“Legacy” is a word that is often used to describe and define the mission of family foundations. The charitable foundation is, in a sense, an inheritance bequeathed to the world — a gift that is meant to echo through the generations.
With a foundation, this idealistic impulse is rarely satisfied with a single donation. Foundations are living, evolving organizations with structures, procedures and goals focused on fulfilling very specific objectives.
With a foundation, this idealistic impulse is rarely satisfied with a single donation. Foundations are living, evolving organizations with structures, procedures and goals focused on fulfilling very specific objectives.
The National Center for Family Philanthropy reviewed a wide range of foundations that are making significant impacts in communities and in the lives of people, and found that although “legacy” does have a fixed, dictionary definition, it typically means different things to different families.
The Center advises families that seek to maximize the potential of a foundation to consider: “Legacy … begins at home — it’s within your power to define. The way that the world will view you and your philanthropy is a mirror of what you set out for yourself. Step back and explore what motivates you. There is something so powerful about coming together as a family to explore the work you choose to do, whether you’re the first generation creating the effort or subsequent generations.”
Some foundations have been established by large institutions, and are backed by generations of achievements and exponentially growing endowments. Many are smaller family ventures that reach out with innovative perspectives and tightly-focused assistance — helping people and communities, one by one.
Whatever the size, a well-planned foundation can be a dynamic instrument of giving that transforms family and institutional wealth into a powerful force of hope, promise and prosperity.
As The Center notes: “A common thread in giving families is their rootedness in shared values. While the particular giving focus and structure may change with the times and with different family engagement, values anchor the family. At times, these values are tethered to a particular faith or shared belief system; just as often, they are simply connected to a family’s modeling and explicit recognition of what is important to them based on their own journey.”
Although some of the largest foundations define their mission broadly, most foundations target a single or a few fields in which to do their mission work. The Bhalwani Family Charitable Foundation, for example, has made donations to the Princess Margaret Cancer Centre and has supported initiatives that help improve access to genetic cancer screening for patients in Toronto and across Canada.
The Bhalwani Family Charitable Foundation’s focus on advancing the good work being done at Princess Margaret is also an example of what The Center describes as place-based giving: “For many philanthropic families, connection to a place centers their notions of legacy. …. In many cases, families feel deep investment in and even responsibility to maintain giving and a consistent presence in a specific geographic location, often the place where the wealth was generated. This can provide a meaningful focal point and powerful central lever for a family’s philanthropic legacy.”
Although there are many ways foundations begin, and a vast landscape of possibilities for the change they can bring into the world, there is at least one variable common to all. It is an impulse as old as time. As the American author William James once described it: “The greatest use of a life is to spend it on something that will outlast it.”