When Philanthropists Pull Support
At the end of this post, the answer to the question—whose money is it anyway?
With recent world events and subsequent reactions in the United States, large philanthropists have announced either ending current pledges or announcing the end of philanthropic relationships with nonprofit institutions. The list includes:
Marc Rowan
Jon Huntsman
Jonathon Jacobson
Ron Lauder
Idan Ofer
Leslie Wexner
Marc Rowan
Leon Cooperman
In several cases, after announcements by the philanthropist, there were comments about it being “not fair” or “undue influence.” And I can’t figure out those comments in any way, shape, or form.
This is equivalent to what I hear from kids who have commentary around their parents making financial decisions, sometimes philanthropic, that are a detriment to potential inheritances. And because so similar philosophically, I have the same shaking of my head.
Somewhere along the line, it’s almost as if people forget whose money it is…..and the fact that people can choose to spend their money however they want. They can buy things like paintings, yachts, additional homes, fancy cars, and a myriad of other luxuries. They can give it to nonprofits of their choice. They can choose to give it away to an individual, or even leave certain individuals intentionally out of that estate planning process. More than a few times, as I’ve worked with parents on estate giving, children think it’s their money—-which causes an enormous problem. It sounds like the commentary from people who are mad at philanthropists for making a similar choice of where to spend their philanthropic dollars.
Somewhere along the line, ownership and entitlement have become too intertwined. And subsequently, who’s choice it is to spend that money however they choose. As I alluded to in the beginning, actions and decisions have consequences. Sometimes positive. Sometimes negative. But I wish everyone would stop trying to spend other people’s money.
