Giving Compass' Take:

• Elaine Gast Fawcett shares insights from the National Center for Family Philanthropy's 20th Anniversary Symposium where panelists predicted a better future for family philanthropy. 

• How can foundations work to continuously improve? 

• Read more about family philanthropy at the National Center for Family Philanthropy's magazine. 

If what panelists predict is correct, the future will look something like this:

Funders will walk their talk when it comes to race, diversity, equity, and inclusion.

Family philanthropists are paying more attention to DEI, and still, there is much work to be done. Daryn Dodson of Illumen Capital says: “What scares me the most is that inclusion of women and people of color hasn’t yet been imbedded. Why is it in a country that looks like our country, only one percent of invested assets are owned by women or people of color? It leaves an incredible amount of impact on the table.”

Funders will engage with the community—transparently and authentically.

According to Kate Roberts, co-founder of the Maverick Collective, “We work in Africa and India... We see North American donors want to make an impact, but feel uncomfortable because they are privileged, white, and wealthy. At the same time, charities and NGOs are terrified of donors. It’s a huge barrier, and limits transparency on both sides. It’s hindering our impact.”

There will be more investing in community organizing, advocacy, and policy.

Many family foundations steer clear of funding anything that sniffs of lobbying. Yet in these turbulent political times, it is time to step it up, say panelists. In addition to direct services, every funder should have a portfolio that includes organizing and advocacy.

We will see a bigger shift toward impact investing.

Most funders take much joy in what they are doing with the five percent of their spending policy, but they often don’t look at the other 95 percent, says Zander Grashow.

There will be an increase in risk-taking and innovation.

Julie Packard, trustee of the David & Lucile Packard Foundation, says this: “What government and big institutions don’t fund is the beginning stages of innovation. If we don’t continue to innovate, we won’t be able to scale solutions to problems.”

Family healing will stay outside the boardroom.

Many families use the family foundation as a venue to work on the family. This, some say, has got to change. “The family foundation is not the place to work out your family stuff,” says Reverend Wilson.

Read the full article about the future of family philanthropy by Elaine Gast Fawcett at National Center for Family Philanthropy.