‘Putting something back’

Press, 10 July 1987, Page 21

‘Putting something back’

By

J. B. HINDIN

Who are the people who collectively promised more than $1 million to the New Zealand Charitable Foundation since its launch a little over 12 months ago? Why do they give and why do they choose the foundation as the vehicle for their giving?

Most of the donors have been named, unless they preferred to remain anonymous, in the recently released, first annual report of the foundation. The report has been widely circulated. The foundation has been supported both by corporate donors and private individuals. The corporate donors give partly because they accept the concept that a successful company owes something to the community, partly from the public relations feed-back

it expects in exchange for implementing the concept. Individual donors give for a variety of reasons. Those recruited by the foundation are successful people, all of whom have prospered after a lifetime of hard work. They simply want to “put something back” into the community.

Most of them are in the 60-pius age group, and are retired or are contemplating retirement. They have made provision for their families and, in many cases, the gift to the foundation is part of an estate-planning programme that may involve a matrimonial property settlement and new wills. Sometimes, the foundation is a beneficiary in a will. How much is given? The minimum amount is usually $50,000. Some people have given more, and in some instances, very much more. The pro-

posed gift may be given all at once or spread over a period. In some instances, donors have made several substantial gifts.

What form do the gifts take? Obviously, most are in cash — but not always so. Shares have been given, and other securities, e.g. Government Stock. The foundation is limited to trustee-like securities in its investment policy, but this does not apply to the gifts it receives — provided the securities received will not endanger the fund in any way. Thus, private company shares can be given.

Why do people give? Some have a special affinity for a particular good cause; for example, disadvantaged children, or the elderly or cancer research, but most want to give, as stated before, to put something back, to

redress the balance between their good fortune and the lack of it in others.

Some say charity begins at home, and that is perfectly true, but of course it does not end there. Immediate family should be provided for; but should one provide for one’s grandchildren? One’s great-grand-children? Where does one stop?

Should not some of the money be disbursed now? To “put back”? To help those who have not been so fortunate, so well endowed or so lucky? With maturity, many realise that, of itself, making a lot of money is not fully satisfying. A lot of money can bring in its train a lot of dissension, a lot of unhappiness. That is, unless there is a balancing factor.

That factor is doing something for others.