In May, SVCF hosted an event for our donors to hear about an exciting new report on the philanthropic field: Urvashi Vaid and Ashindi Maxton joined us to present the findings from their report, "The Apparitional Donor: Understanding and Engaging High Net Worth Donors of Color."
For the report, Vaid and Maxton engaged high net-worth individuals of color in discussions about their philanthropy, and explored the development of a donor network among high net-worth donors of color interested in racial and social justice funding.
SVCF's CEO and President Emmett Carson provided feedback and support to the writers of the report.
The "Apparitional Donor" report is the first of its kind. The report finds that high net-worth donors of color are generous and philanthropically engaged, but remain absent as members of organized donor networks, invisible to mainstream philanthropy and largely not visible or known to each other.
Among their key findings:
- People of color donors are much more likely to live in cross-class families and communities, where the impacts of that racialized wealth gap are very apparent. This fuels both a fire toward upward class mobility, and also a desire for community uplift.
- Generational differences exist among high net-worth donors of color, both immigrant and nonimmigrant, with younger donors more willing to think and link across ethnicity and race, and to collaborate as donors.
- High net-worth donors of color may represent new resources for social and racial justice initiatives, and for specific challenges affecting communities of color, but at present they are not giving in significant measure to social justice projects. Many report not having been asked to engage in this kind of giving, a further indication that the opportunity is real.
- Individual advisors working in the fields of law, accounting, wealth management, trusts, estate planning, tax, and financial services play a significant role in advising donors of color on their philanthropy.
- Network building and relationship building strategies to connect affluent, high net-worth, or ultra-high net-worth people of color with each other would leverage the power of their giving significantly.
Access the full report on the Vaid Group's website for more information.