History has shown that there is energy in solving problems while crisis is ongoing. Philanthropists have, and can, play a key role in getting ahead of the current crisis we face and attempt to curb the worst of the economic and social outcomes due to COVID-19. So how can philanthropists bring their resources to bear now and in the future
Recognize that crisis-related needs evolve over time.
- Funding immediate needs: For example, the organizations serving the most vulnerable communities such as homeless shelters, children’s services and elder support. Healthcare systems. Food security and education.
- Partnering in long-term recovery: Diagnostic, vaccine, treatment research. Job assistance and support. Affordable housing. Nonprofit sustainability.
Understand what impact your funds would have.
- Donors may be drawn to national organizations or to local charities. Both have critical roles serving those in need.
If you’re donating locally, understand the identity of the local community.
- News reports and social media may not fully represent the actual experience across a specific region. More importantly, they cannot capture the experience of individualized physical or social communities. Needs can vary from community to community.
Collaborate to deploy more capital
- Philanthropists so often operate in silos, going it alone to tackle complex issues. We’ve seen a significant surge in collaborative giving during this pandemic, bringing donors together at all levels to align and pool resources
- The scale of pandemic prevention and preparedness is more than one donor can take on, and may require sustained collaboration between many funders to make a meaningful difference in the long run
The virus itself remains one of the most important variables for the financial landscape. As we look forward, the range of possible outcomes is wide but what remains critical in this environment is optimizing philanthropy for maximum impact and vigilance around financial planning.
Jason Tinsley is the Michigan Market Manager for J.P. Morgan Private Bank. Based in Birmingham, MI, Jason and a team of local professionals provide wealth management advice, strategies and services to the region’s most prominent high-net worth individuals, family offices, foundations and endowments. To learn more about the Private Bank, visit jpmorgan.com/privatebank/birmingham.