Why set up a foundation?

I started my private foundation back in 1983. Much has happened over the last 25 years. I have learned a lot since then, so I thought I would share some ideas regarding why one might set up a foundation.

People set up foundations to make a difference in the Church and society — and to be generous with the resources Christ has blessed us with. A first step is to decide what kind of charitable activities you want to support.

This might be something specific (Catholic education and media are two of my top priorities) or a broad range of things. One advantage of a specifically focused foundation is that you can get listed in foundation directories. By doing this, you will hear about many worthwhile causes that you may never have been aware of. As a result, you may end up actually giving to something that is closer to your specific area of interest.

Starting a foundation is a way of getting your family involved in giving. It can be a good venue for your extended family to join in a common project. I encourage getting into a habit of giving. For example, you could give a percentage of your company’s profits to your foundation. This can be built right into your budget. If your company cannot afford something at this level, I recommend giving a lesser amount, and the foundation can support things that help your company as well. There is nothing wrong with this if it’s done in good taste.

Your foundation won’t need a paid staff at the beginning. You could ask a knowledgeable acquaintance to be a pro bono advisor. Or you could select a group of such people and meet quarterly to go through requests, listen to presentations by charities and discuss which to support. You can set it up so that you are the decision maker (or do so with your spouse and children).

A foundation it is a wonderful way to get started with giving, rather than putting it off to another day (which may never come). Almost everyone who gives says they never miss it, and it seems to come back to them in many ways. You know the old saying, “The more you give, the more you receive.”