Philanthropy.com:
Entrepreneurs are among the most-generous donors, giving 25% more on average to charitable causes than other wealthy people, a new report has found.
Like other rich donors, people who derived at least half of their wealth from entrepreneurial ventures said they would give more money away if they knew that charities spent less on administrative costs and more on helping their clients. But they are more likely than other wealthy donors to report that they would give additional sums if they were better able to determine the impact of their gifts.
The entrepreneur is one of 12 archetypes of wealthy donors described in a report commissioned by Bank of America to determine how rich people approach philanthropy. Conducted by researchers at the Center on Philanthropy at Indiana University, the report was based on surveys of 1,400 households that had annual incomes of more than $200,000 or net assets of more than $1-million. It follows an initial study of the data that was released in the fall of 2006.
While the study found significant similarities among all wealthy donors, it also found differences in what types of charities they supported, how they approached their giving, and why they gave.
‘We know from previous research that the rich are different from other donors,’ said Cary Grace, a Bank of America executive who helps the company’s clients manage their philanthropy. ‘This shows that they are different from each other as well.’
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