Creating a Purposeful and Purpose-filled Philanthropy Practice | Part 1 of 3
Philanthropic engagement can be a source of togetherness, learning and joy. In multi-generational families looking to create avenues for sharing a common purpose–as well as create a lasting legacy–philanthropy can be a powerful tool for finding alignment.
Philanthropy literally means “love of mankind” and is rooted in taking action to care for others. Not all philanthropic acts look the same – there are many different ways to be generous. For an expansive view of what constitutes philanthropy, it can be helpful to consider the six “T”s.
The Six Ts: Ways to Be Philanthropic
When we think about philanthropy, we commonly picture the first T, which stands for Treasure. This can be any item of financial value that you donate to nonprofits or other organizations in need–including cash and stocks, real estate, and other tangible things. Crypto currency and digital assets are emerging as a newer type of treasure in the charitable gifting space. Nonprofits require financial resources like these to survive and thrive, and this T is the one that we tend to hear about most often.
The second T is Time, which entails volunteering your services to a nonprofit to help address their needs. This is a meaningful way to contribute and often results in impactful experiences for both the nonprofit recipient and the time giver.
The third T is Talent. This T involves using your interests and skills to benefit others; offering something that you may be uniquely trained to provide. An artist can teach others how to dance or draw; a technology-savvy volunteer can help a nonprofit set up more robust systems.
The fourth T is Ties. How can you leverage your own professional and personal network to help nonprofits foster change? You may know the right person to help a nonprofit grow: Do they need a truck to get products to market? Or maybe they need someone to fix the refrigerator that they use to store perishable supplies like medicine. Considering who you know, and how
they might in turn be willing to participate as a helper or advice-giver, is a useful way of contributing. A Giving Circle is another example of leveraging your ties: people with common interests come together, discern priorities and donate money in support of a cause as a collective group.
The fifth T is Testimony. This means showing up and using your words to help shape positive outcomes, whether in a public forum or a private one. Sharing your lived experience and narratives helps create more authentic and inclusive philanthropic strategies and results.
The sixth and final T is Taxes. State programs allow eligible donors to receive tax credits in exchange for certain designated donations; it’s worth asking your financial advisors whether your favorite organizations have been allocated any state tax credits this year, and whether you are eligible to participate in these programs.
All six of these modes of philanthropic engagement can provide value to you, your family, and your community. Reach out to your Moneta advisor and our Chief Philanthropy Officer to start the conversation on how your Ts contribute to a purposeful and purpose-filled philanthropic journey.
Philanthropy literally means “love of mankind” and is rooted in taking action to care for others. It encompasses far more than financial giving — there are six distinct ways to be philanthropic, known as the six T’s: Treasure, Time, Talent, Ties, Testimony, and Taxes.
Financial giving is just one of six ways (T’s) to be philanthropic. You can also donate your Time through volunteering, share your Talent by offering skills others may not have, leverage your Ties by connecting nonprofits with the right people in your network, use your Testimony by sharing your story and advocating for causes, or take advantage of tax credit programs through the Taxes T.
A Giving Circle is a form of collective philanthropy where people with common interests come together, pool their donations, and make group decisions about which nonprofits or causes to support. It’s a great example of leveraging your Ties — your personal and professional network — to multiply impact.
Philanthropy can be a powerful tool for multi-generational families looking to share a common purpose and build a lasting legacy. Starting with Time — volunteering together — is often a natural entry point, especially with younger family members. Having children set aside small amounts to donate annually and explain their choices to the family is a meaningful way to begin building a culture of generosity and stewardship.
Some states allocate tax credits to specific nonprofit organizations, allowing eligible donors to receive a tax credit in exchange for their charitable donation. Each program has different rules and percentages, so it’s worth asking your financial advisor whether organizations you care about have been allocated any state tax credits and whether you qualify to participate.
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