Wealthy Families Focus Their Giving

A growing number of wealthy families seeking to better guide their charitable giving are writing mission statements to help ensure they support the causes most important to them, reports The Wall Street Journal.

Such documents enable families to focus their giving according to their shared interests and help them navigate the influx of donation requests they receive.

“The concept is moving from a scattershot to a rifle shot,” says Claire Costello, national practice executive for philanthropic management at Bank of America Corp.