For-Profit Philanthropy
Elite Power and the Threat of Limited Liability Companies, Donor-Advised Funds, and Strategic Corporate Giving
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Product details:
- Publisher OUP USA
- Date of Publication 22 February 2023
- ISBN 9780190074500
- Binding Hardback
- No. of pages344 pages
- Size 236x164x32 mm
- Weight 621 g
- Language English 439
Categories
Short description:
Elite philanthropy has produced countless essential features of modern life. Today, for-profit philanthropic innovations like donor-advised funds threaten its future. In For-Profit Philanthropy, Dana Brakman Reiser and Steven A. Dean reveal that philanthropy law has operated as strategic compromise, binding ordinary Americans and elites together in a common purpose. The authors start with an overview of the size and role of the philanthropic sector in the United States and then discuss changes in the regulatory environment that has facilitated new forms of philanthropic organizations. Private ordering, targeted regulation, or a new strategic bargain could strike a modern balance, preserving the benefits of the Grand Bargain's partnership between the modest and the mighty, and this book offers a detailed roadmap to show how it can be accomplished.
MoreLong description:
This book exposes a migration of business practices, players, and norms into philanthropy that strains the regulatory regime sustaining public trust in elite generosity through accountability and transparency and proposes legal reforms and private solutions to restore it.
Practices, players, and norms native to the business sector have migrated into philanthropy, shattering longstanding barriers between commerce and charity. Philanthropies organized as limited liability companies, donor-advised funds sponsored by investment company giants, and strategic corporate philanthropy programs aligning charitable giving by multinationals with their business objectives paint a startling new picture of elite giving.
In For-Profit Philanthropy, Dana Brakman Reiser and Steven A. Dean reveal that philanthropy law has long operated as strategic compromise, binding ordinary Americans and elites together in a common purpose. At its center stands the private foundation. The authors show how the foundation neatly combines donor autonomy with a regulatory framework to elevate the public's voice. This framework compels foundations to spend a small but meaningful portion of the assets their elite donors have pledged to the public each year. Prophylactic restrictions separate foundations from their funders' business and political interests. And foundations must disclose more about the sources and uses of their assets than any other business or charity. The philanthropic innovations increasingly espoused by America's most privileged individuals and powerful companies prioritize donor autonomy and privacy, casting aside the foundation and the tools it provides elites to demonstrate their good faith. By threatening to displace impactful charity with hollow virtue signaling, these actions also jeopardize the public's faith in the generosity of those at the top.
Private ordering, targeted regulation, or a new strategic bargain could strike a modern balance, preserving the benefits of the compromise between the modest and the mighty. For-Profit Philanthropy offers a detailed roadmap to show how it can be accomplished.
Brakman Reiser and Dean have written a ‘Winners Take All’ for readers who care about the details, who don't just want the big-picture story about how the world's wealthiest have greenwashed their giving (though they do deliver that story) but also readers who want to know where the policy levers are that could actually do something about it. Insight and lively, this book is a must-read for everyone who cares about the power of concentrated wealth.
Table of Contents:
Introduction
Chapter 1: The Philanthropy LLC
Chapter 2: Commercially Affiliated Donor-Advised Fund Sponsors
Chapter 3: Strategic Corporate Philanthropy
Chapter 4: The Grand Bargain
Chapter 5: In Search of Lost Trust
Chapter 6: Tailored Regulatory Interventions
Chapter 7: Private Ordering Solutions
Chapter 8: A More Perfect Bargain
Conclusion
Index
