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Philanthropy vs Charity
Philanthropy versus Charity
Do You Know The Difference?
By: Jonathan P. Kresken, J.D.
President, Waccamaw Community Foundation
What is philanthropy and how does it differ from charity? This is a frequently asked question, but the answer is not always easy to make clear. A story about Benjamin Franklin – a leader many refer to as “the first philanthropist” – offers explanation. “An ounce of philanthropy is worth a pound of charity.” Franklin once noted. He described the difference between charity and philanthropy like this: “Charity is what we give to comfort the afflicted. Philanthropy is what we give to prevent the conditions that cause the afflictions.”
When he died, Franklin gave a thousand pounds – not dollars, but actual pounds – to the City of Philadelphia to “be set aside.” He gave specific instructions not to use the money for two hundred years, after which only the income could be spent. That income was to be used to educate and train individuals in the trade industry. Today, managed by the Philadelphia Community Foundation, these funds still benefit fortunate recipients of Ben Franklin’s largesse.
Currently, as baby boomers grow older and begin to think about the legacies they want to leave behind, individuals and businesses are setting up similar endowments to assist their employees, others in their industry and causes they care about. You don’t have to quality as a Fortune 500 company or be able to donate millions to start a philanthropic program. The process is easier than you think, and the benefits can be significant. Charitable donations are tax deductible, and the positive publicity created when your company’s name is listed as a supporter on a program is invaluable. Furthermore, working for causes that have impact in your own Community is incredibly satisfying.
If you would like to know more about individual or corporate giving and how to partner with the Waccamaw Community Foundation please call me at 357-GIVE (4483), drop in the office at 3655 S. Highway 17 Business in Murrells Inlet or visit us online at www.waccamawcf.org.
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