Bank of America Discussion
BOA
One of the first components of the study is a comparison between High Net-worth donors and their U.S. Household comparison for total household giving. In almost every category (except for "other") the donations were almost polar opposites. This was especially apparent in the area of religion where U.S. household donations were 66% and High Net-worth giving were only 22%. There is obviously a mind set difference, which must be accounted for. Concerning fund giving in the high net-worth category, it was the highest contribution of that sector. The incentives here are clear: Tax benefits are prime among this sector as well as the prestige that is apparent when donating to a large fund organization.
This study further goes on to show several incentives that result in greater donations by high net-wroth patronage. Rather altruistic needs are met by the donor when the funds can be interpreted as giving back to society, reciprocity, impact, assisting those abandoned by government and so on. Likewise reported were changes looked for by donors that would increase their charitable giving. Top among them were reduction in administrative costs, better self reporting for the impact of the gifts, more financial security within the organization, and a positive return on the investment among others. These all contribute to a positive mind-set in regards to high net-worth contributors.
It has been stated the larger charitable organization such as "toys for Tots" and the MD foundation have bloated administrative costs that consume more that 50% of the donations before it ever reaches its intended recipient. Charities would do well to assure that their administrative costs are in order as well as their back office and financial management. High net-worth donors usually have a keen eye for well run organizations and as espoused by this report, is a key factor in their desire to commit resources to any institution.
References
Indiana University. (2006). 'Bank of America: study of high net-worth philanthropy.' The Center of Philanthropy at Indiana university. Retrieved on 8 October 2009 from http://www.philanthropy.iupui.edu/Research/BAC+Study+of+HNW+Philanthropy_102606.pdf
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