ForeverFunds.org - My plan for erasing poverty from the world
Berkeley Brett
Naturally, such a notion will be met with skepticism -- but you might
find it an interesting idea all the same. I have presented this idea
to a number of organizations that could "make it happen" -- time will
tell if any of them will implement it.
I call the idea the "Forever Funds" conception. It involves a system
whereby any person could create a charitable endowment that would
survive them (in theory FOREVER into the future) for a very small sum
of money (I suppose a minimum investment of $100 USD to start such a
fund). They would "build" their "forever fund" throughout their lives,
and they would provide direction on how it would be managed after
their death.
The principal investment would never be touched -- it would be
invested in financial instruments that the owner of the fund deemed
ethical. The financial proceeds from the principal would be divided
(over time) between donations to charitable causes supported by the
owner and "donations" to the growth of the principal of the fund
itself.
Just as so many people have a Facebook page these days, imagine a
world in which just about everyone in the developed world had a
"forever fund" page -- a page that described their lifetime charitable
endowment; a page at which any friend or relative (or anyone at all)
could donate to their fund; a page which described the charitable
causes supported and the philosophy of ethical investment employed.
Even a person of ordinary means could develop a fund of hundreds of
thousands of dollars over the course of a lifetime. And they might
turn the fund over to their family or some trusted group for
management after they were gone.
This would revolutionize charitable giving. It would also
revolutionize gift-giving: even a small contribution made to your
friend's "forever fund" would have permanent, beneficial effects in
the world.
In a world in which nearly everyone in the developed world had their
own "forever fund," poverty could not persist for long. An ever-
growing "mountain" of wealth would source rivers of help to the
poorest people of Planet Earth without cessation. As this mountain
with its many permanent "fountains of kindness" expands, poverty will
virtually be pushed off the planet.
Yes, there are challenges to creating the organizations that could
host such funds. But I think they will prove to be quite solvable. And
there are other potential "bumps in the road" that would have to be
addressed, but there are also lots of very intelligent people of good
will who would help address them.
In any case, the webpage I have developed for this idea is:
Contact information is provided there for anyone who might wish to
share ideas directly.
Just in case there is any trouble reading the www.ForeverFunds.org
webpage, I provide the text of it below (as it appears on March 23,
2010):
=== begin quoted text ===
The Forever Funds Idea:
A Revolution in Charitable Giving?
The "Forever Funds" idea that we are proposing here could easily lead
to a beneficial revolution in the way we help the poorest people on
earth. Indeed, there may be no better system for permanently erasing
poverty from our world.
A "charitable endowment" is (typically) an established fund that
provides a continuous stream of revenue for some good cause. The
principal investment of the fund remains untouched. A defined
percentage of the growth of the fund goes directly to the good cause
being supported, while the remainder "grows" the principal. In this
way, the fund can have a beneficial and growing effect far into the
future.
Unfortunately, very large sums of money are usually required to create
a charitable endowment.
Yet, there is no reason this should be so.
A "forever fund" (as we propose it here) would be a charitable
endowment that could be created with a very small sum of money:
perhaps as little as $100. The fund could be created in the name of
someone you love. The principal of the fund would be ethically
invested and would generate a stream of revenue to support a good
cause forever (or indefinitely) into the future. This fund would be a
"fountain of goodwill" that would continue to give long after the
creator of the fund was gone.
Let's take an example:
Your mother is about to celebrate her 70th birthday. She is a kind-
hearted person and is troubled by the sad state of the poorest people
in the world. For many years she has supported (say) Oxfam
International or UNICEF in their efforts to help diminish starvation
in many places in the world.
For her birthday, you create a $1,000 Forever Fund in her name (say)
"The Katherine Smith Forever Fund" (or whatever your mother's name
actually is).
The principal sum will be invested in a money market fund that you
deem ethically sound. You set up the conditions of the fund as
follows: 60% of the "growth" of the fund will be added to the
principal, and 40% will go directly to Oxfam International. As long as
you are alive, you will manage the fund (though you can never make
withdrawls from it). You may choose to change the investment or the
beneficiary of the fund as you see fit, presumably in accordance with
your mother's ideals.
Wouldn't this be a wonderful way to honor your mother's long
commitment to helping the poorest people in the world? She would have
the satifaction of knowing that many years after she was gone a
"fountain of goodwill" in her name would be help suffering people all
over the world!
Furthermore, you might designate that the fund would be open to new
contributions. Those who love or admire your mother might choose to
add to the principal of her fund! Your mother herself might choose to
add to the principal of her fund.
But what would happen when you, the fund manager, die? Who would
manage the fund? How would it be invested? And what would happen if
Oxfam International or UNICEF were to cease to exist, perhaps absorbed
by some other charity?
You would determine the answers to these questions at the time you
create the fund. "The Katherine Smith Forever Fund" would be a member
of an association of funds that have a similar goal. In the event of
your death, you might choose to have this association manage the fund.
Or, you might designate someone in your will whom you trust to manage
the fund. There are many ways to deal with this issue.
Forever Funds would be ideal holiday gifts! We often hear the (well-
founded) lament that the holidays are "too commercial." But what
better Christmas, Hanukkah, New Year's, Kwanzaa, or birthday gift
could you give than to create a permanent fund for good in the name of
the person you choose to honor? Truly, this would be compassionate
giving in the fullest sense.
Of course, the great question is, how do we make "forever funds"
possible?
And therein lies the challenge. As we imagine the progress of this
idea, a large and very sophisticated organization like Google.org (the
philanthropic wing of Google) or the Bill and Melinda Gates Foundation
would provide the basic infrastructure. Working with respected
financial institutions, a coordinating organization with suitable
bylaws would be created to provide the framework for such funds.
Many questions remain to be answered, but we believe the obstacles
that lie ahead are not particularly difficult to solve. We are hoping
to receive expert support from an organization like Google or
Microsoft to work out the details. We have no need whatsoever for
money ourselves: all we need is expert advice.
On October 20, 2008, this idea was submitted to Google's "Project 10
the the 100th" for consideration. Google is greatly to be praised for
creating such a challenge!
The problem of human poverty is solvable, and we have no doubt it will
be solved. But the question is, WHEN? It lies within our power to
erase poverty from the world within our lifetimes. The sooner we begin
to build a permanent repository of ethical wealth for this purpose,
the sooner a truly just and compassionate world will take shape before
us.
And whoever you are reading this, YOUR thoughts and suggestions
regarding this idea are most welcome. The primary contact person for
this project is David Brett Richardson of El Cerrito, California (a
town right next door to Berkeley, the university town: David works for
Lawrence Berkeley National Laboratory). You may email David at:
Roya...@gmail.com
You are also most welcome to phone David, should you wish to do so, at
either (510) 558-9567 or (510) 604-6337.
We encourage you to bookmark this simple webpage and to check back
from time to time. We hope to update it as new ideas become available.
Thank you for your consideration! May Compassion and Justice triumph
on Planet Earth!!
=== end quoted text ===
Incidentally, I presented the "Forever Funds" conception months
earlier under the name "Fountain Funds" at the website www.FountainFunds.org
:
The name has been changed to "Forever Funds" because I believe it is
more descriptive.
Again, thank you very much for your consideration. Any feedback is
most welcome....
--
Brett (in Berkeley, California, USA)
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