Posts Tagged ‘Black Philanthropists’

Old Money Doesn’t Have to Mean Old Attitudes

Sunday, December 20th, 2009

Prince Kunle and Princess Keisha Omilana and Diran

Prince Kunle and Princess Keisha Omilana and son Diran

If you take a look at the fashion section of the New York Times, or the society pages of almost any newspaper or blog, and you’re likely to see a lot of old money.  Emphasis on “old”.  Where are all the young, affluent people?  Especially young, affluent, ethnic consumers?  We know they’re out there.  The purchasing power of African American individuals in the U.S. earning at least $75,000 individually is estimated at $87.3 billion alone! African American households with incomes of $200,000 have a median household income of $246,000.

These consumers, philanthropists and business people are out there giving and attending functions and participating in society as much as any Rockefeller, Astor or Vanderbilt. It’s time to start recognizing and acknowledging the changing landscape of our society on all levels, right on up to the top. Media outlets need to realize that one day the “old money” crowd will be the “dead money” crowd, and then what?

Check out Michael Henry Adams recent article for the Huffington Post.

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Trends in Black Philanthropy Today

Monday, October 26th, 2009

Dan, Brie and Alicia Bythewood

Historically black philanthropy has centered around the church, and much of it still does. However, increasingly, black philanthropy is taking on a more multifaceted shape. According to an article by Carolyn M. Brown in Black Enterprise, “The traditions of African Americans giving to churches, social organizations and educational institutions are very much alive today. According to data from the U.S. Department of Commerce, Chicago-based research firm Target Market News found that in 2004, African Americans made $11.4 billion in contributions. Of that amount, $7.2 billion went to churches and faith-based organizations and $4.2 billion went to charities, education, politics, and other causes.”

Emerging trends in black philanthropy highlight differences between the ways young African Americans chose to give of their time and money and the choices their parents made. Buffy Beaudoin-Schwartz, in her article “Philanthropically Speaking – African American Philanthropy and Associated Black Charities,” points out differences in the giving patterns of those who grew up before the civil rights movement and those who came of age after it. Cheryl Hall Russell in African American Traditions of Giving notes that, as the black middle class continues to grow, more African Americans will move away from mutual aid to more formalized philanthropy, from African American to more universal giving, and from church to more secular giving.

Also, many researchers note that the pattern of cutbacks in government funded social and educational programs, including funding of the arts, have led minorities toward using their donation dollars to fill in gaps left by reductions in government funding. Take the example of entrepreneur and music mogul, Russell Simmons, who co-founded Rush Philanthropic, an organization devoted to the promotion and support of artists of color and the exposure of disadvantaged urban youth to the arts. In a time when schools have increasingly cut music and art programs, this organization has stepped in to ensure that underprivileged youth continue to have access to the arts.

Another trend involves choosing philanthropy as a means to link up with others and to network. It may be that, as more and more single African Americans are achieving higher incomes, they seek philanthropic work and events as a means to connect to others in the community both socially and professionally. An article in The Chronicle of Philanthropy maintains that, “Whether they’ve been asked or not, wealthy minorities give to big universities and cultural institutions in hopes of gaining access to mainstream business or social circles.” Marjorie Polycarpe writes, Central to the philanthropic expression and activity within the African American community is the deep interpersonal connection that is characteristic of giving.  The key is developing relationships or establishing a connection.”

Look for continuing blogs in this series examining the evolution of black philanthropy and the challenges and opportunities for organizations seeking to tap into this strong tradition.

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