Rick Moyers, vice president of programs and communications at the Eugene and Agnes E. Meyer Foundation, recently wrote in The Chronicle about a new report, “Next Gen Donors: Respecting Legacy, Revolutionizing Philanthropy.” The results included some interesting data from 300 high-capacity donors in their 20s and 30s. They are all individuals poised to become very influential philanthropically in the decades to come as control of major institutions and an estimated $40 trillion is passed to the children and grandchildren of baby boomers. Below are a few highlights from the study, as written by Moyers:
• They are driven by personal values, often those transmitted from their parents and grandparents.
• They are motivated primarily by a desire for social impact rather than a sense of obligation or a need for recognition.
• They desire to go “all in” once they engage by developing close relationships with the organizations and causes they support.
• They want to offer their personal and professional talents in support of the cause, and to encourage their peers to give and participate as well.
These next-gen donors present an excellent opportunity for nonprofits that are continually looking for skilled, engaged board members with deep pockets to serve as volunteer leaders. However, Moyers cautions, despite these young philanthropists’ appetite for deep engagement, they are likely to be put off by board service unless nonprofits can improve the way they function.
The fundamental dynamics of nonprofit board service, for many organizations, must change. Read the latest edition of our newsletter for ideas on improving board management. You can find a copy of Moyer’s article for The Chronicle here.