The notion of giving through individual philanthropy “liberates the soul of the giver,” as the late Dr. Maya Angelou noted in her essay “The Sweetness of Charity.” But such giving can be even sweeter when resources are collectively pooled to support diverse-led causes.
That’s what leaders at JPMorgan Chase & Co. learned as they hosted their second annual “The Sweetness of Giving: A Celebration of Philanthropy” event in Martha’s Vineyard on Aug. 9. The gathering aims to address gaps in philanthropic support for diverse-led nonprofits and underscores the importance of collective giving to address these disparities.
“The Vineyard is also a really beautiful illustration of how the convenings and opportunities to be in communities with people who care deeply about our community and have done really well—but wanting to do good as they do well—is powerful,” said Alicia Wilson, JPMorgan Chase & Co. Head of Regional Philanthropy for North America, “which is what we saw we could tap into by going to the Vineyard. But we can also come back to Baltimore and do good in that community.”
Dekonti Mends-Cole, head of Diversity, Equity, and Inclusion Initiatives for Corporate Responsibility at JP Morgan Chase, said “The Sweetness of Giving” is about “deep partnerships where we’re truly leveraging the full assets of the firm to support the communities that we care about and really address systemic disparities.”
Impacting Diverse-Led Orgs
Of the $125 million committed by community foundations for Black communities after the death of George Floyd, this figure was only 2.1% of the overall giving from community foundations. Comparatively, funding specifically for Black communities represented 12% of all charitable giving and 5.4% of independent foundation giving in 2020, according to The National Committee for Responsive Philanthropy.
Mends-Cole said these statistics correlate to the fact that many Black-serving organizations do not have access to what we think of as “traditional philanthropy,” and the types of capital they’re receiving limit company hiring and growth.
“For diverse-led and -serving organizations, they receive less funding for their organizations to grow,” said Mends-Cole, meaning they have “less of an ability to scale to meet the size of the challenges they’re trying to address. That has real implications in terms of the delivery of services, resources, all of the things that we need to address these systemic disparities that are found particularly in diverse communities.”
Identity of Philanthropy
Black individuals have the “highest rate of giving money to people they know and to strangers in a given year,” according to Indiana University’s “Everyday Donors of Color” report. Wilson notes that research shows Black individuals–-regardless of income–-give a higher percentage of their income.
“This identity of philanthropy isn’t one that characterizes itself with diverse populations, even though we are statistically the most generous populations,” said Mends-Cole. “I think that’s part of the journey of individuals collective giving. It’s moving from a place in which you’re writing from your checkbook to thinking much more strategically about collective giving.”
According to the Dorothy A. Johnson Center for Philanthropy, participation in collective giving has more than doubled its impact in seven years, with 4,000 groups contributing more than $3.1 billion. Wilson notes that the concept of giving circles has long existed in Black communities—such as aid societies, churches, and civic organizations—and today, it’s showing up in pooled fundraising.
“We created a giving circle in Baltimore and raised $1M to give to diverse-led organizations,” Wilson said. “Many people who come from these communities watch leaders literally go into their own pockets to serve our community. Our call is to join with others to really try to address this disparity and help those leaders who are serving meet the challenge.”
JPMorgan Chase also helps donors consider tax-advantageous giving options. It offers a philanthropy center to support individuals in setting up donor-advised funds.
“As you become more sophisticated in your giving journey, there are platforms and ways to do so that benefit and support the wider wealth building, not just for individuals but communities as well,” said Mends-Cole.
The Sweetness of Collective Giving
This year’s Vineyard event featured Dr. Myechia Minter-Jordan, vice-chair/founder of The New Commonwealth Racial Equity and Social Justice Fund (NCF), and Elaine Welteroth, author, journalist, and founder of birthFUND. Roughly 75 attendees attended, including high-net-worth clients, prospects of JPMorgan’s Private and Commercial Bank, and business owners interested in equity-focused philanthropy and collective giving.
The two Black women founders discussed how they actively address gaps in their communities and how they’ve mobilized their networks to support their cause. NCF has reinvested more than $13 million into more than 250 Black and Brown-led nonprofits across the Commonwealth of Massachusetts, while birthFUND provides grants to cover the cost of holistic perinatal care and midwifery birth support.
Mends-Cole said NCF raised $40 million in less than four years by pooling together men and women from corporate America who donated as individuals but also asked their corporations to match their giving. Welteroth discussed utilizing her social media platform and visibility as a former editor of Teen Vogue to attract high-profile trusted voices like Serena Williams and others to join the journey of uplifting the stories of the Black maternal health crisis. Thus, Mends-Cole said, birthFUND raised $1 million in just a few months.
“Part of the magic is that all the resources are in our community to show up in the way that we need to differently, but we have to do so in a very different way collectively,” Mends-Cole said. “And as a firm, we’re here to support that.”
On the Vineyard and Beyond
“The Sweetness of Giving” is among the comprehensive Black wealth-strategy activations taking place on the Vineyard, with more to come in various cities this year. On Aug.1, JPMorgan Chase Chairman and CEO Jamie Dimon and executives hosted the Black Wealth Summit, including the “Reception in Celebration of Black Wealth Strategies” at Atria in Martha’s Vineyard. With a recorded attendance of over 180 clients, the reception featured welcome remarks by Deb Langford, Head of Black Wealth Initiatives, followed by a Q&A session with Dimon.
“It was an honor to spend time on Martha’s Vineyard with our clients and other members of the community,” Dimon said. “When JPMorgan Chase comes into a town or village, we aim to bring the full force of our company to all who live or do business there—helping nonprofits, individuals, hospitals, schools, small and big companies. Helping a community thrive is good for everyone.”
Other activations include an Atlanta-based “The Sweetness of Giving” held earlier this year and Advancing Black Pathways and Advancing Hispanic and Latino Wealth Tours, which kick off this fall in Atlanta and Houston. JPMorgan Chase & Co. has also made its $30 billion Racial Equity Commitment a permanent part of its business beyond the original five-year plan.
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