ALAN'S LETTER

In a word…Bezos. He and his ex-wife have $250 billion. If you earned $1 per second, $60 per minute, $3600 per hour every hour of the day, every day of the year, and assuming you didn’t have to pay any taxes, you, too, could have $250 billion…in just 8000 years! If we can put a person on the moon, we can change laws now to solve the problems of both wealth inequality and rich man’s philanthropy–before the rich own the moon, too.

Especially in this time of crisis, far too many foundation trustees and 0.1%ers are echoing the sentiments ascribed to Marie Antoinette. “Let them eat cake” is “a saying that shows insensitivity to the realities of life for the unfortunate.” The antithesis is “stepping up to the plate.” As President Biden said in his Inaugural Address, “Our ‘better angels’ have always prevailed…enough of us came together to carry all of us forward.”

A Dickensian theme runs through my writings. Oliver Twist (nonprofits) begging his master (the donor class) for more. During the Christmas holiday we had the wealthiest Americans putting Scrooge (from A Christmas Carol) to shame. And now Dickens’ Tale of Two Cities: “It was the best of times [for 650 billionaires in the U.S. who made $1 trillion since the pandemic began}, it was the worst of times {25 million Americans are unemployed….)

For CCC’s Philanthropist of the Year award it would be appropriate to give it to the 57 signers of the Crisis Charitable Commitment, individuals and foundations who have shown leadership in digging deep in this time of crisis. But we’re compelled to name MacKenzie Scott, the game changing Philanthropist of the Year. While “how” and “where” she gave is noteworthy, it is “how much” as a percent of her wealth (10%) that really sets her apart.

The math is fairly simple: 0.1% (one in a thousand) of taxpayers are sitting on approximately $12 trillion ($12,000,000,000,000)! Add another $1 trillion in private foundations. If this wealthy donor class gave just an additional 1% to nonprofits (which have already laid off one million workers and face the prospect that 40% may have to close their doors next year), it would help nonprofits address the crisis with $130 billion.

While many Americans will be contributing to what should be a record Giving Tuesday, projected total giving will amount to only the monthly income of each of the country’s five centibillionaires! On Giving Tuesday 2015, Mark Zuckerberg and his wife Priscilla Chan announced that they would give away 99% of their wealth. They are off to a very slow start. If they were to give $250 million every Tuesday it is unlikely that they would achieve their goal.

Thirty million people worldwide are at risk of dying from hunger. Give people democracy and reduce excessive wealth inequality and people will have fishing poles and fish. The challenges posed and surfaced by the COVID-19 crisis require a lot more money than has been forthcoming. President-elect Biden has said: “If Americans come together, there is nothing we cannot do.” The same could be said for philanthropists.

Election Day marks the end of the first phase of the CCC effort, launched on Bastille Day, July 14. The pandemic highlighted or fueled racial injustice, economic hardship, climate disruption, loss of trust among our international allies, and importantly, threats to our democracy. The whole nonprofit sector is in distress, having already cut 10% of its jobs. The donor class–foundations and ultra high net worth individuals–has its work cut out for it.

According to the Deloitte Monitor Institute, “early estimates of contraction in the nonprofit sector range from 10 percent to as high as 40 percent.” Chitra Hanstad, executive director of World Relief Seattle said “If they don’t save the nonprofits, they’re going to have to rebuild the entire sector,” As between the Hewlett Foundation (“we overreact to new risk…absorb them…move on) and Elvis, we’re going with Elvis on this one: It’s Now or Never.

Whereas YO (11 and its multiples) is good news, 50 is mostly negative: 50 ways to leave your lover, 50 shades of grey, 50-cent. We have 50 states, but we should have 51 or 52. 5-0 is the warning that police are coming. And perhaps worst of all, when you turn 50 you get your AARP card, psychologically signaling that you are on the downhill slope. Fortunately, we’re past 50 and now have fifty five CC signatories. YO – 55!