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Giving Compass' Take:
• Philanthropic advisors from The Chicago Community Trust list six collective giving funds where donors can pool resources to maximize impact.
• How can donors identify collective giving funds to maximize their charitable giving?
• Learn more about collective giving.
From giving circles to identity-focused funds, collective giving is on the rise.
Here in Chicago, collective giving was on the agenda at the June meeting of the Trust’s Professional Advisory Committee (PAC) and Young Professional Advisory Committee (YPAC)—an advisory group of lawyers, financial advisors, investment managers, accountants, trust officers and other professionals from leading Chicago financial institutions.
Collective giving is a philanthropic model in which donors pool resources, then decide together how to distribute funds. According to the Collective Giving Research Group, participation in community philanthropy tripled between 2007 and 2017, (336.1KB) awarding a total of $1.29 billion to community organizations across the U.S.
Richard A. Lang, a partner at McDermott Will & Emery who chairs the Professional Advisory Committee, opened the event and introduced a panel of philanthropic advisors from The Chicago Community Trust. These advisors partner with the Trust’s identity funds—six collective giving groups serving the Chicago region—helping them fully leverage the Trust’s expertise and maximize their charitable impact. Here’s an inside look:
- African American Legacy Led by African-American civic and community leaders, this philanthropic and educational initiative works to improve the quality of life among African Americans throughout metropolitan Chicago.
- Asian Giving Circle AGC was created in 2002 to build support for nonprofit organizations addressing the challenges faced by the region’s Asian communities, which include more than 30 ethnic groups speaking hundreds of languages and dialects.
- Disabilities Fund The Disabilities Fund of The Chicago Community Trust promotes the development of programs, policy and public action that expands the empowerment, equal opportunity, inclusion and participation of diverse persons with disabilities in the Chicago region.
- LGBT Community Fund The LGBT Community Fund unites civic leaders in a commitment to addressing a broad range of needs within the LGBTQ+ community, through strategic support to nonprofit organizations.
- Nuestro Futuro This identity fund builds and supports Latino philanthropy throughout the Chicago region. Nuestro Futuro—Spanish for “Our Future”—aims to involve more Latinx individuals in philanthropy, and to support the organizations and programs improving the quality of life for members of the community.
- Young Leaders Fund YLF provides young professionals between 22 and 45 years old with hands-on experience in the grant making process.
Read the full article about identity funds at Chicago Community Trust.