Caitriona fay

Financial advisers, accountants, lawyers and other industry professionals need to better understand the philanthropy sector, and how they can initiate conversations with their clients, if philanthropy is to truly prosper in Australia.

During a visit to Australia from two leading academics and philanthropy thought leaders from the Stanford Center on Philanthropy and Civil Society (Stanford PACS), Perpetual has highlighted philanthropy as an opportunity for Australians to shape various industries and causes through the establishment of an effective, strategic philanthropic plan.

In 2021, Americans gave approximately USD$484 billion, a 4% increase on 2020^[1], with close to 67% coming from individuals. In the 2020 financial year, 4.35 million Australians gave approximately AUD$3.85 billion, down 2.11% on previous years^[2].

Perpetual Managing Partner – Community, Social and ESG Investment, Caitriona Fay said: “There’s no doubt people want to give, whether that be financially, or through volunteering their time or their own expertise, but there’s still a common misconception that philanthropic giving is something that only the wealthy can participate in.

“While we may read, see and hear about the philanthropic endeavours of the ultra-wealthy, strategic and effective philanthropy is something that many more Australian’s could consider if it was a conversation that was better understood – and led – by industry professionals including financial advisers, accountants and legal experts.

“By better equipping these people with the right tools, resources and basic knowledge about philanthropy, I have no doubt they will be able engage in more meaningful conversations with their clients, which would ultimately help the philanthropy industry significantly here in Australia.”

In 2016 Perpetual partnered with Stanford PACS, a global leader in the philanthropic sector that informs policy and social innovation, philanthropic investment and non-profit practice.

After developing and launching the Perpetual/Stanford Philanthropy Toolkit^[3] – a how-to-give guide – in 2021, Stanford Senior Fellow at the Effective Philanthropy Learning Initiative, Heather Lord, and Stanford PACS Director of Partnerships and External Relations, Sawako Sonoyama Clarin, will visit Australia and deliver a number of workshops in Brisbane, Sydney and Melbourne aimed at improving effective philanthropy.

The seminars will highlight and analyse global, US and Australian philanthropic trends; the most recent statistics on global philanthropy and how the field has evolved over the past few years; the challenges philanthropists and foundations are grappling with globally, and how their strategies have evolved.

“We are delighted to have Heather and Sawako visit Australia and talk to advisers, not-for-profit board members and executives about the latest themes and trends shaping philanthropy. Stanford PACS are global leaders in philanthropic thought leadership, and their expertise will be invaluable as we really try and shine a spotlight on the industry in Australia.

“Perpetual has been working with philanthropists and charities since we were founded in 1886. Philanthropy is not new in Australia – we just need to be more proactive and better equipped to give people the opportunity to explore it in more detail,” Ms Fay said.

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[1] Giving USA: The Annual Report on Philanthropy (2022)
[2] McGregor-Lowndes, Myes, Balczun, Marie & Williamson, Alexandra (2022) Tax-deductible giving in 2019-20. ACPNS Current Issues Information Sheet 2022/2. Australian Centre for Philanthropy and Nonprofit Studies, QUT, Brisbane
[3] https://www.perpetual.com.au/financial-advice/stanford-philanthropy-toolkit

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Caitriona fay

Perpetual Private has launched an Australian Philanthropy Toolkit (the Toolkit) as part of its ongoing partnership with the Stanford Center on Philanthropy and Civil Society (Stanford PACS), based in California, USA.

Developed by Stanford PACS and adapted for the Australian market by Perpetual, the Toolkit is the first of its kind in Australia, providing a practical step-by-step resource designed to help individuals, families and advisers engage in thoughtful conversations, be effective in their charitable giving and anchor it around what matters most to them throughout their philanthropic journey.

Perpetual Private’s Managing Partner for Community & Social Investment, Caitriona Fay said: “Our work across the sector tells us that many individuals and families are interested in philanthropy, but don’t know where to start, or have a clear roadmap to ensure their giving will be impactful. The Toolkit offers a much needed resource that can support their journey and the development of effective philanthropy in Australia.”

Currently, Australia is experiencing the largest intergenerational wealth transfer in history^[1] and, despite the impact of the global pandemic, the desire and commitment of Australians to give remains strong^[2]. Over the last 12 months, 74% of Australians have given financially to charities and not-for-profits^[3].

“With the largest intergenerational transfer of wealth currently underway, the Toolkit provides philanthropists with a path forward. It encourages individuals and families to think about their values, find their focus and consider which giving vehicles and causes might suit their intentions. It also prompts them to work through any issues and opportunities such as family dynamics – that can include transferring wealth at the right time and in the right way, or establishing a family foundation where multiple generations can get involved,” added Ms Fay.

Erinn Andrews, Director of Philanthropy Research and Education at Stanford PACS said: “Advisers can also play a key role in helping their clients through this process. In the US, we saw rising expectations from clients for advisers to address philanthropic planning, while research from the US Trust revealed that these expectations are not being met. Less than half (45%) of clients were satisfied with the conversations and information their advisers were providing them about philanthropy^[4].

“As a result, and through leveraging our years of research about best practices and through focus groups and user testing with donors, wealth advisers, and philanthropy experts like Perpetual, we developed the Toolkit specifically to support advisers in guiding their clients through this process. The Toolkit is a practical, hands-on, easy-to-use resource that can be customised to meet the needs of any individual or family. It takes into consideration identified challenges of becoming an effective philanthropist and provides guidance around impact-orientated philanthropy.

“There isn’t a definitive way to be a philanthropist and we developed the Toolkit with that in mind. The process starts with a values-based goal, but the journey can take any number of directions. What matters is that you make informed, thoughtful decisions and continue learning along the way. This can be done as an individual, with your family and in collaboration with your adviser.”

Ms Fay commented, “Through our partnership with Stanford PACS, we’re delighted to provide this valuable resource to philanthropists in Australia. With this collaboration and knowledge sharing, we can empower philanthropists and their advisers to enhance the development of philanthropy across the country.”

Learn more about the Philanthropy Toolkit.

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References:
[1] $2.3 trillion to be transferred in Australia by 2035 and ~$1 trillion to be transferred by 2025; Source: ‘Intergenerational Wealth Transfer Estimate 2015-2060 dataset’ Seer Data and Analytics
[2] McCrindle Research report ‘Australian Communities 2021’
[3] Ibid.
[4] The US Trust Study of the Philanthropic Conversation: Understanding Advisor Approaches & Client Expectations, July 2018; (US Trust is a subsidiary of Bank of America Private Bank)

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Caitriona fay

Perpetual is pleased to announce a partnership with Seer Data & Analytics (Seer), a start-up technology company working with not-for-profits (NFP), social sector organisations and government agencies.

Perpetual’s General Manager of Community & Social Investment, Caitriona Fay, said “As the administer of the IMPACT Philanthropy Application Program, one of Australia’s largest philanthropic grant-making programs supporting the NFP sector, Perpetual has collected many years of data which has the potential to generate insights and improve outcomes within the social sector.

“Partnering with Seer exemplifies Perpetual’s commitment to helping facilitate data usage by the broader social sector while adding value to our client base. Working together with Seer, we will be able to explore important data capabilities for our clients, providing key decision makers with strategic insights.”

Seer’s data platform makes it easy for people to find, share and use data to solve social problems in a collaborative environment. Seer collects and analyses thousands of public data sets including demographic, health, education, and justice and economic indicators.

Founder of Seer, Kristi Mansfield, commented, “Seer’s vision is to transform the social sector by deepening people’s understanding of how to better solve social challenges by using data analytics.

“Users of the Seer Data Platform can explore, blend and analyse data sets to make evidence based decisions about programs and interventions, and ultimately improve outcomes in their communities.

“We are excited to be partnering with Perpetual to help support NFP organisations and philanthropists advance the use of data for social benefit across the sector.”

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Caitriona fay

Perpetual Limited in Australia will host one of the most well-regarded philanthropic experts as part of a renewed partnership with the Stanford Center on Philanthropy and Civil Society (Stanford PACS).

As part of the partnership, a number of events and workshops will take place across Australia with key speaker Paul Brest, faculty co-director at Stanford PACS and former Dean and Professor Emeritus (active) at the Stanford Law School. He was also President of the William and Flora Hewlett Foundation, one of the largest philanthropic institutions in the United States, from 2000-2012.

The partnership, which has been extended to 2021, aims to raise awareness of the opportunities, challenges and risks for not-for-profit (NFP) organisations within Australia. It will give Australian NFPs and philanthropists access to world-class research and thinking from globally recognised experts at Stanford PACS.

Perpetual’s General Manager for Community & Social Investment, Caitriona Fay, will join Paul to discuss how philanthropists can maximise the impact of their giving and the role philanthropy has in driving global social and environmental change.

Ms Fay said, “Paul Brest is one of the most important voices of philanthropy of our generation. He is leading the charge around outcome-orientated philanthropy.

“The combination of Perpetual’s deep knowledge of the Australian sector with Stanford PACS’ global thought leadership, provides a phenomenal opportunity to help Australian NFPs and philanthropists to put theory into practice, and solve real-world business problems.”

A key benefit of this partnership extension will be Perpetual’s sponsorship of ten Australian CEOs to spend time in Palo Alto, California at Stanford’s Non-Profit Management Institute, where they will share experiences and ideas for the continued benefit of the Australian NFP sector.

“We’re delighted we can provide this remarkable opportunity to a further ten CEOs this year. The exchange of practices and ideas is a significant benefit of this partnership with Stanford PACS. With ongoing collaboration we will be able to share knowledge, enhance skills and support in the development of new cross-sector networks,” Ms Fay added. 

IN CONVERSATION – An evening with Paul Brest takes place on Thursday 1 August in Sydney and Tuesday 6 August in Melbourne.

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The Miles Franklin Literary Award was established by prolific author and feminist Stella Maria Sarah Miles Franklin, now best known for her first novel My Brilliant Career. First presented in 1957, the Award celebrates novels of the highest literary merit that tell stories about Australian life. Winning authors also receive a prize of $60,000. The award remains Australia’s most prestigious and valued literary award.

The 2019 Miles Franklin Literary Award longlist is:

• The Lebs by Michael Mohammed Ahmad, Hachette Australia
• Flames by Robbie Arnott, Text Publishing
• Boy Swallows Universe, by Trent Dalton, HarperCollins Publishers
• A Sand Archive, By Gregory Day, Picador Australia
• Inappropriation By Lexi Freiman, Allen & Unwin
• A Stolen Season, By Rodney Hall, Picador Australia
• The Death of Noah Glass, By Gail Jones, Text Publishing
• Too Much Lip, By Melissa Lucashenko, The University of Queensland Press
• Dyschronia, By Jennifer Mills, Picador Australia
• The Lucky Galah, By Tracy Sorensen, Picador Australia

“The 2019 Miles Franklin longlist yet again highlights a mixture of new and established writers. It showcases ten of the most vibrant voices of Australian fiction speaking to us of lives facing, or having endured, some version of extremity. Angry, funny, contemplative and urgent, these voices – which include a galah – explore personal, historical and ecological loss, cultural inheritances and disenfranchisement, and the fraught bonds of friendships, families and communities,” said Richard Neville, State Library of NSW Mitchell Librarian.

The judging panel comprises, Richard Neville – Mitchell Librarian of the State Library of NSW and Chair, Murray Waldren – The Australian journalist and author, book critic Dr Melinda Harvey, Sydney-based bookseller, Lindy Jones and author and literary critic Dr Bernadette Brennan.

Perpetual’s General Manager of Community & Social Investment, Caitriona Fay, commended the longlisted authors.

“The Miles Franklin Award has long supported the multitudinal and multifaceted perspectives of Australian culture and society through the lens of the most talented authors this country has to offer.

“Perpetual is proud that it has been able to create an enduring legacy for Miles Franklin as trustee of this award and we encourage those who want to be part of that legacy to become a friend of the award via the Franklin Support Fund. We commend the ten authors who have been selected as the longlist for the 2019 Miles Franklin Award,” said Ms Fay.

Last year, the Miles Franklin Literary Award was awarded to Michelle de Kretser for her novel, The Life to Come (2018). She was previously bestowed the award in 2013 for her novel, Questions of Travel (2012). The shortlisted finalists will be revealed on Tuesday 2 July at the State Library of New South Wales. The winner announcement will be made on Tuesday 30 July in Sydney.

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Caitriona fay

NFPs underprepared for data management challenges

Not-For-Profit (NFP) organisations in Australia comprehensively believe clever use of data would give them a significant competitive advantage, but do not feel confident about their management of digital data, according to a new survey conducted by Perpetual.

Perpetual recently surveyed a group of 40 key NFP board members, employees, and service providers to analyse the impact a digital and data driven society is having on Australia’s non-for-profit enterprises.

The survey reveals NFPs are generally under prepared for the challenges data management poses, with one in three participants agreeing mismanagement of data is a major concern for their business. However, over half of all board members we spoke to were unaware of the steps taken by their organisation toward implementing a data governance plan.

Perpetual’s National Manager of Philanthropy and Non-Profit Services, Caitriona Fay, commented: “NFPs are exposed to a particularly unique risk when it comes to data. Even if intentions are good, any misuse or accidental sharing of data by an NFP organisation may have stronger negative implications for that organisation than it would for many profit-driven businesses, and may even erode trust across the NFP sector.

“This was partly why we undertook a three-year partnership with Stanford PACS, we needed the expertise to comprehend these risks, educate our clients and develop strategies to protect them in an evolving digital world.”

Perpetual and The Stanford Center on Philanthropy and Civil Society (Stanford PACS) have been asking questions about the implications of poor data management for the past three years. They have been collaborating on a range of initiatives designed to support NFPs and this annual survey was undertaken to assist with the program.

Another key finding was 43 per cent of board members agree protecting data is a more important focus than using it to their advantage, while only seven per cent of employees agreed.

Ms Fay added, “Board members are more aware of the risks associated with data management. They are more concerned with how poorly managed data can negatively impact their brand than what effectively managed data can do to enhance it. However, employees are more interested in how the use of data and digital platforms can empower their organisations.

“There is an exciting opportunity to work with NFPs to bridge these perspectives and design the future now for how all participants of a civil society will operate in a digital world.

“We should consider data as a currency in its own right. The NFP and philanthropy sectors need to inspire donors to think differently about giving in order to survive in an increasingly digital technologycentric society.

“For example, asking for donated data as opposed to cash can be an effective method to gaining insights that no amount of money could ever buy. Donors may be willing to provide genetic data, for instance, to advance research and health outcomes for their communities. What we’re learning through our workshops though is those donors need to feel confident with who is accessing the data and how it will be managed.”

The survey also showed social media platforms are now a key tool for attracting donors. Forty-three per cent of NFPs have a social media strategy and 78 per cent of NFPS use social media activities to drive awareness of an organisation’s activities.

Interestingly, employees are more likely to claim social media is critical for advocacy than board members, although all participants recognised the importance of a social media presence.

Ms Fay concluded, “We need a shift toward a philanthropic culture where it is aspirational to invest in the mundane technical infrastructure necessary to ensure the ethical use and protection of data. Those funding requests might not be sexy but they are critical to ensuring the health of our community sector.”

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Fiona McFarlane

A collection of stories that focus on life’s pivotal moments when fortunes can change, and a biography described as one of the strangest and most fascinating reads were announced as winners at the 2018 Kibble and Dobbie Literary Awards (the Kibble Awards).

Fiona McFarlane’s The High Places, a collection of 14 stories, was announced as the recipient of the 2018 Kibble award for an established author. The Dobbie Award for a first-time published author was awarded to Sarah Krasnostein for her biography, The Trauma Cleaner: One Woman’s Extraordinary Life in Death, Decay & Disaster.

The Kibble Awards celebrate Australian female authors who, through their writing, aim to improve and advance literature for the benefit of the Australian community. Established in 1994, with Perpetual as Trustee, the Kibble Awards are held biennially in honour of Nita Kibble, the first female librarian of the State Library of New South Wales. The winner of the Kibble Award receives $30,000 and the Dobbie Award winner receives $5,000.

The judging panel of the Kibble Awards includes Emeritus Professor Elizabeth Webby AM, State Library of New South Wales Coordinator – Education and Scholarship, Dr Rachel Franks, and author Dr Eleanor Limprecht.

Speaking on behalf of the panel, Professor Webby said: “The continuing high quality of life writing by Australian women is inspiring and exciting to read. This year’s winning works are especially notable for their originality and literary excellence.”

“The Kibble awards help Australian female authors continue to realise their passion for writing, while celebrating female talent in Australia’s literary sector and inspiring the next generation of women writers.

“The irony in Nita Kibble’s story is that she was only able to begin her career in the Public Library of New South Wales when her signature was mistaken for a man’s. Now these awards are helping to celebrate and advance the careers of female authors,” said Prof Webby.

Perpetual’s National Manager of Philanthropy and Non-Profit Services, Caitriona Fay, congratulated Fiona and Sarah on their winning works.

“The Nita B Kibble Awards is one of Perpetual’s flagship philanthropic trusts that has awarded more than $630,000 to Australian female authors. Some of Australia’s leading women writers have been recipients.

“The Kibble Awards are a great example of how individuals can support creative passions through a charitable trust and create a legacy for the inspirational work of a generation gone-by that has a positive tangible impact on the careers of current and future generations.

“We are very proud to be involved in keeping the legacy of Nita May Dobbie and Nita Kibble alive,” said Caitriona.

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Caitriona Fay

For three years Perpetual and Stanford PACS have been on a mission tackle one of the biggest social issues that we’re faced with today; the management, protection and ownership of data and the implications for civil society.

Data management came into scope long before we’d heard about Cambridge Analytica, social media manipulation or fake news; long before there was a general awareness about how digital data could contribute to the erosion of democracy. Based on extensive research and insights, both partners have concluded that the not-for-profit sector faces a unique risk.

Even if intentions are good, any misuse or accidental sharing of data by an NFP organisation will have stronger negative implications for that organisation than it would for many profit-driven businesses and may even erode the trust across the whole NFP sector.

Non-profits borne out of an analogue era are grappling with digital infrastructure that can help the sector create impact that is aligned with their mission and, importantly, protects both customers and the brand.

Caitriona Fay, National Manager, Philanthropy and Non-Profit Services at Perpetual believes there is an exciting opportunity to design the future now in terms of how a civil society operates in a digital world, and that it is the responsibility of advisers of NFPs to consult on and address these fundamental problems for their clients.

The solution Perpetual saw was a partnership with Stanford PACS, and together the organisations have been bringing together key decision makers, members of civil society and policy makers to share ideas and brainstorm solutions, building lasting relationships and projects that will help create a civil society that is prepared for a digital future.

Last week’s event marked the first event in the final year of a highly successful partnership and will be attended by industry leading organisations, focusing on the NFP sector.

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Caitrion Fay

Not-for-profits understand the importance of the digital age, but most are still trying to understand the risk and opportunities that digital presents.

A study of more than 120 NFPs found nearly three quarters (73%) aren’t sure or don’t feel their board is well placed to effectively manage their digital governance responsibilities. While the majority feel they have the right staff in place to take advantage of the opportunities digital presents, 34% don’t feel their boards have the right skills to optimise digital in the same way.

In Australia as part of a three-year partnership with Perpetual, Lucy Bernholz, Co-Director of Stanford University’s Digital Civil Society Lab said: “Digital tools and data hold tremendous promise for how we do our work in the social sector but they also present new challenges with respect to how we work.

“Digital data for example, should be managed and governed as both an asset and liability, and non-profits and foundations should think about them the same way they do their financial and human resources.”

Perpetual National Manager Philanthropy & Non Profit Services, Caitriona Fay, said the results of the survey and the work Stanford and Perpetual have done will help NFPs further understand the opportunities and risks of digital.

“It’s clear from the work Stanford has done in Australia that NFP boards and management are trying to understand how best to manage digital tools and the data they create ethically, safely and effectively.

“Pleasingly, most NFPs are already exploring how they can improve their use and management of digital tools within their organisation. Perpetual’s partnership with Stanford will help ensure all NFPs, regardless of size in Australia, can access to the tools, resources and networks needed to ensure they can operate, govern and evolve in a digital world.”

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Caitriona Fay

Leading research program to understand how private resources can be used for public benefit

In an Australian first, Perpetual Private has announced a new global partnership with the Stanford Center on Philanthropy and Civil Society (Stanford PACS) to raise awareness of the risks, challenges and opportunities associated with operating in the digital age.

The three-year partnership will give Not-for-Profits (NFPs), philanthropists and leaders in Australia access to Stanford’s Digital Civil Society Lab, the world’s first research and policy program dedicated to understanding the way private resources can be used for public benefit in the digital age.

Perpetual Private National Manager Philanthropy & Non Profit Services, Caitriona Fay, said: “NFPs and philanthropists are still coming to terms with what operating in a digital world means for how they work with communities. This includes how we raise – and donate – funds for public benefit, how we capture, hold and use data, and what that means for privacy, through to the role of markets and social businesses in our economy.

“It’s important to ensure the individuals and organisations in this sector are responding to what the digital age means for society.”

Work with Stanford’s lab will help build awareness of digital data governance and management, provide ready-to-use resources for organisations, build distribution and implementation partnerships, create scholarly collaborations, and engage organisations and associations in developing and supporting digital policies.

“We are committed to ensuring NFPs and philanthropists have the resources, knowledge and skills to utilise digital tools ethically, safely, and effectively,” Ms Fay said.

Perpetual will be working with the Australian Scholarships Foundation and Stanford Foundation Australia to provide Australian leaders with an opportunity to feed into this globally significant piece of research and build their capability both in Australia and through Stanford’s Institute of Non-Profit Management in Palo Alto.

The partnership will also include practical workshops for philanthropists, social innovators and NFP Boards and leaders focusing on issues from digital philanthropy through to non-profit-leadership in the digital age. The program will also see ten non-profit leaders from across Australia spending time in Palo Alto at Stanford’s Non-Profit Management Institute.

Stanford PACS Executive Director, Kim Meredith, said: “We are proud to partner with Australia’s largest independent distributor of funds to Australia’s Not‑for-Profit sector.

“Having worked with major organisations in the philanthropic and not-for-profit sectors across the globe, we’ve seen the importance and value that a sound understanding of the digital landscape can provide. The leading edge scholarship and insights that the Stanford PACS research team of Rob Reich, Faculty Co-Director, and Lucy Bernholz, Digital Civil Society Lab Director bring to this work is landmark.

“We look forward to working with Perpetual, and their partners in Australia to help raise the bar in this field, and connect with Australia’s non-profit leaders. Additionally, Digital Civil Society is inherently global. This important partnership will build knowledge and resources that will benefit us all.”

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