Chuck Feeney, our Founding Chairman, demonstrated his belief in Giving While Living when he gave away the vast majority of his wealth to start The Atlantic Philanthropies in 1984. He was deeply influenced by Andrew Carnegie’s famous essay, “Wealth.”
“I believe that people of substantial wealth potentially create problems for future generations unless they themselves accept responsibility to use their wealth during their lifetime to help worthwhile causes,” Mr. Feeney wrote to the Atlantic Board of Directors. The Board resolved in 1999 to spend down all of our assets, complete active grantmaking by 2016, and shut the doors shortly thereafter.
We believe that if we address urgent issues now, like opportunities for youth or access to treatment for those with HIV/AIDS, they are much less likely to become larger, more entrenched and more expensive challenges later.
Atlantic hopes to inspire individuals at widely varying levels of wealth to embrace Giving While Living: To approach philanthropy as a calling to which they can, during their lifetimes, actively devote their funds, skills and time, and receive enormous satisfaction in the process.
Mr. Feeney became a signatory of the Giving Pledge in February 2011, even though he had transferred virtually all of his and his family’s asset to Atlantic over 25 years ago. He hoped to inspire the wealthiest individuals and families in America to commit to giving the majority of their wealth to philanthropic causes during their lives or after their death. In Australia, he is making an effort to raise the level of philanthropy by helping to establish Giving While Living Networks in Tasmania and New South Wales.
While we know that this form of giving isn’t for everyone, we are pleased that a growing number of philanthropists are embracing Giving While Living. A prominent example is Warren Buffett’s $31 billion commitment to the Bill and Melinda Gates Foundation in 2006.
Shortly after the steep market downturn of 2008, Mr. Feeney told The New York Times, “Just think, if wealthy people had given away more of the money they had over the last decade, they wouldn’t have lost it.”
