Whether you have been giving for a few decades or just stepping into the philanthropic world, you might be curious about different styles of giving and wonder what your tendencies lean towards. Well, according to the Foundation Source, there are five common methods of giving that they have noticed among clients in the charitable giving world. Curious to see where you may fall within these categories? Read ahead to discover the five types of philanthropists!
Those who are labeled checkbook philanthropists can be pictured as someone who whips out their checkbook without much notice or forethought and is ready to donate to needs as they come their way. There is more spontaneity when it comes to these donations and oftentimes, this means that they are simply happy to contribute to the organization’s work and do not expect much in return.
Philanthropists who are focused on a very specific cause or field of interest and actively respond to requests for funding within their interests. These types of donors can be good for nonprofit organizations targeting strategic philanthropy because they know the exact guidelines and circumstances under which responsive funders are willing to provide monetary support. This concentrated focus on certain giving areas can be very impactful to organizations in those sectors.
Donors who focus on applying venture capital tactics and strategies using hands-on involvement and mentorship fall under venture philanthropists. They are much more likely to be involved with the organization in more ways from day-to-day tasks and with setting goals for long-term success. Venture philanthropy is looking to grow organizations.
Those who want to fix the problem and not just treat the symptoms are results-based philanthropists. These donors work with individuals involved on all levels from nonprofits to government sectors to make an impact. They are more likely to invest a lot of time in researching nonprofit organizations before taking any on as a philanthropic project. This is because they have a desire to understand all aspects of the problem before setting and tackling achievable goals.
Those who understand the need for the involvement of multiple parties to work towards a common goal are collaborative funders. This could involve bringing together family foundations, corporate philanthropists, etc. to share the responsibilities of supporting a cause based on their ability. These types of philanthropic setups involve diverse individuals concentrating on specific tasks to accomplish an overall goal.