Private foundations — the charitable impulse

credit: TRB Blogs

Private foundation sector has grown substantially in the U.S. Yes, part of it may be due to the tax incentives available to those who make such charitable contributions, but a large part of it is driven by the altruism of successful millionaires and billionaires. There is also the inseparable spirit of individualism and self-efficiency that has been a part of the American psyche since the expansion out west. There is an idea that the wealthy and successful can accomplish what the government cannot.

There have been some successes like this in other nations such as the UK and India. Elsewhere, it can be harder when dependence has traditionally been upon the government or long standing organizations such as the church. Such is the case with Latin America where there isn't any tax break for charity. Some are skeptical of these organizations and their creators. Ultimately, businesses can't fix every social issue.

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