What Is Philanthropy?

The word philanthropy is defined as the promotion of the welfare of human beings in the society. It is done on a voluntary basis. The word philanthropy involves the donation or granting of money to various charitable institutions and worthy causes.

Philanthropy is seen as a way by which people can directly effect changes in the society without resorting to the mechanisms of the government of the country and its bureaucratic procedures and red tape.

A person who practices philanthropy is called a philanthropist. Philanthropy is also a major source of income for people who promote art, music, religious causes and humanitarian causes. Philanthropy involves hosting a charitable fund-raising event or commencing a project to render services to the society without expecting anything in return. The activities of philanthropists are usually sponsored by a fraternity or a sorority. The word philanthropy is derived from the Greek word which means love for mankind.

Philanthropy is the donation of money, time, goods, or services to charitable, humanitarian, or educational institutions. Corporate philanthropy has traditionally assumed that corporations as citizens of the community (and citizens with greater resources than most) have a duty to make donations with little or no regard for self-interest. But a survey by the Council on Foundations (representing about 1,000 U.S. philanthropic foundations) indicates that the increasingly competitive business environment may be changing the face of corporate giving. Although corporate foundations are not legally allowed funding programs that benefit their business parents directly, many companies now focus their no foundation contributions in more basic areas that potentially have a long-term impact on their own business interests, including developing future employees. Of the large-company CEOs polled recently, 75 percent said they have increased giving to education and have decreased giving to causes such as recreation and the arts.

For example, Atlantic Richfield in Los Angeles has stopped building museums and endowing symphonies, and it now concentrates on education, especially for Hispanic children who make up the majority of the elementary school population in Los Angeles. Further, overseas markets are playing a greater role in the earnings outlook for U.S. companies doing business abroad, so more firms are using philanthropy as a way of projecting a positive image abroad. Hewlett-Packard recently donated computers to the University of Prague, with the thought that this gesture might ultimately translate into more business opportunities there.

Beneficial type stuff, donating, raising money, helping those or a cause that are in dire need and despair. Think of the Goodwill stores.   

It is usually someone that has a lot of money giving it and buying and being on the Board of non-profit organizations.  Since it requires a lot of time and money usually only wealthy people can do the service. They help in fund raising events, raising money for projects, getting other wealthy people to donate money and give a lot of their own. Of course they get tax breaks for the giving but it is all for some cause or public institution like the museum, theater, kids oriented organizations and organizations like this type.