Giving With Impact During Times of Crises
Nicholas Smith:
Banker for J.P. Morgan Private Bank, Pasadena
Each time a new geopolitical crisis unfolds, we see an outpouring of news headlines and posts of solidarity all over social media. Increasing awareness and giving philanthropically to support those suffering is crucial, but many people with the means to give philanthropically often don’t know where to start. It is important to set philanthropic goals and ensure that your donations have a lasting impact as part of your overall wealth management plan.
Identify Your Giving Goals
Most people initially think to donate emergency relief items including food, water, clothing, shelter, and emergency medical care. Doing your due diligence in researching the charities available to receive donations and cross checking them with those with proven track records of success in conflict or humanitarian response is essential. It is also important to assess each organization’s leadership, relationships with local government, ability to evaluate the needs on the ground, and capacity to manage an influx of funding.
In war-stricken countries, long-term care, which includes education, workforce development programs, and infrastructure, is just as important as emergency relief. The banking system often comes to a screeching halt, impeding businesses from continuing to operate or potentially causing the economy to tank. Living in a society under a basic rule of law quickly becomes a figment of the imagination when you are faced with trying to survive in a place where whoever has the biggest guns is in charge.
Planning for Impact and Legacy
Ensuring your donation will be used for your intended purposes and funding beyond the initial six months is key, as most fundraising efforts experience dramatic declines after this mark. Conflict response and management works best when applied with long-term strategies for building and maintaining peace and security.