Warren Buffett donates US$3.4 billion to the Gates Foundation and family charities. Marking the billionaire’s largest charitable contribution, Buffett has donated roughly US$3.4 billion worth of Berkshire Hathaway shares to five charities. The largest funding went to the Bill & Melinda Gates Foundation, with the rest going to Buffett’s own foundation and three charities run by his children.
Hong Kong family donates rare Chinese artworks to Hong Kong museum to promote traditional culture. Chih Lo Lou Art Promotion, an organization by late philanthropist Ho Iu- kwong and now run by his family, has donated over 350 Chinese paintings and calligraphy works to the Hong Kong Museum of Art. The donated collection will be permanently displayed in a dedicated gallery named the “Chih Lo Lou Gallery of Chinese Painting & Calligraphy” after the museum finishes its renovation and reopens in 2019.
Indian Americans are donating US$1 billion a year, a new survey has found. They are among the ethnic groups with the highest per capita incomes in the United States and volunteer at nearly double the national average at 220 hours per year, according to the Indiaspora-Dalberg Community Engagement Survey. Still, researchers have found that the potential for giving by the community is vast, at more than US$3 billion annually. “We hope that the results of this study [can] help galvanize philanthropic efforts among this important—and influential—community,” says Joe Dougherty, Dalberg Advisors’ regional director for the Americas.
Bridgespan conducts in-depth interviews with major philanthropists in India. The Bridgespan Group, a philanthropy and non-governmental advisory firm, initiated the “Conversations with Remarkable Givers: India” series, which is a video series that provides a behind-the-scenes look at philanthropy in India from the perspectives of eminent givers. The videos were made possible by the generous support of the Bill & Melinda Gates Foundation, and the series this year include Senapathy (Kris) Gopalakrishnan, Rajashree Birla, Rakesh Mittal, Sunil Munjal, and Sunil Wadhwani. These philanthropists have shared their perspectives on their personal giving journeys, choice of issues to advance, collaborations with grantees, vision for Indian philanthropy, and much more.
Fill the nonprofit skill gap with corporate know-how, write Ratan Tata and Ruth Shapiro. Examining India’s CSR legislation four years after its implementation, Tata, chairman of the Tata Trusts, and Shapiro, chief executive of the Centre for Asian Philanthropy and Society, discuss promising signs that the law has led to an uptick in CSR spending. A significant number of companies are spending more than the minimum required two percent on CSR, and projects are becoming more strategic and widespread. Still, nonprofits’ knowledge gaps remain an issue, with many lacking skills such as financial planning, accounting, and impact measurement. “We suggest that the ministry of corporate affairs incentivise companies to encourage employees to provide technical assistance as a volunteer or a board member, for those nonprofits also receiving grant support.”
When it comes to resolving today’s challenges, family philanthropy will become even more crucial, says Peter Vogel. In an opinion editorial for Forbes India, Vogel, Professor of Family Business and Entrepreneurship at the International Institute for Management Development (IMD), writes that as well-off baby boomers prepare to pass on their wealth to a younger generation of more socially conscious individuals, an “astonishing number of next-generation philanthropists” are set to emerge. “While it is true that there is a growing gap between rich and poor,” he writes, “…there is a growing breed of self-made wealth owners and inheritors who are cognizant of their disproportionate amount of wealth and who have committed to contribute a majority of their wealth to philanthropy.”
“Do social enterprises work?” Hannah Jun, Ph.D., director of the Center for Global Social Responsibility at Ewha’s Graduate School of International Studies, shares her thoughts on the rising social enterprise scene in Korea. Most notably, the author identifies gaps from her insider’s knowledge of the sector, for example, that university curricula’s focus on long-term sustainability does not match well with the reality of focusing on short-term gains and returns.
Singaporean bone marrow nonprofit renews charitable status and names a new chief. Following a special audit in 2016 that uncovered governance and administrative lapses such as “excessive” use fo donations on marketing and entertainment, the Bone Marrow Donor Programme (BMDP) has obtained a one-year renewal of its Institutions of a Public Character (IPC) status, which is the official legal charitable status in Singapore. The BMDP also announced the appointment of its new chief Charles Loh, who was previously a senior vice president at Certis Cisco from 2006 to 2016. In regards to the BMDP, a Ministry of Health (MOH) spokesman said, “BMDP has been taking steps to improve its administration and governance. MOH continues to monitor their government and administration.”
Top talent from the world’s universities is going to work for the Tata Trusts. The philanthropic arm of India’s Tata Group, the Tata Trusts are aggressively hiring from top higher education institutions around the world, from The Indian Institute of Technology to Harvard University. “We are enhancing both our functional competencies and general management bandwidth,” says Debasis Ray, spokesperson for the Tata Trusts. With their added manpower, the Tata Trusts hopes to enhance its work in seven portfolio areas, including, but not limited to, health, water, energy, rural uplift, and urban poverty alleviation.
SK Innovation begins mangrove donation drive in Vietnam. SK Innovation, the battery-making subsidiary of SK Group, is holding a donation campaign to restore a mangrove forest in Vietnam. This campaign is in line with the memorandum of understanding that SK signed with the Vietnamese government and the United Nations Environment Programme. According to the company, over 3,000 people have contributed, donating roughly 5,000 saplings of mangrove trees in just eight days. The campaign will close once it reaches a total of 10,000 trees.
Singtel-Singapore Cancer Society charity run raises SG$1.1 million (approximately US$807,000). Singtel-Singapore Cancer Society Race Against Cancer charity run raised more than SG$1.1 million for charity. The money will go towards the society’s programs to support cancer patients and their families. The charity run event took place at East Coast Park in Singapore on Sunday morning and was flagged off by Minister of Trade and Industry Chan Chun Sing.
A step towards transparency in philanthropy: The Giving Bank. The Giving Bank is a platform that combines crowdfunding and philanthropy. Since its conception 18 months ago, it has so far completed 45 projects and raised nearly US$123,000. “I have been giving from the time I drew my first salary. But at one point, I felt tired and troubled with giving and not knowing how the funds were used. So, I came up with this idea,” says founder Jason Ang. The system is built to send out reports on how the funds are used automatically to all donors. The Giving Bank itself follows a transparent fee structure on gross donations and has its own ecosystem. The dream, he says, is to be able to donate with a click or swipe.
Chinese volunteer recalls long, lonely fight to protect the forest. Volunteer Liu Zhenmao has protected a mountain forest in Hunan province for the past 38 years, spending 22 Chinese New Year Eves at his sentry post. In 2016, the local government offered financial support and reformed a team of volunteers that was disbanded 23 years earlier. In a letter to Chenzhou’s vice mayor last month, Liu wrote, “I want the Chenzhou government to further control grazing near Shizikou Mountain in order to protect the forests and grasslands and prevent soil erosion.”
Mother Teresa’s Missionaries of Charity faces investigations due to allegations that it has been selling babies. The Indian government is now inspecting the charity’s various centers across India. The order for an investigation came after a nun and an employee were arrested earlier this month for allegedly selling a baby in Jharkhand. The charity said it had also begun investigating internally.
Amid public scandal involving Asiana Airlines, Korean corporate foundations come under public scrutiny. In the aftermath of Asiana Airlines’ in-flight meal scandal, much media spotlight and public attention have been directed toward chairman Park Sam-Koo of Kumho Asiana Group. In particular, how Park has utilized the Kumho Asiana Cultural Foundation and its funds for the corporate takeover infighting with his brother has led to calls for more scrutiny into Korean conglomerates’ use of private foundations. Other examples noted by the media outlet include Samsung and Hyundai, who have both used foundations for the purpose of corporate succession planning and evasion of fair trade and business regulations.