Americans are becoming millionaires at a much younger age than people from any previous generation, but they're also creating new ways to give away some of their wealth, USA Today reports.
One popular method is investing in venture philanthropy funds, which allows business owners to pledge stock from their companies for money to do charitable works.
Another way the newly-rich help is through giving circles, where several people with similar interests pool their money into specific charities.
And yet another is known as "one day at a time" philanthropy, where a foundation helps start-up companies develop giving plans, recommends specific nonprofits and/or organizes volunteer efforts in the community, the newspaper reports.
In Raleigh, N.C., high-tech entrepreneur Chris Evans started the Triangle Community Foundation, which helps donors focus on issues they find important and connects them to resources, organizations and other like-minded people.
In Seattle, a giving circle called Social Venture Partners requires partners to commit a minimum of $5,400 annually for two years, and distributes the money to educational and children's programs throughout King County.
And in Menlo Park, Calif., an organization called the Entrepreneurs Foundation gets companies active in community projects by organizing beach cleanups, working with Habitat for Humanity or similar projects where donors can actually see the results of their efforts.
The goal of such programs is to initiate philanthropy early in a person's career without overwhelming them. While some people fully support the move toward the hands-on "new philanthropy," others say imposing too much of a business standard on nonprofits carries more risk than it is worth, because some causes may be brushed aside in the name of efficiency, USA Today reports.
Regardless, everyone agrees it's good that many dot-com millionaires are using their money to help the community.
Full text of the article is currently found at:
http://www.usatoday.com/usatonline/20000427/
2204262s.htm
