There has been ongoing controversy for many years concerning the size of the ‘wealth gap’ in the US. Indeed, figures published early in 2014 show that the gap between the wealthiest and poorest members of society have actually increased over the past couple of years and that the richest one percent are now wealthier than the bottom 90 percent.
While such statistics may cause a degree of concern, it is not all bad news, because it is also true to say that many of these super wealthy individuals are incredibly generous philanthropists who, every year, donate billions of dollars to a whole spectrum of good causes, both within the US and overseas.
The vast majority of donations are channeled through foundations set up by wealthy individuals to identify and manage how the available funding should be disseminated. Within the US, grants tend to be made to educational establishments, ranging from leading universities to local schools and community projects, and healthcare in all its forms, from advanced research into new drugs to supporting local hospitals. The Bill and Melinda Gates Foundation alone, which is perhaps the best known of all such organizations, gave away no less than $2.65 billion in 2013 and some $30 billion since its formation in 2000.
County governments across the country spend many millions of dollars every year on sports facilities, but is this money being used as efficiently as it should? The building of sports stadiums financed by local taxes has become the subject of intense debate as counties repeatedly take a ‘build it and they will come’ approach. There are instances where new stadiums have been constructed at a cost of several million dollars, yet only a handful of spectators purchase tickets to attend ice hockey, basketball, soccer and similar games being played in them. Similarly, the argument that out of town visitors will be attracted to see their favorite teams play away games and in doing so will spend cash on hotel rooms, in restaurants and local shops is often vastly overstated. In truth, these counties might be better advised to spend just a small percentage of what their shiny new state-of-the-art stadiums cost on community sports projects, such as providing rent free facilities for boxing and martial arts clubs, improving parks and constructing athletics tracks and the like.
As things stand, it is frequently left to spirited individuals and voluntary groups in the community to organize the fundraising events that are the lifeblood of neighborhood sports clubs. These clubs provide youngsters from low-income families the opportunity to become involved in activities that are both physically and culturally beneficial. Wealthy philanthropists are ideally placed to fill the hole left by local county governments by providing the means to purchase equipment, paying for the provision and refurbishment of accommodation and guaranteeing funding to employ coaches and instructors over the long term.
Improving the quality of facilities in public parks is another area where successful entrepreneurs, especially those living in the vicinity, are able to lend a helping hand. Not only are parks essential if you simply wish to escape from the hustle and bustle of the urban jungle for perhaps just a few minutes, but they are also the perfect location for tennis courts and running tracks, as well as baseball, basketball, football and soccer fields, not to mention walking and cycling trails. As the venue for all these low cost or even freely available activities, parks can become the social hub of the community, somewhere for people to meet, become acquainted with other locals and thereby improve the quality of life for the entire neighborhood. As an added bonus, studies have shown that over time, nearby businesses such as cafés and coffee shops begin to flourish, crime rates fall, the standard of housing improves and new people are attracted to the area. As a local entrepreneur, you can help by offering to donate to the cost of improving a park’s facilities with your local city council.
For such community schemes to be successful, when applying for grants from philanthropists it is essential that the plan is formulated and agreed on by a working group comprising of local government representatives, voluntary groups and sports clubs. It would be virtually impossible to envision a situation where anyone would donate money to finance a scheme that did not have the wholehearted backing of everyone concerned. This is an area where your organizational skills might be brought into play to help bring the community and council together.
If you are a businessperson looking to make a difference in the community in which you live, you do not have to be a Bill Gates or Warren Buffet in order to make a positive impact. Everyone knows that taking part in any sport is beneficial both to the individual concerned and the wider community. Participating in a boxing club, for example, has long been recognized as a great way to channel the anger and aggression some youngsters feel in a positive direction. These clubs instill a sense of discipline and give young people a set of boundaries in which to live their lives. The same is true of most team sports; individuals who may previously have lived solitary lives are introduced to the concept of working as part of a team and depending on others in order to achieve success. Purchasing a couple of pairs of boxing gloves or a set of basketball kits costs only a few dollars, yet such a gesture can have a huge impact on a struggling club, and the look on the kids’ faces will make you feel like you spent a million.
If you are a fan of or participate in a particular sport, you might want to channel your giving in that particular direction. Take as an example Indonesian businessman Sukanto Tanoto, who according to Forbes has a net worth of some $2.3 billion. He consciously promotes the well being of the environment in which his various industries are located and uses basketball as a vehicle to improve his employees’ work life balance and develop a closer relationship with local communities. Check out Sukanto Tanoto’s blog for information about the man and his ethos.
With your vast resources, you can make a real impact in your local community, whether by funding venues or donating equipment to a sports center. The contribution may seem small, but for a child in need or a sports club trying to stay afloat, it can make all the difference.