Why Are Millennials Using Community Foundations To Give? | Community Foundation of South Jersey

In 2010, Mark Zuckerberg joined a group of other U.S. billionaires in a pledge to give away half of their funds Led by Warren Buffett and Bill Gates, The Giving Pledge (as it is known) is a call to the world’s wealthiest individuals and families to dedicate the majority of their wealth to philanthropy. After the pledge what was his next move? In 2011, he gave almost $500 million in stock to create a fund at the Silicon Valley Community Foundation, currently the nation’s largest community foundation. In 2013, he followed this up with a gift of 18 million shares of Facebook stock (almost $1 billion). However, it’s not just Zuckerberg who is opting to work with a community foundation. Last month, GoPro camera company founders, Nicholas and Jill Woodman, gifted $500-million to start a fund at the Silicon Valley Community Foundation. No specific details have emerged detailing why the community foundation was chosen as their philanthropic partner. However, the following benefits were possibly among the deciding factors.

Gifting to a fund at the community foundation is not giving “to” the community foundation. Givers get an immediate public charity tax deduction but have the freedom to recommend grants to a confirmed charity of their choice.
Community Foundations understand that local donors have global interests. Whether the “community” a donor wishes to support is local or global their community foundation is available to assist them in making a difference.
Community Foundations are social enterprises. Fee revenue received supports the greater work of the Foundation and fuels a business model designed to be permanently self-sustaining.
Community Foundations are in the business of social impact results (not transactions). Givers will find that the greatest value of an effective community foundation is a laser-like focus on flexibility and the results of their generosity (not simply the giving transaction).
Community Foundations understand that giving is personal. The main reason that we may never know Mark Zuckerberg’s motivation is because handling your philanthropy through a community foundation can be as anonymous as you wish for it to be.