Glossary of Business Terms - Philanthropy |
Philanthropy
: Although Philanthropy can mean
a general adoration for humankind, the term
usually refers to the act of generosity
associated with giving money, time, or effort
to a charitable cause or institution under
the intention of improving the well-being
of humanity.
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In general,
philanthropy usually refers to organized
donations by wealthy individuals or organizations
to other charitable foundations or events,
but can be used to describe any private
action performed for public good. Anyone
can be a philanthropist provided their actions
or money are used for the good of society.
Most philanthropic gestures occur over a
longer period of time and are usually targeted
to a specific purpose or in pursuit of a
defined goal. For example, many organizations
have promised specific amounts of money
to organizations in Africa in order to fight
the AIDS epidemic. Other large institutions,
such as the Gates Foundation, have donated
money to a variety of programs and organizations
around the world in pursuit of furthering
educational opportunities for everyone.
Many artistic, religious, musical and humanitarian
institutions depend upon philanthropic gestures
to continue operations.
Also called : Volunteer or One who
practices Philanthropy.
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