April 14, 2014 Leave a comment
You work to earn, and earn to give. But I don’t believe in donating for charity sake. Always link philanthropy to economic growth.-SP Hinduja
For Whom Wealth Matters
March 22, 2014 Leave a comment
Although there’s no centralised database on the number of NGOs in India, unofficial figures indicate that there are over 20 lakh NGOs registered under various Societies’ Registration Acts, Trust Act, etc.
The general policy of the government of India is not to encourage soliciting of foreign contribution. However, if funds are intended for bona fide welfare activities, foreign contribution can be received by NGOs by obtaining registration or prior permission from the central government. NGOs in the country have to register with the government for receiving foreign contributions as per the Foreign Contribution Regulation Act (FCRA).The total number of NGOs registered under FCRA is 43,527 .
Nearly half of the registered NGOs under FCRA – over 19,000 out of the 43,527 – do not file annual returns with the government containing details of foreign receipts and utilisation. Read more of this post
December 23, 2013 9 Comments
This is an offer for all readers of wealthymatters,worldwide.
This Christmas I am offering readers money to lend on Milaap. If you gave been reading my blog for a while,you know I am against charity,especially of the type that demeans and breaks the spirit of the recipient.By making small loans at fair not usurious rates we can help nurture the latent entrepreneurial talent of people and get them started on the path to prosperity.
Borrowers on Milaap have a near 100% repayment history.This means you are lending to the credit-worthy not just the deserving poor.Also your philanthropic budget can be turned over many times.You can begin with small contributions and build up the corpus you offer over time.So philanthropy and giving on a larger scale need no longer remain the preserve of billionaires. Longtime readers know that the exclusivity of the Giving Pledge and the financial muscle flexing that accompanies it, is something I dislike.All people ,irrespective of their net-worth can give,even if it is nothing more than a smile,a word of encouragement,the use of their skills,their time ,attention and emotions. Read more of this post
October 23, 2013 2 Comments
It can’t be wasted, only misallocated, which is a matter of opinion. If you spend your money, you create a ripple effect known as the Keynesian multiplier where the people you give your money to also spend it, about five times in a year ; good for creating commerce and employing people. If you save your money it becomes available to you and for other people to buy expensive things (homes, cars, etc) that they can’t afford to buy outright. This process also employs many bankers and financiers and creates employment in the factories and in the supply chain. If you invest your money, you enable the creation or expansion of businesses also leading to employment. Even if you burn or bury your money, or just stuff it in the mattress it’s not wasted as you slightly increase the value of all the other money in circulation.So you really can’t make a societal mistake with your money, only a personal one. And case you have enough put by, you can afford some mistakes.
Remember this whenever someone tells you you you ought to do this or that with your money.
September 18, 2013 Leave a comment
According to the new Fidelity Millionaire Outlook study Gen X/Y millionaires are more likely to volunteer or serve on the board of a charity (82 percent vs. 49 percent for Boomers+), and they average $54,000 in donations to charity each year. In addition, Gen X/Y millionaires are more generous with their plans to pass along as much of their wealth as possible to heirs (68 percent).
September 18, 2013 2 Comments
When Google went public, it set aside three million shares,which are now worth close to three billion dollars, for philanthropic causes.
Google has also committed an additional 1% of its profits to philanthropic endeavors.It has been donating this money to the community and using it to engineer solutions to the global problems of health, poverty, food, and energy.
A group called Google for Entrepreneurs mentors and supports entrepreneurs in different parts of the world.
Points 1 and 3 ,especially,are well worth emulating in our businesses.