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“The word philanthropy traces its origins to the Latin word philanthropia and the Greek word philanthrōpia, which mean love or kindness to mankind.”
What Is Philanthropy?
Philanthropy involves charitable giving to worthy causes on a large scale, but it is much more than just a charitable donation. Philanthropy is an effort an individual or organization undertakes based on an altruistic desire to improve human welfare, and wealthy individuals sometimes establish private foundations to facilitate their philanthropic efforts.
Nonprofits are organizations set up to support a variety of social causes, such as educational, health, scientific, public safety, and human rights. In the United States, organizations that qualify as nonprofits are exempt from federal tax liability under the Internal Revenue Code (IRC) 501(c).1
KEY TAKEAWAYS
- Philanthropy refers to charitable acts or other good works that help others or society as a whole.
- Philanthropy can include donating money to a worthy cause or volunteering time, effort, or other forms of altruism.
- Increased transparency is a serious matter for many nonprofits, and how funds are obtained and used should be carefully documented. Technology, including social media, has also shaped how many individuals give to others.
- Andrew Carnegie is one of America’s most famous philanthropists, noted for the large scale of his charitable contributions, which included building more than 2,500 libraries worldwide.
- In modern times, philanthropy is often undertaken by those seeking tax breaks, in addition to feeling good and helping others.
Understanding Philanthropy
Philanthropy refers to charitable acts or other good works like volunteering your time or efforts that help others or contribute to the well-being of society overall. For some people, philanthropy means donations of money, often large sums, to support or create university buildings, research centers, or fund four-year college scholarships. For others, acts of philanthropy mean an annual donation to a local theater, food pantry, or public school.
There are many ways to make charitable contributions on a local to a global scale, including corporate philanthropy. There are also individual philanthropists. Philanthropy may be done for tax breaks or altruism, or a combination of the two things. Anyone can be a philanthropist if they give of their talent, time, money, or skills.
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