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Fundraising and philanthropy make a lot of people very uncomfortable. A big part of that is our discomfort with money generally, but a lot of it is how our sector and philanthropy have been structured and the power systems it upholds.
Our sector faces challenges related to power, change, and resource redistribution for impact. In today's episode, Yonis Hassan, Co-Founder, and CEO of The Justice Fund discusses one of his biggest challenges with the philanthropic sector - the hoarding of money in foundations. According to the Justice Fund’s most recent campaign, Move The Money, charitable foundations in Canada are holding onto over $85 billion dollars in charitable assets. If distributed, this money would create transformative change in providing security and proper access to opportunities and long-term resources to underserved communities. Join the conversation as Yonis shares why the time to use this money is now. It’s time to call for change.
Myths that Yonis wants us to walk away from:
- Preserving a foundation’s capital over a long time is in the best interest of the public. It’s not. There's going to be more money coming into this sector. There’s going to be more innovation, more creativity, and more risk-taking. Yonis urges the charitable sector to use the abundance of taxpayer’s assets in a timely manner when we have a plethora of crises facing our communities.
- Small nonprofits cannot make big changes in the philanthropy sector. Whether you are a grassroots organization, an unincorporated organization, a volunteer, a board member, someone who just donates to organizations, there will be an opportunity for you to speak up around these issues.
Yonis’ thoughts around reforming philanthropy:
- Changing the status quo. The foundations and funds in our sector have amassed a total of $85 billion. Reforming philanthropy entails leveraging the abundance of these assets to have a greater impact and serve the most vulnerable communities, especially during times of crisis.
- Stepping up as a collective sector. We must act collectively and have an open discussion about charitable laws and how they contribute to discrimination and continued oppression of indigenous communities in order to mobilize resources that will improve the situation of the vulnerable populations.
- It’s time to speak up. Yonis encouraged the philanthropic community to speak up. Whether it's speaking with your municipal council or your MP or MPP, your donors, or your board members, stand up and urge them to take action and make these legislative reforms.
Favorite Quotes from Today’s Episode
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“With over $85 billion of charitable assets in this country, we can be using that to invest in affordable housing, to invest in climate financing, to invest in transit, to invest in cooperatives, but we choose not to. So, expecting the federal government to implement some changes to hold us accountable, to hold the philanthropic sector accountable.”
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