Rich Men Doing Good Works

Warren Buffet and his grand gesture of giving away his billions. Line up little ones, we're going to benefit big time (not).

Buffet gives his fortune to 5 foundations. They include the Susan Thompson Buffett Foundation, Susan A. Buffett Foundation, Howard G. Buffett Foundation, NoVo Foundation (run by Peter Buffett and wife Jennifer). And the Gates Foundation (Buffett's gifts to this foundation will continue only as long as either Bill or Melinda Gates is alive and active in its work).

I suppose we can thank Andrew Carnegie, who 100 years ago, began the modern era of philanthropy. At the time of his death Andy had given away 90 percent of his fortune. In 2001 the first ever Carnegie Medal was awarded to the generous givers of the new millenium who, in Carnegie's footsteps, lead the philanthropic communities of tomorrow.

The medal was presented by dignitaries such as Tom Brokaw, Bill Moyers, Barbara Walters, historian David McCullough, NIH's Dr. Anthony S. Fauci, World Bank Managing Director Mamphela Ramphele. Judy Woodruff emceed the affair.

Recipients included : Ambassadors Walter H. and Leonore Annenberg, (Annenberg Foundation) who have helped "America's schoolchildren meet the challenges of the 21st century."

Aaron Diamond Foundation, which distributed all of its assets and became the nation's largest private supporter of AIDS research.

The Gates family – William H. Gates III, Melinda French Gates and William H. Gates Sr.

George Soros. His global network of foundations/Open Society Institutes which support projects in education, public health, civil society development. Chosen for his leadership and vision in fostering open societies and a better life for billions of world citizens.

The Rockefeller family was recognized for its exceptional record of philanthropy over the last century. Third and fourth generations of the family now continue to build on philanthropic roots established by John D. Rockefeller, who, along with Andrew Carnegie, set standards for all who followed.

There are 6 types of foundations:
Private foundations are nonprofit organizations whose funds come from one source, whether it is an individual, a family, or a corporation. Family Foundations receive endowments from individuals or families.

Family foundations. Measurable donor or donor-family involvement, especially though participation on the foundation’s board of directors (e.g. Turner Foundation, Rockefeller Brothers Fund).

Operating Foundations are private foundations that use their resources to provide charitable services or run charitable programs of their own. They make few, if any, grants to outside organizations, generally do not raise funds from the public (e.g. J. Paul Getty Trust).

Independent Foundation funding is in the form of an endowment, and even though wealthy families start many private independent foundations, no family members control the grant making. Because of their endowments, they are focused primarily on grantmaking and generally do not actively raise funds or seek public financial support. These foundations are highly professionalized with carefully developed grantmaking strategies and criteria. Their boards of directors often consist of people who are eminent in the fields of interest to the foundation. Of the largest private foundations in the United States, most are independent foundations, although they may have begun as family foundations (e.g. Ford, Rockefeller and MacArthur Foundations).

Corporate Foundations or company-sponsored foundations are entities through which a corporation organizes and channels its philanthropic giving. The company-sponsored foundation is a separate, legal organization (501c3) subject to the same rules and regulations as other private foundations. The assets of the corporate foundation are derived from the assets or profits of its parent corporation or individuals closely associated with the corporation. Most corporate foundations maintain close ties with the donor company and the board of directors includes company executives (e.g. Bank of America Foundation, American Express Foundation).

Public Foundations. Legally classified as “public charities,” public foundations are publicly supported nonprofit organizations and receive assets from multiple sources. They can be funded by contributions from individuals, corporations, governmental units, private foundations and fees for service. A public foundation must continue to seek money from diverse sources in order to retain its public status. As distinguished from most public charities, public foundations focus more on grantmaking than on providing direct charitable services (e.g. Asia Foundation, UN Foundation, Vancouver Community Foundation).

Foundations aim their philanthroping at Education, Welfare, Environment, the Arts, promoting Democracy, bettering Communities to help people help themsevles, etc. Foundations often and usually partner with other organizations such as the UN and The World Bank. One biggie is, bettering the world one town at a time, you guessed it, the Wal-mart Foundation.

I've ranted previously on Foundations being nothing more than generational tax shelters for the monied, giving familial groups and friends undue and undeserved influence on societies and politics. Otherwise, foundations such as Carnegie and Rockefellers would have saved the world a long time ago when the whiskered pocketwatch old guys made the same speeches as they handed off fortunes to their foundationhoods.

But – I've changed my mind. I have become a "public foundation."

I donated my entire paltry fortune to the newly formed (in fact just yesterday) KAB Foundation (an NGO), dedicated to granting and supporting bloggers who wish to save the environment while educating inner city poor kids and simultaneously instructing the community in the art of democracy through watercolor medium and big screen TVs.

Anyone interested is invited to email Kate/A for details, using the aforementioned foundation guidelines, along with a detailed program idea (please enclose a $100 grant application fee).

P.S.
Foundations also fund think tanks so as of this minute KAB Foundation will accept donations to it's newest idea : The Kate-a-A Badda-Boom Badda-Bing Foundation, a tanked group which will limit its research and analysis to the effects of political correctness on interracial humor.