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Making a Difference: Creating a Philanthropic Plan

Making a Difference: Creating a Philanthropic Plan

November 01, 2023

The act of giving to others, whether through financial contributions, volunteer work, or support for charitable organizations, is a powerful way to make a positive impact on the world. However, creating a philanthropic plan can help you channel your generosity in the most effective and meaningful way. In this blog post, we'll explore the steps and considerations involved in crafting a philanthropic plan that aligns with your values and maximizes your impact.

The Power of Philanthropy

Philanthropy is more than just a financial transaction; it's a powerful force for good that can transform lives, communities, and the world. Philanthropy matters in several ways. Philanthropy allows you to contribute to causes that matter most to you, whether that may be poverty alleviation and education to healthcare and environmental conservation.  Philanthropic giving is powerful, and your philanthropic efforts can lead to positive, lasting change in the lives of individuals and communities. Whether it's building schools, funding research, or providing disaster relief, your contributions can leave a legacy.  Giving can also be a deeply rewarding and enriching experience, enhancing your sense of purpose, empathy, and connection with others.  Your giving can also inspire friends, family, and colleagues to get involved in giving, creating a ripple effect of positive change.  A bonus of philanthropic giving is that if structured properly, the giving can also lead to potential tax benefits, further maximizing your giving.

Process of building a philanthropic giving plan

Just like any endeavor, philanthropic giving should be done with a plan and purpose. Below we will highlight how to create and implement a philanthropic giving plan.

Step 1: Define Your Values and Priorities

Your philanthropic plan should reflect your values, passions, and priorities. To start, ask yourself the following questions:

  • What causes or issues are most important to you?
  • What experiences or personal connections have influenced your philanthropic interests?
  • Are there specific regions or communities you want to support?
  • What is the scale of impact you hope to achieve with your giving?
  • Do you want to make a difference during your lifetime, leave a legacy through your estate, or both?

By clarifying your values and priorities, you can narrow down your focus and choose causes that truly resonate with you.

Step 2: Set Clear Objectives

Once you've defined your values and priorities, it's time to establish clear philanthropic objectives. These objectives will guide your giving strategy and help you measure the impact of your contributions. Consider the following:

  • Specific Goals: What do you want to achieve with your philanthropy? Are you aiming to provide access to education, clean water, or medical care to underserved communities? Be as specific as possible.
  • Timeframe: Determine the timeline for your philanthropic efforts. Are you looking to make an immediate impact, create a long-term legacy, or both?
  • Measurable Outcomes: How will you measure the success of your giving? Think about the key metrics that matter to you, such as the number of lives improved, communities served, or environmental improvements made.
  • Budget and Resources: Determine the financial resources you are willing to allocate to your philanthropic goals. This will help you establish a giving budget and allocate your resources effectively.

Step 3: Research and Identify Charitable Organizations

With your values, priorities, and objectives in mind, it's time to research and identify charitable organizations that align with your philanthropic vision. Consider the following:

  • Local and International Organizations: Decide whether you want to support local, national, or international causes. This will help you narrow down your options.
  • Charity Effectiveness: Evaluate the effectiveness and reputation of potential organizations. Look for charities with a track record of achieving their mission and using funds efficiently.
  • Mission Alignment: Ensure the organizations' missions and objectives align with your values and priorities.
  • Financial Transparency: Review the financial transparency and accountability of the organizations. Look for nonprofits that publish annual reports, audited financial statements, and detailed program impact reports.
  • Legal Status: Verify that the organization has tax-exempt status and is eligible to receive charitable donations.

Step 4: Develop a Giving Strategy

Your philanthropic plan should include a well-defined giving strategy that outlines how you intend to support your chosen organizations. You should determine the level of financial commitment you're comfortable with and how often you plan to give (e.g., one-time gifts, monthly contributions, or endowments).  From there, decide if you'll provide monetary donations, in-kind contributions, or volunteer your time and skills. You can also explore options like impact investing or providing low-interest loans to support your philanthropic goals.  It is also recommended that you should establish your grantmaking approach, which includes the process for selecting and funding charitable organizations. You can choose to provide unrestricted grants, program-specific grants, or project-based funding.  You should also decide whether you want to be actively involved with the organizations you support, serving on boards, volunteering, or participating in their programs.  Determine the expectations for reporting and impact assessment. Ask organizations to provide regular updates on how your contributions are making a difference.

Step 5: Maximize the Impact of Your Giving

There are several strategies available that can allow you to maximize your giving. For example, many employers offer matching gift programs, where they match or multiply your charitable donations. You can also consider partnering with like-minded individuals, family members, or organizations to pool resources and make a more significant impact.  Always stay updated on the issues and causes you care about. If you can attend conferences, workshops, and events related to your philanthropic interests to learn from experts and stay informed about current trends.  Regardless of your action steps, you should regularly evaluate your giving strategy and its impact. Be open to adapting your approach to achieve better results.

Step 6: Implement and Monitor Your Plan

Once you've established your philanthropic plan, it's time to put it into action. Make your contributions, engage with the organizations you support, and monitor progress toward your objectives. Regularly review your giving strategy and adjust it as needed to ensure you're making the most significant impact.


Creating a philanthropic plan is an empowering way to channel your generosity and create positive change in the world. By defining your values, setting clear objectives, identifying charitable organizations, developing a giving strategy, and maximizing your impact, you can make a difference that aligns with your values and priorities. Remember that philanthropy is a journey, and your plan can evolve over time to address the ever-changing needs of the world and your own philanthropic aspirations.

This commentary reflects the personal opinions, viewpoints and analyses of the MONECO Advisors employees providing such comments, and should not be regarded as a description of advisory services by MONECO Advisors or performance returns of any MONECO Advisors client. The views reflected in the commentary are subject to change at any time without notice. Nothing in this commentary constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. MONECO Advisors manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.