Giving Away Everything in a Decade: Lessons Learned

The Beldon Fund, a $100-million foundation that was designed to give all its money away in 10 years and close, has offered the following suggestions to other grant makers:

• Learn quickly, make tough decisions, and cut losses as soon as possible. The set closure date means it is important to change course quickly when the fund makes mistakes.

• Conduct evaluations and use the results to refine approaches. Develop benchmarks of success, and assess progress by seeking outside views from people who are offered the chance to keep their names anonymous. Stay focused on a few causes. Better to start small and expand if needed.

• Be bold. Accomplishing change within a finite time span requires grant makers to develop or adopt innovative strategies.

• Tolerate risk. Taking chances can lead to breakthrough solutions, but not all bets pay off. Learn from those that don’t and move on.

• Look for connections across grant-making programs. Let program goals dictate spending. Allocate assets to allow flexibility to respond to unanticipated grant-making opportunities or critical needs that may arise.

• Build fields, not just organizations. Hire staff members who can help attract others to the foundation’s cause.

• Use all the foundation’s resources — not just money. Share ideas, expertise, and access to other foundations with grant recipients.