The family that gives together, grows together
What better family activity could there be than parents and children learning to give back together? The Council of Michigan Foundations (CMF) hosted its biennial Family Foundations Retreat on June 22-24 in Traverse City, Mich. This event is an opportunity for families already practicing philanthropy (as well as those interested in strategic giving), to network and share new ideas, tools and resources.
According to the Council on Foundations, a “family foundation” is one whose
funds are derived from members of a single family. At least one family member must continue to serve as an officer or board member of the foundation, and as the donor. The family member plays a significant role in governing and/or managing the foundation throughout its life. Most family foundations are run by family members who serve as trustees or directors on a voluntary basis-receiving no compensation.
Family foundations range from the large and well-known (Bill & Melinda Gates Foundation), to the small and local (Ghassan & Manal Saab Foundation of Flint, Mich.).
According to a recent survey by the U.S. Trust, 69 percent of survey participants (whose assets are worth at least $3 million) stated that they have a responsibility to pass down philanthropic practices to their children. A major theme of CMF’s retreat is building and strengthening the next generation of givers. Youth at the retreat had the opportunity to conduct site visits, learn more about grantmaking, and participate in a community service project while their parents discussed multi-generational philanthropy and increasing the impact of their giving.
- Arab American Giving: Diverse Voices Informing Philanthropy (Philanthropy in AAction)
- Giving patterns of the next philanthropic generation (Philanthropy in AAction)
- Most rich Americans believe in teaching their children about giving (Chronicle of Philanthropy)
Photo courtesy thaths
Center for Arab American Philanthropy
2651 Saulino Ct.
Dearborn, MI 48120