By Elaine Gast Fawcett, Four Winds Writing, Inc.
Ramping up—or significantly increasing charitable giving or activities—can be an empowering transition point in your philanthropy. It can also leave you bewildered by the complexities that come with your new normal.
What does it mean to ramp up in response to an influx of assets—perhaps the most common reason funders increase their charitable giving and/or activities? Here’s how one family foundation is managing this transition.
Case Study: The Cynthia and George Mitchell Foundation
When Texas oil giant George Mitchell died in July 2013 at age 94, he left behind a thriving family of 10 children, 23 grandchildren, and 5 greatgrandchildren. A lifelong environmentalist, Mitchell signed the Giving Pledge committing the majority of his wealth to charity. Upon his death, he bequeathed an estimated $750 million to the family foundation he and his wife (who died in 2009) established in 1978—The Cynthia and George Mitchell Foundation.
The foundation, which to date has been operating with $115 million in assets and a small staff of three, is now charged with ramping up its operations to prepare for this influx of assets—expected in full by 2018.
