As part of an expert panel at the Culture Business 2017 conference in Melbourne, Arnold Bloch Leibler Senior Associate Tiffany Lucas commented on the current state of philanthropic giving in Australia and abroad, and the emergence of a new generation of donors.
“Right now, in Australia, there is a greater focus on philanthropy than ever before. Gen X and Gen Y donors - including young professionals, entrepreneurs and business owners - are specifically focussed on outcomes based philanthropic giving and seek tangible ROIs to quantify the impact of giving.”
The conference, hosted by Paris based cultural and arts organisation Agenda, assembled over 250 delegates to discuss philanthropy, public funding, collaboration and cultural partnerships.
In a panel discussion titled ‘Who is the next generation of donors?’, Tiffany explained the importance of young donors and how to appeal to them.
“Over the next 15 - 20 years, Australia will experience an intergenerational transfer of wealth like never before, with over $2.8 trillion being passed to Gen X and Gen Y, not to mention the fact that 21 per cent of the nation’s wealth is already held by people under 44 years old.”
“Arts and cultural organisations cannot rest on their laurels and expect to attract funding from this next generation of givers, who expect to see very tangible outcomes from their giving. This is a challenge for the sector – arts, cultural and other non-profit organisations need to become better at telling their stories and showing their impact in an understandable and highly quantifiable way to attract the next generation of donors.”
Arnold Bloch Leibler’s private client practice regularly assists with family succession planning, structuring tax effective giving vehicles and formalising philanthropic giving programs. Tiffany notes that management and execution of family foundations and other giving programs increasingly involves next generation family members.
“The most successful family foundations are not only properly structured and governed, but they have clear shared value alignments amongst generations, and their activities and donations accord to these values.”
At a later session in the conference, Tiffany presented ‘5 Tips to Revolutionise Your Development Program’ – focussing on Board engagement and involvement in philanthropy.
Tiffany explained the power that Board members have to impact development income: “Board Members are the key to a non-profit’s success in ensuing sustainable income. Every non-profit Board should have a skills matrix that includes leadership, connectivity, financial capacity and fundraising experience. Non-profit leaders should ensure that Board Members are provided with adequate training and education in the area of development.”
As part of her practice at Arnold Bloch Leibler, Tiffany also assists non-profit organisations with Board training and mobilisation.