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Christian Science Monitor:
These are exciting times in the traditionally quiet world of philanthropy, as a growing cadre of the newly wealthy promises to change the world - as well as the face of charitable giving.
Americans' generous donations rose by 6 percent last year to $260 billion, keeping pace at a relatively stable 2 percent of GDP over time.
The young corporate leaders sharing their wealth at midlife (rather than in their wills) also herald a new style of giving.
"There's a lot of younger, impatient money, if you will," says Marcia Stepanek, editor of Contribute magazine in New York.
Any financial returns on for-profit funds, they say, will be plowed back into the charity.
With globalization, corporate leaders involved in cross-cultural alliances are more aware of social and environmental problems perceived as intractable.
The Bill & Melinda Gates Foundation, with another boost from Mr. Buffet's planned $31 billion gift, is donating heavily to the Global Fund to Fight AIDS, Tuberculosis, and Malaria.
Case's grant to PlayPumps International will support the building of water pumps linked to children's merry-go-rounds.
The astounding growth in nonprofits means more competition for funds.
While rising corporate profits and tax cuts have widened the pool of private wealth, many in that pool are not yet involved in philanthropy.
A recent survey by the Luxury Institute found that 31 percent of rich Americans say they donate to nonprofits; 25 percent say they will do so in their wills.
Posted on December 1, 2006 09:12 AM
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