2010 Corporate Citizenship Conference Closing

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philanthropy

Voluntary, organized efforts intended for socially useful purposes. Philanthropic groups existed in the ancient civilizations of the Middle East, Greece, and Rome: an endowment supported Plato's Academy (c. 387 BC) for some 900 years; the Islamic waqf (religious endowment) dates to the 7th century AD; and the medieval Christian church administered trusts for benevolent purposes. Merchants in 17th- and 18th-century western Europe founded organizations for worthy causes. Starting in the late 19th century, large personal fortunes led to the creation of private foundations that bequeathed gifts totaling millions and then billions in support of the arts, education, medical research, public policy, social services, environmental causes, and other special interests. See Andrew Carnegie; B'nai B'rith; Bill Gates; George Peabody; Rockefeller Foundation; Straus family.

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