Steven Crandell: When Philanthropy Must Lead
In 1984, Irene and Aaron Diamond decided to give a significant portion of the money Aaron Diamond had earned in real estate to the people and institutions of New York.
Because of complications due to the liquidation of Diamond’s estate, the new foundation had two years to perform research before the 10-year countdown began. The foundation spent $50 million on AIDS research, making it the largest private supporter of such research in America at the time.
Some philanthropists follow the example of the Aaron Diamond Foundation and use an aggressive results-oriented approach to carry out their giving strategy.
For more information, see this guide, Setting a Time Horizon How Long Should Your Foundation or Giving Program Last, from Rockefeller Philanthropy Advisors.
Daily Noozhawk