The founders of wealth managers Spencer-Churchill Miller Private are launching a grant-making foundation to make it easier for high net worth individuals to donate to charity.
The foundation, SCM Philanthropy, will focus on improving accountability, measurability and transparency for philanthropists and recipients. It will also provide administrative, corporate financial and operational advice where needed.
Launched amid the financial downturn, the foundation says wealthy individuals are increasingly looking to make charitable donations a central part of their financial management strategy, despite the economic crisis.
However, philanthropists also want to ensure their money is used effectively to benefit the causes, instead of being swallowed through charity administration.
Seeking to raise private funds from wealthy philanthropists, the foundation will also make grants to less well-known charities, individuals and projects which are less able to raise funds. All grants will be apolitical with around 40% allocated to environmental causes.
The foundation will use its contacts to pull in considerable funds for the causes, while keeping operational and administrative costs below 15%.
Chaired by Gina Miller, Alexander Spencer-Churchill will become chief fundraiser for SCM Philanthropy, while continuing to introduce high net worth individuals to SCM Private.
A "professional" trustee with environmental experience will also be recruited to assist picking environmental causes.
The trustees will hold the funds in trust with all money held in a separate savings account. No money waiting to be granted will be invested in SCM Private or any investment vehicle.
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