Four Newcomers Shake Up Bloomberg Brackets for a Cause

Four Newcomers Shake Up Bloomberg Brackets for a Cause

Mar 24

March Madness isn’t just for small bets at the office. For some of the biggest names in business, it means big money. Big money for charity, that is. Bloomberg brought together what they refer to as “a group of titans from the world of business and finance” to fill out March Madness brackets for its Brackets for a Cause initiative. Each of the participants has picked a charity and donated $10,000. When all is said and done, the total pot—upwards of $350,000 this year—will be divided between the charities of the three participants with the most accurate brackets. This is the third year of Brackets for a Cause, and this year some newcomers are shaking things up. William E. Ford, President and CEO of General Atlantic, is playing for Shining Hope for Communities, an organization that combats gender inequality and extreme poverty in urban slums by linking tuition-free schools for girls to holistic social services for all. So far, Ford is in 8th place, with a total score of 83 and 37 of 63 correct picks. Tony Ressler, Chairman, CEO, and founder of Ares Management—and co-owner of the Atlanta Hawks—is playing for the Atlanta Hawks Foundation, whose mission is to increase access for metro Atlanta’s youth to play, grow, and learn life and leadership skills through basketball. So far, Ressler has 79 points, with 34 out of 63 correct picks David Solomon, President and Co-Chief Operating Officer of Goldman Sachs, is playing for Room to Read, an organization working to transform the lives of children in developing countries by focusing on literacy and gender equality in education. At this time, Solomon has 77 points, with 34 of 63 correct picks. Ken Moelis, Founder, Chairman and CEO of Moelis & Company, is playing for Minds Matter New York, whose mission is to help accomplished high school students from low-income families by preparing them for college success. Right now, Moelis is right behind Ford, with 83 points and 36 out of 63 correct picks. “This is hugely exciting for us,” said Jason Kelly, Bloomberg Executive Editor. “This is the third year we’re doing this contest, and it’s amazing how many people really pour in to participate. The spirit of competition is alive and well on Wall Street.” The current leader is Jeannie Buss, President and Part-Owner of the Los Angeles Lakers, with 89 points and 39 of 63 correct picks. Defending...

Trump to Donate His Presidential Salary to Charity

Trump to Donate His Presidential Salary to Charity

Mar 16

Back in November of 2016, newly elected President Donald Trump said that he would not be taking the $400,000 a year presidential salary. His reason for doing so being that he’s already a wealthy man. How wealthy? According to Forbes, Donald Trump is worth a whopping $3.7 billion. Makes sense; $400,000 means nothing for a man of that worth. But it would certainly mean a lot to nonprofits and charities that are working towards the greater good. And that’s precisely why Trump plans to donate his salary to these organizations. White House Press Secretary Sean Spicer made the announcement this past Tuesday. During a press briefing, Spicer told reporters that the president would donate all of his federal earnings come the end of 2017. But that’s not all. Spicer also had a very unusual—and very unexpected—request of the press. “The president’s intention right now is to donate his salary at the end of the year, and he has kindly asked that you all help determine where that goes. The way that we can avoid scrutiny is to let the press corps determine where it should go,” Spicer said to a room full of chuckles. Yep, you read that right. Trump wants the press to help decide where that money goes. Remember that old adage about being careful what you wish for? Well, the press already has a couple of ideas in mind, one of which is for Mr. Trump to donate to The Committee to Protect Journalists—a world-wide campaign dedicated to advocating for freedom of the press. Other reporters have suggested that the president fund a journalism scholarship. The overall reaction surrounding the announcement has been quite humorous. But Spicer wants to remind the public that President Trump is indeed committed to his promise. “In all seriousness, I think his view is he made a pledge to the American people he wants to donate it to charity and he’d love your help to determine where it should...

3 Generous Billionaires You’ve Never Heard Of

3 Generous Billionaires You’ve Never Heard Of

Feb 24

Everyone knows who Bill Gates is. He and his wife Melinda started one of the world’s largest nonprofit organizations: The Bill and Melinda Gates Foundation. Additionally, most people are familiar with Mark Zuckerberg, the Facebook CEO who vowed to put 99 percent of his shares towards good causes. He and his wife Priscilla started the Chan Zuckerberg Initiative, a limited liability corporation that is focused on expanding education, curing diseases, and promoting equality. But there are other billionaires that are just as generous (if not more) than those listed above. Here are some of those unsung billionaire heroes who are using their fortunes to make the world a better place: George Roberts George Roberts is an American financier who co-founded the private equity firm KKR. Roberts has put his $4.8 billion worth towards helping society’s most marginalized members attain hope and independence. As the founder of the San Francisco-based nonprofit REDF, Roberts provides resources that help homeless people and other disadvantaged groups find jobs. Manoj Bhargava Manoj Bhargava is the founder and CEO of 5-Hour Energy. In truly honorable fashion, he promised to give 90% of his $4 billion dollar worth to charity. In 2015, he founded Billions in Change, a limited liability corporation that strives to lift people out of poverty by making clean water, renewable energy, and healthcare more accessible. Sara Blakely Sara Blakley is the founder and CEO of women’s intimate apparel company Spanx. Over the years, she has supported numerous causes and organizations that focus on female education and entrepreneurship programs. Her net worth is estimated to be at $1.2 billion. These stunning examples of generosity prove that the wealthy aren’t always the selfish, greedy people that they are often portrayed to be in the media. Kindness comes in all forms, both rich and...

Donating Stocks to Charities

Donating Stocks to Charities

Jan 03

There are a lot of ways to donate money to charitable causes, but one that often gets overlooked is donating stocks. While donating cash is generally the most efficient way to give to an organization, by donating an appreciated stock, you give the organization the opportunity to sell that stock and add the resulting cash directly to their coffers, which generally allows them (and you) to avoid paying taxes on that money. In essence, this is a way for people who own stocks that have appreciated to reduce their taxes on them. Sure, it’s not the noblest reason to donate them, but whatever works. Frankly, it doesn’t matter why somebody donates to a nonprofit, so long as that donation isn’t illegally obtained. And donating makes people feel good, so even the smallest donations are still at least a little bit driven by personal benefit. The difference between selling a stock, paying the taxes on it, and donating the remainder versus just donating the stock isn’t all that great, but it does result in more money for the charitable organization (provided the stock in question doesn’t end up dropping in value, but it’s still money that the organization didn’t have in the first place). So if you happen to own appreciated stocks, and you were thinking of selling some of them off in order to make a donation to a specific group, donate the stock instead. There are a few things to check first, namely that the stock has appreciated, because otherwise you are better off selling it first. But you also need to make sure that the organization to which you donate the stock is qualified by the IRS, which is easy enough to find out by looking them up on the IRS website. An unqualified organization isn’t going to be able to avoid paying taxes on that...

‘Nelfie’ Wants You to Take a Nude Selfie for Charity

‘Nelfie’ Wants You to Take a Nude Selfie for Charity

Dec 01

How far would you go for charity? Would you strip naked for it? That’s precisely what Nelfie, a UK-based project, wants you to do. Here’s how it works. Participants take a “nelfie” (short for “nude selfie”) and post it on social media. Although that sounds absolutely terrifying, it’s actually not that bad. For one, the photos aren’t actually nude. Participants tactfully place an object over their private parts. It’s still risqué though, as it certainly leaves little to the imagination. Now here’s where the fundraising part comes in. When a participant first posts the photo, it is highly pixelated—too pixelated to even see anything. Participants incentivize their friends to donate to charity by de-pixelating the image as more and more contributions are made. The more people donate, the clearer the image gets. It’s fun, it’s spunky, and it’s definitely novel. Tom Wren, who founded Nelfie in 2015, is quite literally leading by example when it comes to his unusual fundraising technique. He posted his own “nelfie” in support of Amnesty International, a non-governmental organization centered on human rights. In an interview with Startacus.net, Wren said that he originally started the company as a way for normal, everyday people to raise massive amounts of money for charity. “I’m frustrated that typically the amount of money we can raise is limited to how many friends and co-workers we have, and they don’t have much fun donating to a static page. It’s sad that it seems only celebrities can raise huge awareness for what matters to them with a single tweet.” And that’s how Nelfie was born. Wren wanted to put the FUN back in fun-draising. And he’s done a phenomenal job so far; Nelfie is just now starting to take off, with countries from all over the world participating in the challenge. “For those not quite ready to nelfie, we’d really appreciate the support of this community in helping grow our impact and supporting our live campaigns, whether it be supporting with a donation, a share on social media or even just spreading the word,” Wren stated. Here at Philanthropic People, we’re not quite courageous enough to take a nelfie. However, we’re proud to say we did our part in spreading the...

Business Gets Artsy: Recent Art Donations are the Biggest Yet

Business Gets Artsy: Recent Art Donations are the Biggest Yet

Nov 04

It’s not unusual for businessmen and women who have made it big to give back to their communities. But the scale on which some have donated to local art museums is getting more impressive every day. From Thom Weisel’s generous donations of Indian art to the de Young Art Museum in San Francisco to Spencer and Marlene Hays’s bequeathed collection of 19th and 20th century art headed for the Musée d’Orsay in Paris, the business world is not afraid to give back on a big scale. Thom Weisel is a prime example of a big business heavy hitter who has shifted his focus in recent years to giving back to his local art community. Founder of legendary San Francisco investment bank Montgomery Securities, Weisel now spends less time in the board room and more time building a world-class art collection, including pieces from the early New York school, the California figurative movement, and Native American work. His favorite artists include Richard Diebenkorn, Joan Brown, Wayne Thiebaud, David Park, and Franz Kline. The recently re-opened San Francisco Museum of Art has just named three galleries after Weisel, thanks to his generous donations. And he gifted his 200 Native American pieces to the de Young Museum. While Weisel still has his hand in the investment banking world, he’s pleased to be able to live a more balanced life, including time spent with family, philanthropic projects, and his art collection. He’s been a trustee at the San Francisco Museum of Art for more than 32 years and has endowed the museum’s curator of painting and sculpture position. Weisel isn’t the only businessperson moved to make enormously generous donations of art, however. Just last month Marlene and Spencer Hays, who made their fortune through extremely successful companies selling books and men’s clothing, announced they will bequeath their collection of late 19th and early 20th century paintings to the Musée d’Orsay in Paris upon their deaths. This marks the largest donation to a French museum by a foreign donor in over 70 years. And while the Musée d’Orsay waits on that, its staff and visitors can comfort themselves with the Hayes’ initial donation of 187 pieces worth about €173 million, including pieces by Edouard Vuillard, Pierre Bonnard, and Edgar Degas. This isn’t the first time the Hayses have worked with the Musée d’Orsay, either. Over the last 15 years, they have developed a close relationship with...