This article is from the source 'nytimes' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.nytimes.com/2016/05/21/your-money/giving-like-michael-bloomberg-find-one-small-thing.html

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Giving Like Michael Bloomberg: ‘Find One Small Thing’ Giving Like Michael Bloomberg: ‘Find One Small Thing’
(about 3 hours later)
THE two imposing brownstones on the Upper East Side of Manhattan that are home to Bloomberg Philanthropies give off the aura of a modern-day Medici palace, a fitting setting for Michael R. Bloomberg, media mogul, former mayor of New York and one of the top philanthropists in America. The two imposing brownstones on the Upper East Side of Manhattan that are home to Bloomberg Philanthropies give off the aura of a modern-day Medici palace, a fitting setting for Michael R. Bloomberg, media mogul, former mayor of New York and one of the top philanthropists in America.
Last year, he gave $510 million to more than 1,000 organizations in six areas. Over his lifetime, he has given $4.3 billion.Last year, he gave $510 million to more than 1,000 organizations in six areas. Over his lifetime, he has given $4.3 billion.
It might seem that an average charitably minded person — or even someone way above average — could learn little from how Mr. Bloomberg gives. Not true.It might seem that an average charitably minded person — or even someone way above average — could learn little from how Mr. Bloomberg gives. Not true.
Mr. Bloomberg, 74, has adopted a strategy of giving to organizations that seek to bring about change on a local level but serve a broader purpose. He reserves a separate fund for projects that are close to his heart, like the more than $1 billion he has given to his alma mater, Johns Hopkins.Mr. Bloomberg, 74, has adopted a strategy of giving to organizations that seek to bring about change on a local level but serve a broader purpose. He reserves a separate fund for projects that are close to his heart, like the more than $1 billion he has given to his alma mater, Johns Hopkins.
Giving money away would appear more straightforward than governing, a role in which Mr. Bloomberg’s style was criticized by some as imperious. If anything, though, the endeavor is one in which he is content to let others move first, and to focus on making the right choices.Giving money away would appear more straightforward than governing, a role in which Mr. Bloomberg’s style was criticized by some as imperious. If anything, though, the endeavor is one in which he is content to let others move first, and to focus on making the right choices.
“I’m a practical person,” Mr. Bloomberg said in an interview at Bloomberg Philanthropies ahead of the release of its annual report. “If we’ve got a problem, let’s do something. I want to find one small thing.”“I’m a practical person,” Mr. Bloomberg said in an interview at Bloomberg Philanthropies ahead of the release of its annual report. “If we’ve got a problem, let’s do something. I want to find one small thing.”
Melissa Berman, chief executive and president of Rockefeller Philanthropy Advisors, said the most successful megadonors, like Mr. Bloomberg, learn as much as they can before giving, team up with other groups and take a long-term approach.Melissa Berman, chief executive and president of Rockefeller Philanthropy Advisors, said the most successful megadonors, like Mr. Bloomberg, learn as much as they can before giving, team up with other groups and take a long-term approach.
And Mr. Bloomberg said he had realized what he could and could not do. “If you try everything all at once, you’ll do nothing,” he said. “If you look at climate change and say, ‘Everyone won’t cooperate,’ you won’t get anything done.”And Mr. Bloomberg said he had realized what he could and could not do. “If you try everything all at once, you’ll do nothing,” he said. “If you look at climate change and say, ‘Everyone won’t cooperate,’ you won’t get anything done.”
One initiative he has supported is the Sierra Club’s campaign to shut coal-fired power plants. So far, his foundation has given $80 million to that initiative, Beyond Coal, which has worked to close 232 coal plants in the United States.One initiative he has supported is the Sierra Club’s campaign to shut coal-fired power plants. So far, his foundation has given $80 million to that initiative, Beyond Coal, which has worked to close 232 coal plants in the United States.
“I’d think being a soloist falls apart,” he said. “I think there’s a limit to how much you can do on your own.”“I’d think being a soloist falls apart,” he said. “I think there’s a limit to how much you can do on your own.”
Mr. Bloomberg acknowledges that he is fortunate to have a large staff of about 120 people at his foundation to carry out his ideas.Mr. Bloomberg acknowledges that he is fortunate to have a large staff of about 120 people at his foundation to carry out his ideas.
He has been involved in seemingly trivial projects, like painting a roof white in Queens with Al Gore. Mr. Bloomberg said he was mocked for doing it, but the white roofs, by reflecting heat rather than absorbing it, immediately reduced electricity bills and have since been replicated throughout the borough.He has been involved in seemingly trivial projects, like painting a roof white in Queens with Al Gore. Mr. Bloomberg said he was mocked for doing it, but the white roofs, by reflecting heat rather than absorbing it, immediately reduced electricity bills and have since been replicated throughout the borough.
“We focused on things we could do in America that made a difference and were replicable elsewhere,” Mr. Bloomberg said. “It wasn’t solving all the problems. It wasn’t making India and China carbon neutral, but it was something.” “We focused on things we could do in America that made a difference and were replicable elsewhere,” Mr. Bloomberg said. “It wasn’t solving all the problems. It wasn’t making India and China carbon-neutral, but it was something.”
Chris Addy, a partner at the Bridgespan Group, a philanthropic consultant, said Mr. Bloomberg stood out for his desire to try new things. One of the risks of what Mr. Addy calls “financier philanthropy” is that people with the means to be significant philanthropists wait for what they think will be the perfect organization and miss a lot of opportunities along the way.Chris Addy, a partner at the Bridgespan Group, a philanthropic consultant, said Mr. Bloomberg stood out for his desire to try new things. One of the risks of what Mr. Addy calls “financier philanthropy” is that people with the means to be significant philanthropists wait for what they think will be the perfect organization and miss a lot of opportunities along the way.
“Most can wait for the perfect deal, which means you’re not learning,” he said. “Unlike an investment, where the floor is you can lose all your money, with philanthropy, the floor is really high. You’re giving the money away. A lot of people are going to benefit from those resources, whether it’s a home run or a double.”“Most can wait for the perfect deal, which means you’re not learning,” he said. “Unlike an investment, where the floor is you can lose all your money, with philanthropy, the floor is really high. You’re giving the money away. A lot of people are going to benefit from those resources, whether it’s a home run or a double.”
Bloomberg Philanthropies committed $125 million last year to a road safety initiative. Mr. Bloomberg said that he initially thought one of the projects was doomed to failure but that it was now among the foundation’s most successful endeavors in this area.Bloomberg Philanthropies committed $125 million last year to a road safety initiative. Mr. Bloomberg said that he initially thought one of the projects was doomed to failure but that it was now among the foundation’s most successful endeavors in this area.
“I would have bet anything against the idea of getting the Vietnamese government to pass a helmet law and that people would obey to have helmets,” he said. “They passed it. They did enforce it. They cut the number of traffic deaths by a third overnight.”“I would have bet anything against the idea of getting the Vietnamese government to pass a helmet law and that people would obey to have helmets,” he said. “They passed it. They did enforce it. They cut the number of traffic deaths by a third overnight.”
The project in Vietnam was a case that showed how a philanthropist could take a chance on something that a government might not try until after seeing that it worked.The project in Vietnam was a case that showed how a philanthropist could take a chance on something that a government might not try until after seeing that it worked.
“The private sector can build demonstration projects, they can lobby, but the big problems are political problems,” Mr. Bloomberg said. “You can show how a charter school works. You can’t replace the New York City public school system with charter schools.”“The private sector can build demonstration projects, they can lobby, but the big problems are political problems,” Mr. Bloomberg said. “You can show how a charter school works. You can’t replace the New York City public school system with charter schools.”
Mr. Bloomberg has managed through philanthropy to work toward goals that were thwarted when he was mayor. A case in point was his effort to impose a ban on the sale of large soft drinks in New York City and to persuade the New York State Legislature to impose a statewide soda tax. He was defeated on both counts. But he has contributed money to successful campaigns elsewhere to impose a tax on soda sales.Mr. Bloomberg has managed through philanthropy to work toward goals that were thwarted when he was mayor. A case in point was his effort to impose a ban on the sale of large soft drinks in New York City and to persuade the New York State Legislature to impose a statewide soda tax. He was defeated on both counts. But he has contributed money to successful campaigns elsewhere to impose a tax on soda sales.
Leslie Lenkowsky, professor of philanthropic studies at the School of Public and Environmental Affairs at Indiana University, said that what made a great philanthropist was “a great idea.”Leslie Lenkowsky, professor of philanthropic studies at the School of Public and Environmental Affairs at Indiana University, said that what made a great philanthropist was “a great idea.”
But equally important is the ability to change direction or focus.But equally important is the ability to change direction or focus.
Mr. Bloomberg said he often thought about how to adapt when a problem changed, even with one of his signature efforts.Mr. Bloomberg said he often thought about how to adapt when a problem changed, even with one of his signature efforts.
“There’s a real risk that you keep doing the same things and the effectiveness goes down and the needs of the world change,” he said. “We’ve been supporting smoking cessation and have spent about $600 million doing it for a half-dozen years. Is there another way to go about it?”“There’s a real risk that you keep doing the same things and the effectiveness goes down and the needs of the world change,” he said. “We’ve been supporting smoking cessation and have spent about $600 million doing it for a half-dozen years. Is there another way to go about it?”
He said he believed there might be another way. While better-educated people living in cities have quit smoking or never taken it up, the habit persists in rural areas and the developing world. The strategy may need to be tweaked to shift focus there, he said.He said he believed there might be another way. While better-educated people living in cities have quit smoking or never taken it up, the habit persists in rural areas and the developing world. The strategy may need to be tweaked to shift focus there, he said.
Mr. Addy said that all philanthropists should periodically look at their portfolios and make sure they have been giving money the way they thought they were giving it.Mr. Addy said that all philanthropists should periodically look at their portfolios and make sure they have been giving money the way they thought they were giving it.
With many large problems in the world, even the wealthiest philanthropists need to work with others. Mr. Bloomberg said his foundation gave $125 million to the Bill & Melinda Gates Foundation’s project to eradicate polio, which has cost billions.With many large problems in the world, even the wealthiest philanthropists need to work with others. Mr. Bloomberg said his foundation gave $125 million to the Bill & Melinda Gates Foundation’s project to eradicate polio, which has cost billions.
“If you want to have a sustainable impact on a complex, wicked kind of problem, you need partners,” Ms. Berman said. “Philanthropy is not a competition. It’s really an opportunity for collaboration.”“If you want to have a sustainable impact on a complex, wicked kind of problem, you need partners,” Ms. Berman said. “Philanthropy is not a competition. It’s really an opportunity for collaboration.”
Mr. Addy said smaller donors could mirror what larger ones have done. “Most of this stuff is transparent and in their annual reports,” he said. “You can piggyback on the people who have done a lot of research and follow in their footsteps.”Mr. Addy said smaller donors could mirror what larger ones have done. “Most of this stuff is transparent and in their annual reports,” he said. “You can piggyback on the people who have done a lot of research and follow in their footsteps.”
Mr. Bloomberg stands apart from other donors in one way, though: his willingness to fund those he disagrees with if they are in favor of one of his major initiatives, like gun control. That is the case with Senator Pat Toomey, Republican of Pennsylvania.Mr. Bloomberg stands apart from other donors in one way, though: his willingness to fund those he disagrees with if they are in favor of one of his major initiatives, like gun control. That is the case with Senator Pat Toomey, Republican of Pennsylvania.
“I don’t agree with this guy on anything, but he’s good on guns,” Mr. Bloomberg said. “You can’t fight every political battle.”“I don’t agree with this guy on anything, but he’s good on guns,” Mr. Bloomberg said. “You can’t fight every political battle.”
The bigger point may be the necessity of staying focused on a goal.The bigger point may be the necessity of staying focused on a goal.
And for people with less to give, Mr. Lenkowsky suggested looking no farther than their own backyard.And for people with less to give, Mr. Lenkowsky suggested looking no farther than their own backyard.
“Big-time philanthropy operates on a Progressive Era notion that there is some sort of big theory that can apply to this or that problem,” he said. “There is not a lot of global influence you can have with a few thousand dollars. But you can give locally and be more likely to assess what might work from what doesn’t.”“Big-time philanthropy operates on a Progressive Era notion that there is some sort of big theory that can apply to this or that problem,” he said. “There is not a lot of global influence you can have with a few thousand dollars. But you can give locally and be more likely to assess what might work from what doesn’t.”
And that, after all, is what all donors are trying to do with their money, even if they’re not billionaires.And that, after all, is what all donors are trying to do with their money, even if they’re not billionaires.