as a way of fronting the workers to the market and showing their dedication.

The Most Philanthropic Athletes

By Jimmy Lustig

On August 20, 2019

In Blog, Jimmy Lustig

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.

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.