The Tech That Comes Next: How Changemakers, Philanthropists, and Technologists Can Build an Equitable World by Amy Sample Ward & Afua Bruce

Author:Amy Sample Ward & Afua Bruce [Ward, Amy Sample & Bruce, Afua]
Language: eng
Format: epub
ISBN: 9781119859826
Publisher: Wiley
Published: 2022-03-07T00:00:00+00:00

“But what were you doing before?”

A young man, standing at the back of a lecture hall in Michigan, posed this question after a presentation I made in 2011 when I was president of the Heron Foundation. I was explaining with gusto that Heron was aligning all its assets—100 percent of endowment capital—with its anti‐poverty mission.

But he was unimpressed. He thought he was coming to hear about “cutting‐edge philanthropy.” And he learned that until recently, our supposedly innovative foundation wasn't even doing what he thought all foundations already did: directing all their financial capital toward their missions.

And if I had shared more, I likely would have impressed him even less. He would have learned that Heron was and has remained an outlier for 25 years,8 and that the core business of endowed foundations is not mission‐oriented; it is conventional investment management. And he would also have learned that foundations pay chief investment officers on average three times what chief executives make in salary, benefits, and bonuses….9

The paradigm—the operating model, asset allocation, and culture—that segregates a foundation's core investing business from its more marginal philanthropic operation must be integrated, or real progress, too, will be unattainable.

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.