Foundations news digest – week 24

By June 2, 2017News

Are you interested in the philanthropy sector and its latest developments? Look no further as we have made it easy for you to keep up. Check out our handpicked articles featuring the latest philanthropy news!

Andrew Forrest gives away large part of his fortune in $400m donation


Video From The Guardian. See on their website

Andrew Forrest, Australian businessman and philanthropist best known as the former CEO of Fortescue Metals Group (FMG) has unveiled one of Australia’s largest philanthropic donations.

Forrest and his wife Nicola confirmed they would give away $400m in a game-changing donation, the largest made by a living Australian and one of the biggest donations in the history of the country. This donation will be funding a range of causes some of which include world cancer institutes, education and research or also towards efforts to end modern slavery.

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7 More U.S. Philanthropists Promise to Give Their Fortunes Away


On the 30th of May, the Global Giving Pledge announced that fourteen additional individuals and families have promised to give at least half of their wealth to charity. Signatories include four US couples and three individual Americans. Among them is Texas financier Robert Smith, the richest black man in the country.

Created in 2010 by Bill and Melinda Gates and Warren Buffet, the Giving Pledge is a global initiative designed to help society by encouraging the wealthiest individuals and families to give the majority of their wealth to philanthropic causes. The group currently includes 168 signatories from 21 countries who have dedicated the majority of their wealth to philanthropy.

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More Wealthy Asians turn to philanthropy – but on the quiet



Asia’s wealthy have quietly been raising their commitment to philanthropy. More and more are donating significant amounts of money to causes such as education and are doing so away from the limelight that their Western counterparts often enjoy.


Many private banks in the region are seeing strong levels of philanthropic activity among their clients. For example, Credit Suisse Private Banking Asia Pacific created a system to help clients set up charitable foundations. Since then, donations going through these foundations have been steadily increasing. On average, 40% of donations go to education 20-25% go to health and elderly care, while another 20% go to supporting emergency relief.

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Ford Foundation to open Detroit office after a 64-year hiatus


64 years after leaving the city of Detroit, the Ford Foundation is reestablishing its presence in the city where it was founded 81 years ago by Edsel Ford. The New York-based foundation announced Wednesday that it will be opening offices in Detroit in order to assist in a major initiative to invest in affordable housing, Detroit native Kevin Ryan will be the on-site program officer.

The Ford Foundation’s Detroit program officer will be charged with overseeing the $15 million in grants the foundation is making in Detroit annually, the most of any U.S. city.

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Third U.S. Red Nose Day Raises $35.5 Million to Help Children in Need


Last week marked the third annual Red Nose Day USA, the organisers announced that the event raised more than $35.5 million to address child poverty in the country. This amount raised is an important increase from last year’s $31.5 million.

The funds made during a six-week campaign ending with a special televised event on May 25th will be distributed to charities working to assist children and youth living in poverty. Half the donations will be spent in the U.S. and the other half distributed to communities around the world.

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Here you have this week’s news of the philanthropy sector, this hopefully helps keep you informed on the latest occurrences in the industry.

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