How does your client want to have an impact?
Having considered your client’s objectives, you are ready to formalise a charitable giving strategy. In this stage you should think about the goals and objectives of your client’s philanthropy, the focus of their giving, the types of recipients they want to support and the type of support they want to provide.
To clarify your client’s strategy, you might find it useful to write a giving strategy statement, asking your client the following questions:
- What are the goals and objectives of your giving?
- What causes will you support?
- What areas, if any, are off limits?
- What types of recipients will you support (e.g., registered charities, social enterprises, local community projects, individuals, ethical businesses)?
- What type of funding will you provide (e.g., grants, loans, ‘quasi-equity’)?
- What non-financial support will you offer (e.g., time and expertise)?
- What giving mechanisms will you use (e.g., charitable trust, charity account, venture philanthropy fund)?
- What will be your decision process and giving criteria?
- Who else might you want to involve in your philanthropy?
- Will you integrate your social and environmental objectives into your financial investments, such as through socially responsible investment (SRI) and sustainable finance?
