Putting Wealth to Work

During the next twenty years, as part of the largest transfer of wealth in history, more than $500 billion is expected to pour into the philanthropic sector. Some of it will come from retiring baby boomers, but even more will come from newly rich Silicon Valley billionaires. Since 2006, the appeal of "giving while living" has grown, so much so that many philanthropic donors now expect not just to give money during their lifetimes, but to create organizations or ventures-some for profit, others not for profit-whose missions are expected to be completed within the lifetime of the donors. The combination of these two trends has transformed the not-for-profit sector in scale and dynamism, attracting some skeptical scrutiny along the way. Philanthrocapitalism has acquired some of the trappings of financialization, and has the potential to deliver ever greater impact. But will it? And will the demand that the impact be quickly realized mean that longer-term institution-building missions will be neglected?

Joel L. Fleishman is one of the wisest of wise men in philanthropy whose advice is routinely sought by organizations and individuals across the country. In Putting Wealth to Work, he tells the story of a uniquely American financial sector, all but created by Andrew Carnegie's example, that since 1995 has become more dynamic with every passing year. Staggering personal fortunes are made and given away, from Bill Gates to Mark Zuckerberg, as in no previous era since the golden age of American capitalism. America currently leads the world in this trend-of the 138 signers of the giving-while-living pledge, 110 were American-but the world is following in its footsteps. This movement of socially motivated capital is unprecedented and its consequences are potentially transformative for the American economy and the world at large.

“"Joel L. Fleishman has again shown why he is thenation's preeminent scholar on the important subject of philanthropy."-- David M. Rubenstein , CEO of the Carlyle Group”

"Putting Wealth to Work reminds us why Joel L. Fleishman is America's preeminent scholar of philanthropy. By building on his extensive knowledge and practical experience as president of one of the nation's largest foundations, Fleishman challenges a growing trend among new donors against establishing perpetual institutions. . . . Putting Wealth to Work should be urgently downloaded to the reading apps of newly minted Silicon Valley billionaires, Wall Street titans, and captains of industry who aspire to carry on the legacy of Rockefeller, Carnegie, and Ford into a new century of giving."--Darren Walker, president ofthe Ford Foundation
"Given the author's vast knowledge of, and experience in, organized philanthropy, readers have much to gain from his insider survey of the field--the book is replete with personal observation and colorful opinion."--Philanthropy magazine
"Joel L. Fleishman has again shown why he is the nation's preeminent scholar on the important subject of philanthropy."--David M. Rubenstein, CEO of the Carlyle Group
"Joel L. Fleishman, author of the leading book on the American foundation, has written a stimulating sequel about contemporary philanthropic practices, including the trend to spend down during the donor's lifetime, that is wonderfully knowledgeable, wise, opinionated, and argumentative."--Paul Brest, professor emeritus, Stanford LawSchool, and coauthor of Money Well Spent
"Targeted both to donors with a desire to establish foundations and to development specialists, Fleishman's book also offers useful tips for fund-seekers."--Kirkus Reviews
"The thoughtful, highly authoritative discussion, supported by interviews with 50 leaders of prominent foundations, makes it a key source for donors and for professionals and academics in this field."--Choice
"This book not only praises traditional perpetual foundations but examines in detail the limited-life or spend-down models that inevitably mean the future philanthropic scene may well be very different. [A] must-read for foundation boards and those giving or raising billions for charitable causes."--Frank Bennack, executive vice chairman of Hearst

Joel L. Fleishman is a professor of law and public policy; director of the Samuel and Ronnie Heyman Center for Ethics, Public Policy and the Professions; and director of the Center for Strategic Philanthropy and Civil Society at Duke University. From 1993 to 2001, Fleishman took a part-time leave from Duke University to serve as president of the Atlantic Philanthropic Service Company, the U.S. Program Staff of Atlantic Philanthropies. Fleishman also serves as a director of Ralph Lauren Corporation.

During the next twenty years, as part of the largest transfer of wealth in history, more than $500 billion is expected to pour into the philanthropic sector. Some of it will come from retiring baby boomers, but even more will come from newly rich Silicon Valley billionaires. Since 2006, the appeal of "giving while living" has grown, so much so that many philanthropic donors now expect not just to give money during their lifetimes, but to create organizations or ventures-some for profit, others not for profit-whose missions are expected to be completed within the lifetime of the donors. The combination of these two trends has transformed the not-for-profit sector in scale and dynamism, attracting some skeptical scrutiny along the way. Philanthrocapitalism has acquired some of the trappings of financialization, and has the potential to deliver ever greater impact. But will it? And will the demand that the impact be quickly realized mean that longer-term institution-building missions will be neglected?Joel L. Fleishman is one of the wisest of wise men in philanthropy whose advice is routinely sought by organizations and individuals across the country. In Putting Wealth to Work , he tells the story of a uniquely American financial sector, all but created by Andrew Carnegie's example, that since 1995 has become more dynamic with every passing year. Staggering personal fortunes are made and given away, from Bill Gates to Mark Zuckerberg, as in no previous era since the golden age of American capitalism. America currently leads the world in this trend-of the 138 signers of the giving-while-living pledge, 110 were American-but the world is following in its footsteps. This movement of socially motivated capital is unprecedented and its consequences are potentially transformative for the American economy and the world at large.

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