Australian-first philanthropy toolkit launches

“There isn’t a definitive way to be a philanthropist and we developed the toolkit with that in mind.”

A philanthropy toolkit has been launched to make philanthropy easier, more enjoyable and more effective.

Developed by Stanford University’s Centre for Philanthropy and Civil Society (Stanford PACS) and adapted for the Australian market by Perpetual, one of the country’s largest managers of philanthropic funds, the Australian Philanthropy Toolkit is the first of its kind in Australia.

It provides a practical step-by-step resource designed to help individuals, families and advisers engage in thoughtful conversations and be effective in their charitable giving. 

Perpetual Private’s managing partner for community and social investment, Caitriona Fay, said it offered a much-needed resource that could support individuals and families interested in philanthropy and the development of effective philanthropy in Australia.

She added that with the largest intergenerational transfer of wealth currently underway – around $1 trillion is expected to be transferred in Australia by 2025 with $2.3 trillion to be transferred by 2035 – the toolkit provided philanthropists with a path forward.

“It encourages individuals and families to think about their values, find their focus and consider which giving-vehicles and causes might suit their intentions,” Fay said. 

“It also prompts them to work through any issues and opportunities such as family dynamics – that can include transferring wealth at the right time and in the right way, or establishing a family foundation where multiple generations can get involved.” 

Erinn Andrews, director of philanthropy research and education at Stanford PACS, said the toolkit could be customised to meet the needs of any individual or family and would also be useful for advisers in guiding their clients.

“There isn’t a definitive way to be a philanthropist and we developed the toolkit with that in mind. The process starts with a values-based goal, but the journey can take any number of directions,” Andrews said. 

“What matters is that you make informed, thoughtful decisions and continue learning along the way. This can be done as an individual, with your family and in collaboration with your adviser.” 

The Philanthropy Toolkit can be downloaded here.