Jeff Farber on The Business of Philanthropy

from The Jerusalem Post:

The business of philanthropy

“Philanthropy needs to be run like a business, it’s not just about feeling good that you have just given half a million dollars to a worthy cause, but rather about figuring out how best to leverage the dollars that you have and use them to make a real impact.

One of the problems is that while many foundations do a lot of good things, they are too spread out on many different issues and not focused on one particular area,” continues Farber, who, before joining Koret five years ago, spent almost 25 years holding various executive positions at the Bank of America.

“Philanthropy is like a business deal; it takes careful consideration and is not about just searching out the next worthy project. There are so many good ideas out there, but no foundation can be everything to everyone – it can try but it just won’t work. Foundations need to be focused on specific areas in order to feel the results.”