May 21, 2009 | Read Time: 1 minute
While the economic times are tough and the rich should be concerned about flaunting their wealth, they should not think making large philanthropic gifts is “gauche,” writes Robert Frank, author of The Wealth Report blog for The Wall Street Journal.
He was responding to a Chronicle study that showed an uptick of large anonymous gifts during the past 10 months. Fund raisers have speculated that some wealthy donors are preferring to keep their giving quiet because it may look unseemly during a recession.
“To me, this seems like wealth shame run amok,” writes Mr. Frank. “Gold toilets on a private jumbo jet is gauche. Giving to the community isn’t. If the rich can’t feel good about giving to charity during a time of national need, what can they feel they feel good about?”
Mr. Frank echoed other observers who have said that philanthropists should announce their big gifts publicly to spur giving by less well-heeled people.
He pointed to Sanford I. Weill as a role model. Mr. Weill, chairman emeritus of Citigroup, in April paid off two major pledges ahead of time, saying he was prompted by the recession. (Read The Chronicle article about the decision.)
What do you think? What does the growing number of anonymous gifts mean for fund raising?
