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Bursting the limits of philanthropy:
Super-donors launch 50% League
From super-rich to middle-class, 80 donors who gave away half or more
of their money tell their stories to encourage greater giving
Arlington, MA -
May 8, 2007 -
A network of 80 generous individuals -
including Warren
Buffett's sister and the contractor who
funded Paul
Farmer's hospital in Haiti - have launched
the 50%
League, a project of the Bolder
Giving Initiative of the
Zing Foundation.
Each has given away half or more of their net
worth, their business profits, or their
income for three
years or more. Their total donations range
from $130
million by an environmentalist heir to
$30,000 given
by a small business owner concerned about child
abuse.
Together they have given away more than half a
billion dollars.
The purpose of the 50% League, featured in the March issue of Worth Magazine, is to publicize some of these extraordinary role models in hopes of inspiring others to give at their full potential, whether that is 5% or 95%.
While the spotlight shines on
billionaire donors such as Bill
Gates
and Oprah Winfrey,
thousands of others quietly give far more
generously than
the U.S. average, which remains stagnant at
just two
to three percent of income.
There are eight million millionaires
in the
U.S. If they each increased their donations
by just $6,250 more a
year, they could provide everyone in the
world with food, education,
health care and a clean environment,
according to U.N. estimates. The total wealth
of the Forbes 400
richest individuals in the world went up by
more than $500 billion in the last decade --
the same amount needed annually to meet those U.N. Millennium
Development Goals.
If
affluent households in the US gave the same
percentage of their assets to charity as middle-
and low-income households do, they would
donate $25 billion more a year, according to
the organization New Tithing.
But it takes time and practical guidance to
clarify goals for giving and to figure out
what surplus
remains after family needs are met. The
Bolder Giving Initiative
offers affluent and not-so-affluent people resources to
help them
determine their giving potential.
A dozen 50% League members are willing to speak publicly about their giving, including:
ANNE & CHRISTOPHER ELLINGER,
co-founders (Boston)
Since giving away half of their million dollar
inheritance,
they have spent 25 years advising other wealthy
people to put their values into their financial
decisions.
HARRY HALLORAN, energy entrepreneur
(Philadelphia)
Businessman is transfering over 70% of
profits to his
charitable foundations.
ANNIE BENNETT, owner of My Family
Farm (Kentucky)
Her start-up business pays her $28,000 a
year, and
gives away 100% of profits - $30,000 in cash and
products in 2005.
ROBERT F. KENNEDY JR. & CHRIS BARTLE, Keeper Springs (New York)
The spring water company they started donates 100% of profits to protect public waterways.
RICHARD SEMMLER, math teacher
(Virginia)
Middle-class community college professor
featured
on ABC's 2020 gives away 60% of salary to
Habitat
for Humanity and scholarships.
RUTH ANN HARNISCH, Thrillionaires
(New York)
Journalist married Wall Street
multi-millionaire and
became philanthropist, giving $1,000,000 to one
organization.
FRANK BUTLER, retired CEO of Eastman
Gelatine (Massachusetts and Maine)
Christian faith led him to donate over half
his net
worth.
TRACY GARY, Inspired Legacies
(Houston and California)
Wealthy heir is a philanthropy evangelist,
urging
other rich people to give more and better.
BECKY LIEBMAN, volunteer teacher
(Washington State)
She and her husband decided to give away 75% of
net worth, and she left her job as a
reference librarian
to volunteer full-time.
JENNY LADD, philanthropic advisor
(Massachusetts)
Inheriting a million dollars of Standard Oil money led
her to
become a philanthropic advisor and activist for equality, which led her to give half of her fortune away.
JAMIE SCHWESER, Resource
Generation (New York)
Young heir gave away three-quarters of
inheritance
to social
justice groups, educates other wealthy young
people.
Profiles of many of the other 70
members of
the 50%
League can be found on the website, www.boldergiving.org.
The 50% League is a project of the
Bolder
Giving
Initiative of the Zing Foundation, founded by
nationally known
donor organizers Anne and Christopher Ellinger,
authors of We Gave Away a Fortune and founders
of
More than Money.
For more information, visit www.boldergiving.org
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Bolder Giving Initiative
Betsy Leondar-Wright
Media Relations
phone:
781-704-4039 (cell)
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Or call the Zing Foundation office:
phone:
781-646-1705 x1
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