When it comes to family, philanthropy can often serve a much deeper and more powerful purpose.
Not only is engaging your family in philanthropy an excellent way to teach the next generation about financial stewardship in the context of giving back, but many parents, children and relatives participate in philanthropy together to strengthen shared beliefs and instill life-long charitable values.
Just look at the Fleet family as an example. Early on, Major Reuben H. Fleet taught his children and grandchildren about the importance of sharing. Today, three generations of Fleets engage in philanthropy through The San Diego Foundation and together are known throughout the region for their charitable, community-driven efforts to advance quality of life.
What’s more, the Fleet family isn’t alone.
San Diego is full of philanthropists who open donor-advised funds to pass on their charitable values to the next generation and strengthen the bond between all family members.
“Our donor-advised fund at The San Diego Foundation allows our large extended family to experience the joy of carrying on the legacy of our grandparents,” explained Bob Fletcher, grandson of Col. Ed Fletcher and donor at The San Diego Foundation.
From helping to instill family values and establish meaningful traditions, to maintaining family ties over time, donor-advised funds provide a unique opportunity for San Diegans wanting to do more with their charitable giving.
So how do you begin the process? The first step in creating this charitable environment is to identify shared goals.
What are some of the most important social impact areas to you and your family? Do you spend weekends with your children hiking through San Diego’s natural parks? Do you regularly teach the importance of helping others in need?
Once you identify your favorite interests and charitable causes, the next step is to create a mission statement with everyone involved. Your family’s mission statement will be personal and should reflect the values you live every day and the impact you want to have in the community.
Lastly, determine in what ways and how much each family member wants to be involved. The benefit of a donor-advised fund at a community foundation compared to establishing a private foundation is that it the funds are convenient, flexible and removes time pressures from your family.
Once you establish your fund, you are able to take your time in deciding what organizations or initiatives to support that meet everyone’s giving goals.
Start Your Journey
The San Diego Foundation’s charitable giving experts will work with you to develop a philanthropic strategy that meets your family’s goals.
Let us handle the logistics, while you work together with your family on building a legacy of shared values through philanthropy.