Denver, CO – August 5th, 2010 – According to NPR, forty U.S. billionaires have pledged to give at least half of their wealth to charity - either during their lifetimes or after death. The list includes Bill and Melinda Gates, Warren Buffett, George Lucas, Michael Bloomberg and others.
They say they are doing this with the hope of inspiring others to donate to worthy causes as well. While the dollar amount might be less, the BBB encourages everyone to give like a billionaire by researching any charity fully before making a donation.
“Every experienced philanthropist has a thorough process for vetting charities in order to determine which worthy causes will be able to stretch their dollar the farthest,” said Dale Mingilton, President and CEO of the BBB Serving Denver/Boulder. “While we aren’t all billionaires, we can all give like one. Evaluating the effectiveness of a charity is more than just looking at the fundraising and administrative costs. Transparency, impact, and accountability are also important factors that everyone should consider before they give.”
The BBB recommends the following five steps to give like a billionaire:
- Take the time to check the organization out with the BBB, (www.denver.bbb.org) and the Colorado Secretary of State. Don’t be pressured to give before you do your research.
- Consider more than just the charity’s finances. Impressive financial ratios are not a guarantee that a charity is being run ethically and effectively. Review the BBB’s Standards for Charity Accountability to identify fundamental features of a responsible organization.
- Don't be fooled by names that look impressive or that closely resemble the name of a well-known organization. Sometimes name similarity is used deceptively to confuse the potential donor.
- Watch out for appeals that focus solely on a problem but don’t clearly explain what the charity intends to do about it. The charity’s intended program activities should be spelled out.
- If you want to consider donating to a newly established charity, take the time to review the charity’s program plans including its board approved budget. Make sure that it has the capacity to be able to follow through on its intended objectives.
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About the BBB
The BBB is an unbiased nonprofit organization that sets and upholds high standards for fair and honest business behavior. Businesses that earn BBB Accreditation contractually agree and adhere to the organization’s high standards of ethical business behavior. The BBB provides objective advice, free BBB Reliability ReportsTM on businesses and BBB Wise Giving ReportsTM on charities, and educational information on topics affecting marketplace trust. To further promote trust, your BBB also offers dispute resolution services for consumers and businesses. The first BBB was founded in 1912. Today, 125 BBBs serve communities across the U.S. and Canada. Please visit www.denver.bbb.org for more information.
