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The Giving Pledge promises charitable support

26 Sep 2010 - Preaching the News for Sunday

The rich man in this Sunday’s gospel learns too late of the consequences of ignoring the poor and suffering during his lifetime. Apparently he missed the memo from the prophet Amos, who in this Sunday’s first reading says: “Woe to the complacent in Zion! Lying upon beds of ivory, stretched comfortably on their couches . . . . their wanton revelry shall be done away with.” A growing number of billionaires are doing their best to wise up before their time is up. They have joined “The Giving Pledge” initiative of the Bill & Melinda Gates Foundation and investor Warren Buffet that asks the superrich to give at least half their fortunes to charitable causes. This week a Chinese philanthropist joined the effort. The Gateses and Buffet are hoping to generate $600 billion in charitable giving through the initiative launched in June. Buffet has pledged 99 percent of his wealth to philanthropy. He wrote in a letter explaining his pledge, “My wealth has come from a combination of living in America, some lucky genes, and compound interest. “Were we to use more than 1 percent of my claim checks on ourselves, neither our happiness nor our well-being would be enhanced. In contrast, that remaining 99 percent can have a huge effect on the health and welfare of others,” Buffet wrote. Gates and Buffett plan to make their pitch to Chinese billionaires in person in Beijing at a special dinner on September 29. Around 50 super-wealthy Chinese businesspeople have been invited to the banquet. Philanthropist Chen Guangbiao has already accepted the challenge. In an open letter to Gates and Buffett posted on his company website, he pledges to donate his entire fortune of more than five billion yuan ($735 million) to charity when he dies. Chen’s letter says that it will be a “glory” to return his entire fortune to society and that it is a “shame” to die hoarding wealth. The readings this Sunday offer what might be called a rich opportunity to discuss charitable giving, generosity, and stewardship in the context of local and parish needs. While few of us have fortunes to give away, all of us can do something. Even modest giving, when sustained over time, can make a huge difference for others—not to mention for our own eternal well being. Source: Articles by Betsy Brill for Forbes.com, Bess Langbein for the Maryland Gazette, Deidre Woollard for Luxist.com, and a Story Starter by Joel Schorn for Prepare the Word (see this week’s "Exploring the Word" resources)

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Billionaire philanthropists set an example

30 Oct 2016 - Preaching the News for the Thirty-first Sunday in Ordinary Time, Cycle C

This Sunday’s gospel describes how a wealthy man, Zacchaeus, is changed by his encounter with Jesus, promising to give “half of my possessions” to the poor. If he could see his way to giving away a little more than half his fortune, Zacchaeus would qualify for the Giving Pledge, a philanthropic initiative started by Warren Buffett and Bill and Melinda Gates in 2008 to encourage wealthy people to give away a majority of their wealth to philanthropic causes, either during their lives or in their wills. The group added added 17 new members this year, bringing the elite group’s membership to 154 signatories from 16 countries around the world. The Giving Pledge is a multigenerational, global effort to help address society’s biggest issues—from poverty alleviation to health care to education. The group is specifically focused on billionaires (or those who would be billionaires if not for their big-ticket giving) and was initially meant to attract U.S.-based donors. The effort has expanded worldwide as families and individuals abroad have pledged to give away more than half their wealth. The new additions include a diverse group of entrepreneurs and business leaders, representing such industries as technology, medicine, biotech, real estate, and dairy farming. “This new group joining the Giving Pledge is incredibly thoughtful about their desire to give back and help solve the world’s toughest challenges through philanthropy,” said Bill Gates, co-chair of the Bill & Melinda Gates Foundation. “Some have been giving for decades and others are just starting out after building successful businesses, but they all see the value of giving in a bold and effective way.” The new signatories join a legendary list of names, including Richard and Joan Branson, Ted Turner, Sheryl Sandberg, and David Rockefeller, to name just a few. The pledge does not involve pooling any money or committing to any specific cause. It only asks that those who commit to the group to give away a majority of their wealth—either while they are alive or in their wills. Signatories use their philanthropic resources to support a range of causes and hold an annual two-day learning conference that provides them the opportunity to hear from outside experts and learn from each other about how to give effectively across a range of issues. Topics discussed at this year’s annual gathering included leveraging philanthropy to drive women’s opportunities in the global economy, opportunities and challenges for giving internationally, solving environmental issues, engaging in urban renewal projects, and philanthropy’s role in advancing scientific discovery. Lessons drawn from the readings God has pity on all that is because everything belongs to God, we are told in the first reading, according to this week’s Sunday Summary. This is an attitude all of us would do well to adopt toward our earthly belongs. Though the vast majority of us can’t afford to give away half of our net worth and still be in a position to meet essential needs, the original intent of the Giving Pledge was not only to create a group of billionaire philanthropists. It also was designed to encourage, by example, increased philanthropy at all levels of capacity. Robert Rosen, the director of philanthropic partnerships at the Bill & Melinda Gates Foundation, encourages people across the financial spectrum to consider making a “pledge” to philanthropy: “Not all of us can give away half of our wealth, but the idea of the Giving Pledge can help encourage an important conversation with your spouse or family about what’s possible in terms of generosity and the positive impact that giving can have on society.” Good advice for us regardless of our income bracket. Reflecting on the fact that all that we have flows from and belongs to God is a good place to start the conversation. Final thought in light of the news As CBS News reported several years ago, the wealthiest 400 Americans are worth more than $2 trillion. Together, it's been reported they own as much wealth as the bottom half of American households combined. While resentment toward the super rich is widespread, there may be a silver lining taking shape, says CBS. It turns out a lot of those rich people are giving staggering sums of money away, in what is being called a golden age of philanthropy. Perhaps some instead will call for greater attention to income inequality. Others will point to the fact that charity and economic justice are not the same thing. True enough. Still, suffering persists, the needs are great, and we can applaud anyone willing to give away the majority of their accumulated wealth to address some of that suffering.

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Quote of the week

30 Oct 2016 - Preaching the News for the Thirty-first Sunday in Ordinary Time, Cycle C

“We're asking them to be bold. We're asking them to step out and to do something big.” —Melinda Gates The Giving Pledge: A new club for billionaires

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Fact of the week

30 Oct 2016 - Preaching the News for the Thirty-first Sunday in Ordinary Time, Cycle C

With an estimated net worth of more than $780 billion, the 156 Giving Pledge participants represent a potentially game-changing force in philanthropy. Eye on the Giving Pledge

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