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The Gifts of Giving Together: Benefits of family philanthropy
/ November 4, 2015
Giving as a family helps define shared family values, and putting those values into action helps solidify a legacy. Developing a common giving philosophy can unite all families, not just those with wealth. Beyond having a positive impact on the organizations and issues you care about, your family can reap many rewards from making generosity a group project.

Family giving can:

  • Help family members develop a deeper connection and build trust by working together; 
  • Create an outlet for everyone to share their passion, perspective, knowledge and talents;
  • Allow for direct interaction and learning between generations, from grandparent to grandchild;
  • Illustrate to children that giving back to their community is important;
  • Teach younger family members a wide range of skills—communication, negotiation, shared decision making, leadership, accountability and financial literacy—that can be directly transferable to business;
  • Build well-being and positively affect the health and happiness of family members; 
  • Allow the family to control how their money is used instead of going to the federal and state taxes; and
  • Offer opportunities for family members of all ages to experience the joy of giving.


    Here's how your Community Foundation can help your family give smart:

    Did you know that you can create a charitable fund or endowment at the Community Foundation to make the giving process simple, flexible and effective? We can help you protect, grow and direct your charitable dollars so you don't have to create a separate private foundation. 
    We handle the details so you can enjoy the satisfaction of giving back. 
    - Creating a family giving fund is easy; you can get started right away. 
    - Your family receives the maximum tax deduction when you donate through the Community Foundation. 
    - We can help you identify local nonprofits and causes that can benefit most from your giving. 
    - You can change your giving focus as the needs in your community change.  
     - The costs of managing your fund are shared with other Community Foundation donors to keep fees to a minimum. 

    Adapted from the Council on Foundations
    For more about how you can start a family charitable fund, contact Ashley Coldiron at 501-372-1116 or learn more here. 
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