August has delivered mostly bad news for fundraisers. Stories about a possible double dip recession fueled by continuing high unemployment and sinking business confidence have dominated during the dog days of summer. Donor fears about the economy are causing delayed or reduced gifts or even unexpected declined requests from long-time supporters.

One ray of sunshine has been the latest update from Warren Buffett on the Giving Pledge. With his fellow billionaire Bill Gates, Buffett has used peer pressure to convince America’s wealthiest individuals and families with a combined net worth of more than $200 billion to commit to giving half of their wealth to good causes.

Even if your nonprofit is not a “fit” for the 40 super-rich who have taken the Billionaire Challenge, every fundraiser can gain valuable insights from this elite group into why the wealthy give. The list of participants, their letters, and pledge information, which is found online at http://givingpledge.org, reveals a dozen reasons why they give:

1. Make a Difference - “Improve the human condition” (Laura and John Arnold); “to make a better world” (Alfred E. Mann); “leave the world a little better than we found it.” (Sanford and Joan Weill)
2. Address Major Problems - “Transform health and health care” (Michele Chan and Patrick Soon-Shiong); “stop preventable deaths” from disease (Bill and Melinda Gates); “address critical global challenges” (David Rockefeller)
3. Provide Opportunity - “Responsibility to ensure the same opportunities for others” (Laura and John Arnold); give “children every chance to pursue their own dreams.” (Bill and Melinda Gates); “level the playing field” in keeping with “America’s root principles” of “equal opportunity” (George Kaiser)
4. Help Less Fortunate - “Benefit others who, through the luck of the draw, have received the short straws in life” (Warren Buffett); “aiding the most vulnerable populations in the world” (Barron Hilton)
5. Repay Debt - “A privilege to give back” (Eli and Edyth Broad); “the desire to give back” (Jon and Karen Huntsman); “giving back was instilled in me by my father” (Ted Turner)
6. Fuel Innovation – Support “ground breaking work” in scientific research (Paul Allen); “giving to projects that may not get done otherwise” (Ronald Perelman); “double down on innovative solutions” (Jeff Skoll); “improving life’s quality through innovative approaches” (Jim and Virginia Stowers)
7. Enjoy Giving – “What a good feeling this gives me.” (Lorry Lokey); “I enjoy giving it away” (T. Boone Pickens); “real satisfaction and pleasure of philanthropy”(David M. Rubenstein); philanthropy is “both challenging and deeply satisfying” (Jim and Marilyn Simons); “nothing more satisfying than grant-making” (Vicki and Roger Sant)
8. Protect Their Children - “Giving wealth to young and future unborn children... reduces or eliminates the character building challenges.” (Gerry and Marguerite Lenfest); “Passing down fortunes from generation to generation can do irreparable harm.” (Herb and Marion Sandler)
9. Exercise Good Stewardship - Approaches philanthropy “with the understanding that it (wealth) was not ours to keep” (Jon and Karen Huntsman); “responsibility we felt for being good stewards of that wealth... discover the most efficient and effective use of our resources" (Pierre and Pam Omidyar)
10. Create a Personal Legacy - “Leave a legacy that many others will remember.” (Michael Bloomberg)
11. Dispose of Excess – “ Have enough” (Peter Peterson) “Too often, a vast collection of possessions ends up possessing the owner.” (Warren Buffett); “We have more money than our family will ever need.” (Pierre and Pam Omidyar)
12. Follow Religious Convictions - “Faithful to the values and principles that guide us” (Barron Hilton); “puts faith into action” (Elaine and Ken Langone); “spread the faith” (Tom Monaghan);  “morally duty bound to help those left behind”  (George Kaiser)

 

*Victoria Hughes is a Guest Contributor and Senior Advisor at Bill of Rights Institute