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Should large institutional investors divest or engage if they have an issue with a company? Harvard Business School professor Vikram Gandhi discusses why and how CalSTRS, the $200 billion pension plan for California public school teachers, chooses to engage with gun makers and retailers in California in his case, CalSTRS Takes on Gun Violence.

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TRANSCRIPT

BRIAN KENNY: 2017 was a milestone year, but for all the wrong reasons, because that year marked the first time that more people were killed by firearms than in car accidents. It was also a record breaking year when a shooter in Las Vegas killed 58 people and injured hundreds more, setting a new record for death toll in a mass shooting. And in 2017, 2,500 school children died from gun-related injuries. A report released in September of 2019 by Congresss Joint Economic Committee found that teens and adults in the U.S. are 50 times more likely to die by gun violence than they are in other countries. The report highlights the fact that, in addition to the staggering human toll, gun violence carries substantial economic costs that include lost income and spending, employer costs, police and criminal justice responses, and healthcare treatment. In the five states with the highest rate of gun deaths that year, the report estimates the economic toll to have been $17.5 billion dollars. Today, well hear from professor Vikram Gandhi about his case entitled, CalSTRS Takes on Gun Violence. Im your host, Brian Kenny, and youre listening to Cold Call, recorded live in Klarman Hall Studio at Harvard Business School. In addition to teaching at Harvard Business School, Vikram Gandhi is the founder of Asha Impact, an impact investing platform. He also spent 23 years in investment banking, so you know a thing or two about economics, Im guessing Vikram? Thanks for joining us today.

VIKRAM GANDHI: Thank you. Thank you Brian.

BRIAN KENNY: Great to have you here. This is sadly a case thats sort of ripped from the headlines. Were reading about this every day. People are experiencing it far more often than they should, the episodes of gun violence in our country. I think they will be able to really relate to this case, and it does give a sort of a glimmer of hope about maybe another way to get at this problem that doesnt rely on a political system that just seems completely mired and unable to move on it. Im going to ask you to start the way we usually do here. Can you just sort of set up the case for us? Whos the protagonist and whats on his mind?

VIKRAM GANDHI: CalSTRS is the California Public Teachers Retirement System. Its the largest pension plan in the US for teachers. Its based in California. Essentially, they have assets under management of a little over $225 billion, and so from their perspective, they are a diversified financial services firm. But beyond the fiduciary obligations of generating financial returns, they do view themselves, given their position, given their size, of having a broader objective and what we call more conscious capitalism, if you will. The stage here really was in a context of the course that weve developed and teacher at the Harvard Business School, which is investing risk return and impact, then in addition to the traditional metrics of analyzing investments from a risk return standpoint, how do large investors, whether it be in the public markets or the private markets, bring in impact into the equation? For large institutions, shareholders like CalSTRS, having influence on the companies that they invest in is important, and the influence takes two forms. One is a values, its an expression of values. But equally if not more importantly, its value. So, if they feel that there are things that companies should do to improve long-term value, to reduce long-term risk, they will be much more active in the investment process. The case is really set about the fact to kind of get this across to students, which is the whole objective of large institutional investors could do two things when they have an issue with a company. They could divest or they could engage. This case is about a large investor like CalSTRS choosing to engage with an industry, even though they were getting a lot of pressure within California, as teachers, theyre the pensioners, the actual employees. As you rightfully said at the start here, all the shootings at the schools. There was quite a bit of pressure from the teachers to kind of sell all these stocks and get out of them. CalSTRS view was that by just divesting, are we actually going to achieve anything or should we engage? That was the big debate. Thats a debate that happens not just in gun control, its happening. Its a massive debate happening at fossil fuels. Its happened in the past in tobacco and theres still a debate around that. Thats the broader context of the case.

BRIAN KENNY: Weve had you on the show before, so thank you for coming back. I guess it wasnt too bad the first time. Thats good.

VIKRAM GANDHI: Its my pleasure to be here.

BRIAN KENNY: Im curious as to how this case relates to your research. Why did you decide to write about CalSTRS?

VIKRAM GANDHI: The research that we have is the engagement by large institutional shareholders. As I said, the key issue here in terms of our research on the course is that should big pools of capital have an objective of generating returns, which is their fiduciary obligation, but also making a difference. As I said, making a difference, not just from the point of view of values, but a point of view that if you are a long-term shareholder like CalSTRS is, you have to influence outcomes, which would reduce risk over time. So as far as gun manufacturers and gun distributors go, there is a big risk over time, a societal risk, the risk of all the things that youve mentioned at the start of the program. They could either just get out of it and not deal with the issue, but they chose to engage.

BRIAN KENNY: We here being in a higher education environment as we are, we feel the same kind of tension for Harvard and where it invests.

VIKRAM GANDHI: Thats right. I mean, just at the Harvard College commencement at the speakers day in May, I was in the audience, and Vice President Gore within five minutes was making a case as to how the Harvard endowment should sell fossil fuel stocks. Thats a big debate. Just last week, Bill Gates basically as an interview with the Financial Times said, Well, by divesting, youre not changing anything. But by engaging or investing in new energy related technologies, you may be able to actually make a difference.

BRIAN KENNY: And thats at the heart of this case.

VIKRAM GANDHI: The pros for the divestment case though, just from the other side, is that if enough people sell stocks that there would be pressure on companies to justify the existence. A big example thats given is apartheid. There was a huge push on the part of both investors and there were obviously broader issues to get out of stocks that companies that did business with South Africa. I think that was a large component. People will use that as an example that if theres enough pressure put on by selling and through various other sources, that could make a difference in behavior.

BRIAN KENNY: And thats kind of come up a little bit later in our discussion, too. Just for people who arent familiar with CalSTRS. I was surprised at just the sheer size of them. California is a big state, but boy. Can you describe them a little bit?

VIKRAM GANDHI: CalSTRS is a, as I said, about 225 billion. Its a diversified, professionally-run investment organization, but that governance structure is such, because they are a public pension plan, is that theyve got some teachers representatives on the board, theyve got political representatives on the board, some of the ex-officio members who work there on the board. Its a governance structure which is complicated and with a lot of different people with a lot of different objectives. Essentially, the CIO, Chris Ailman, doesnt have an easy job. Hes got to keep on balancing a whole bunch of different things. But the fundamental issue is theyve got to generate enough return to pay the pensioners from this deal.

BRIAN KENNY: Got to pay the bills, right?

VIKRAM GANDHI: Got to pay the bills.

BRIAN KENNY: Theyve got almost a million pensioners that they represent?

VIKRAM GANDHI: That is correct. Yeah. Yeah.

BRIAN KENNY: Many of whom I would assume, being teachers, being in the educational space, would probably be sympathetic to this notion, but they also want their returns to be good on their pensions.

VIKRAM GANDHI: The gun issue has come kind of to the forefront the last few years, but tobacco has been an issue for a long period of time. The California pension plans had divested off tobacco for the reasons I said. But they did do an analysis recently, which is in the case, that as a result of not investing or basically having divestment strategies for tobacco, and some things they have to divest because legislation requires them to divest. I will not invest in companies, and its by legislation. You know, companies doing business in a certain which the US dont want to do business with. Was the last year of returns was like $6 billion and a big chunk of that would have been tobacco stocks. The question then becomes, well, all right, that money, by divesting off tobacco stocks, you underperformed by few billion. But from a long-term risk-management perspective, you shouldnt own those stocks. But now I know one of the other pension plans, CalPERS is also evaluating whether they should have divested off tobacco stock and whatever they should get back into them.

BRIAN KENNY: Its complicated, like you said.

VIKRAM GANDHI: Its very, very complicated. Then some of the politicians will have one perspective. The teachers that have another perspective. The people who are professionally running the organization from a money management perspective will say, Hey look, I need to generate a return to pay you guys. Its all much more complicated than just running a regular asset management company.

BRIAN KENNY: How does it perform overall? Historically how has it gone??

VIKRAM GANDHI: So, their target over time is to have a return of 7% or more, and on average they have outperformed that.

BRIAN KENNY: Okay. They manage a lot of funds. Im sure they work with a lot of fund managers and doing that. How much clout do they have in sort of engaging in those relationships?

VIKRAM GANDHI: They are big investors, so size helps. They have a lot of clout and theyve been very active, for example, in the whole issue of engagement. They started off with things like transparency in reporting in climate, impact on climate. Theyve had a big push on board diversity. They had in 2017 a campaign around disclosure of climate data, and engaged with the hundred most companies they felt were not disclosing the information. Nearly 30, 40% of them as a result of that engagement started disclosing. I think they have a lot of clout in the market.

BRIAN KENNY: Theyre one of these firms that we would look at as an ESG. The last discussion that you and I had was around a similar kind of fund. For people who arent familiar with ESG, can you describe what that is?

VIKRAM GANDHI: ESG stands for environmental, societal, and governance factors. This is bringing in ESG the environment, the impact on society in different ways, as well as good governance into the investment equation. Again, if you were to step back and just think of it logically. If youre a long-term investor and you dont factor those things in, you probably are making bad investment decisions. But until now there really has not been that much data thats been kind of supplied by companies to evaluate that, and theres a big push around that. Thats where the transparency should come in. But also, theres more and more evidence that companies that focus on the four or five ESG things that matter to their business. ESG factors in financial services are different than technology or different in consumer product companies. But if you focus on the ESG factors that matter to their business, they do outperform within a period of time. And so, incorporating these factors in is become quite an important initiative of the asset management industry.

BRIAN KENNY: You look at organizations like this a lot. I mean, I wonder how many people think about ESG as sort of a, Oh, this is the soft, squishy side and theyre not looking at returns, theyre concerned about morals and values, and probably write it off as a result of that. Is that a tension that exists here?

VIKRAM GANDHI: I think that used to be a tension. I think were moving away from that for a few reasons. One is that, first of all, theres a lot of demand on the part of investors to push this. There have been studies done on millennials and how millennials are much more focused on ESG issues. Theres now more and more data which suggests that if you dont include ESG analysis you probably are not making good investment decisions. I think while there are still a lot of skeptics that this is the flavor of the day, I think were kind of beyond that. Its moved from being a due diligence, tick the box issue. If I talk to a lot of the large institutional investors like CalSTRS, they have incorporated ESG into that core risk management, long-term risk management, which is part of this engagement with the gun companies. But theyve also started to think about incorporating ESG to find alpha, so actually to outperform the market. There are a couple of other instances of asset managers who have been using ESG to find undervalued companies, and as a result of generally consistent alpha over the last five, ten years.

BRIAN KENNY: So, returns, results will really make the case for this.

VIKRAM GANDHI: Results, exactly.

BRIAN KENNY: Lets go back to CalSTRS for a minute. When they chose to divest of tobacco that was probably a very controversial decision at the time. We mentioned that they took a financial hit as a result of that. Did that give them trepidation kind of going into this next decision that they had to make?

VIKRAM GANDHI: I think it did. The pension plans also just given their size cannot be seen as being too off the index. So, if they divest of companies, which as they say, that reduces the tracking error or increases the tracking error or the index, then that causes them problems. Maybe tobacco was one of those. But then tobacco when it happened, was really a political thing. I think somebody was running for governor at the time and basically had them divest tobacco stocks and then use that as a platform to promote health, his health objectives, et cetera. Then I think they didnt really change that. There was a debate. I think there were some public hearings where a lot of the pension has said, Why are we in gun stocks? Why does our pension plan own gun stocks, whether it be manufacturers or distributors? They came to the view that a gun manufacturer, thats what they do. By not being there to engage with them, theyre not going to go away, unless everybody stops buying gun stocks. The cost of capital doesnt go up, nothing goes up. And so, a gun company is going to be manufacturing guns. For the distributors, this is a big source of revenue. And so by us divesting, thats not going to change, so why not engage in a way that could make the gun industry safer?

BRIAN KENNY: What were they hoping to achieve? How were they hoping to do that?

VIKRAM GANDHI: Its really through the proxy process and through engagement with senior management to the extent theyre willing to engage. But its the proxy process. And so what CalSTRS did was they said we dont want to be the only ones doing it, so they brought together 14 large investors, which together with CalSTRS represented $5 trillion worth of assets. A lot of those discussions happened here at the Harvard Business School. We had actually helped initiate that. In fact, it was one of our students, Christy Wood, who was a senior executive of CalPERS. She was at the Advanced Leadership Initiative at Harvard and she wasnt in our investing for impact class when we were talking about this, this was in 2017. Thats where she took the lead along with Sean Cole, myself, and a few others, and worked with Chris Ailman on this. We were kind of the convening agent, if you will, to get it going. Then they brought the 14 investors in and have come out with these principles of a responsible civilian firearms industry.

BRIAN KENNY: What are the principles?

VIKRAM GANDHI: There are basically five principles which deal with the whole supply chain of the industry. A couple of them are for the manufacturers of essentially focusing on safer guns, improving the technology and improving the R&D, making them safer. Reducing gun manufacturing, that is more on the automated side in terms of civilian distribution. Then on the distribution side is to educate employees on improving background checks. Basically if you go through the five, its around either improving the technology of guns to make them safer or its about educating and actually implementing. Because the gun companies cant change the regulation. Thats a separate discussion in the legislature. But what the gun companies can do is implement what is their right now, which is educating employees, doing the right kind of background checks. Because most of these cases, which at least is my understanding, is that most of the cases where guns have been used in these cases, the background check wasnt done correctly or something happened. Which would not have happened if things had been done correctly. There are some very practical suggestions and there are five principles. The idea was, and they have been doing it this proxy season, the last three or four months, of engaging with the companies through the proxy process or directly with managements on those principles.

BRIAN KENNY: How do the gun manufacturers react to this?

VIKRAM GANDHI: In the case, we have a couple of situations. This is before the case, while the case was written, but in the last proxy season in 2018, we have two gun manufacturers there which had proposals from shareholders which talk about disclosing what the gun manufacturers are doing to make gun distribution safer and technology safer, and to just report that on a more broad basis.

BRIAN KENNY: Thats them reporting out what theyre doing?

VIKRAM GANDHI: Them reporting what theyre doing and also putting out actions that they plan to do, et cetera. These were shareholder proposals, not management proposals. Both the proposals at these companies had got a majority vote, but the companies still are not bound to do it and they didnt do it. Right? Because of the US shareholder proposals. Thats partly what triggered them to say, Okay, we need to have lots of investors coming together, come up with some principles, and make things happen.

BRIAN KENNY: Because they have the leverage.

VIKRAM GANDHI: They have the leverage. So this last season, still the proxy season hasnt completed, but my understanding is that both the distributors and the gun manufacturers in certain situations are focusing on the five principles and working towards them.

BRIAN KENNY: Theyre coming around, it sounds like?

VIKRAM GANDHI: Theyre coming around, but this is a slow process. Changes through proxy and by large institutional shareholders, it took a long time for the energy companies to start disclosing what their impact on clients is. It took maybe four or five years. The hope is this will just be a shorter process.

BRIAN KENNY: You referenced apartheid earlier. There was a sort of a playbook for them to refer to when they developed their own principles. Can you describe that?

VIKRAM GANDHI: The playbook is that investors have a big influence as you said, but the fact is that there will be other investors who dont really bother by these things. If they think its a good financial investment, theyre going to make the investment. What the hope here is that when combined with large investors doing this, combined with, as you know, theres a lot of debate in Washington about this, just the public coming behind this, that there will be bold behavioral change on the part of companies. I mean, youve seen the recent announcements by Walmart and some of the other distributors, that people will come around to this, and that collectively, as it did in the case of apartheid, things will change.

BRIAN KENNY: Is this a situation where a CalSTRS could reach out to places like Walmart, the people who are actually selling the guns, and try to enlist them in the same effort?

VIKRAM GANDHI: When I say manufacturing and distributors, the distributors are the Walmarts of the world, right? Thats where the guns are sold. Its about improving point of sale checks, point of sale background checks, basically educating employees that when someone comes in and if you feel through various questions, et cetera, that this person perhaps we should be careful about selling a gun to them, they should alert the right people within the sales process. There are things like that. They have been very focused on improving some of those metrics.

BRIAN KENNY: Im just curious, how do you keep something like this from becoming politicized and particularly in the current climate that were in?

VIKRAM GANDHI: I think its very hard. Where the investors are coming from is that theyre not expressing a political point of view here. I mean, theyre not saying we shouldnt have gun manufacturers. Theyre not saying killing the distribution to distribute guns. Theyre saying within the context of the industry as it exists today, long-term risk management of these companies, theres a long-term risk that if things are not done correctly, that those industries, there could be a massive backfire on those industries, both from a legislative perspective and a public perspective. Therefore, they should proactively as long-term management be thinking about making these changes. Theyve been very, very careful of, this is not a question of we are against the gun industry.

BRIAN KENNY: The case doesnt get into this at all, but Im wondering has the NRA had any kind of a role in this?

VIKRAM GANDHI: No, they have not. They have not.

BRIAN KENNY: Okay. Have you discussed this in class before?

VIKRAM GANDHI: We taught this case in our last class, because we finished writing it in October last year. We taught it in November just after the principal. The principals came out in November, 2018 and we taught the case, and Chris Ailman came to the class.

BRIAN KENNY: I dont want you to give away any big secrets, but were there any insights that you didnt expect?

VIKRAM GANDHI: Yes and no. I mean, it was interesting that the class, while you make the case for engagement, there was quite a few people who felt that we should divest. And if all investors came behind and divested, you would actually have more of an immediate impact. I was surprised by the number of people who felt that way. As I said, there was Vice President Gore making the case over here. But the point really, what I think we didnt come to a conclusion was, again, which one is better, because both of them take lots of time. Both of them actually involve large pools of capital coming together to work together towards a common objective.

BRIAN KENNY: And if you assume that the gun industry is going to continue to operate, whether you divest or not and theyre going to continue to be people who want to buy guns, then engaging seems like a more effective stance to take.

VIKRAM GANDHI: Thats what a lot of folks who are against the other big hot button right now is fossil fuel, sale of companies that have fossil fuel. As I mentioned before, Bill Gates and others have come out well by selling fossil fuel stocks, are you changing behavior? Especially since a lot of actual investment buy into renewables can actually come from those companies. As they change, theyre the generating focus. Would it not be better to engage in that discussion?

BRIAN KENNY: Do you think this is kind of the next phase in the evolution of ESG? Ive been hearing our faculty talk about this for more than a decade now, and it started out as kind of a reporting thing, and lets be transparent. This feels to me much more significant as a way to apply leverage than just reporting.

VIKRAM GANDHI: Absolutely. I think people have realized that this is long-term risk management, and that there is opportunity to generate alpha. As a result, theres a lot more focus on this. Thats coming from the suppliers of capital, the asset owners. Its coming from more better data, et cetera. And its also coming from more tangible evidence that being engaged in these topics does produce risk and potentially increase returns.

BRIAN KENNY: To your point earlier, it addresses the sort of values sensibility of this millennial generation who are going to be the majority of our workers in no time at all.

VIKRAM GANDHI: We are also seeing activists. CalSTRS for example, they wrote a letter to Apple, which we also have another case on, early last year. They werent being hostile or anything, but it was a public letter. They laid out all the evidence which shows that child addiction to screens is becoming a big medical issue both in terms of physical and mental health of children. And that for a company like Apple not to do something about controlling screen time is a long-term risk to the stock.

VIKRAM GANDHI: I dont know if you recall, but last summer suddenly you found that there was an update on the app, and you had screen time limits, and you could actually adjust.

BRIAN KENNY: Yes. That was a result of that? Oh?

VIKRAM GANDHI: They never promised that was a result of that, but that letter went out in January. Again, it wasnt anything about, well, we are here for the health of the people, et cetera. It was pretty hard-nosed. At long-term, if you dont do something about screen addiction, its going to come back and bite you. I think as a result of that, now you go on and parents can control the amount of time, they can track which app is being used the most, and why, and the apps shut off after a couple of hours if thats how its programmed on the phone.

BRIAN KENNY: Its a different way of sort of getting at this is the right thing to do, not just because its the right thing to do morally, but its the right thing to do from a risk management perspective.

VIKRAM GANDHI: Correct. The pension plans particularly and the endowments have to be very focused on that because they have a fiduciary obligation, so they cannot be actually investing or doing things or not investing because of values. What they can be doing is bringing in ESG, because long-term its a risk management issue, which is an important fiduciary obligation of the pension plan.

BRIAN KENNY: Vikram, thanks so much for joining us.

VIKRAM GANDHI: Thank you, Brian. Pleasure.

BRIAN KENNY: Thanks for listening to Cold Call. I want to let you know about the newest podcast from Harvard Business School, Climate Rising. Its about what businesses can and should do to confront climate change. In each episode, host David Abel of the Boston Globe gleans insights from HBS faculty, business leaders, and policy makers who are pioneering new ways of doing business in the age of climate change. Its produced by our Business & Environment Initiative and you can find it on Apple Podcasts or wherever you listen. Im Brian Kenny and youve been listening to Cold Call, an official podcast of Harvard Business School, and part of the HBR Presents network.

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Why CalSTRS Chooses to Engage with the Gun Industry - Harvard Business Review

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Lab Use Production Use

Most important Application of Microreactor Technology study covered in this report are:

Specialty Chemicals Pharmaceuticals Commodity Chemicals

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The industry experts have left no stone unturned to identify the major factors influencing the development rate of the Microreactor Technology industry including various opportunities and gaps. A thorough analysis of the micro markets with regards to the growth trends in each category makes the overall study interesting. When studying the micro markets the researchers also dig deep into their future prospect and contribution to the Microreactor Technology industry.

The market intelligence report combines the best of both bottom-up as well as top-down techniques to verify and predict the growth of the Microreactor Technology industry worldwide. While assessing the global size of the industry, researchers also examine the dependent submarkets.

The research comprises of an extensive application of qualitative and quantitative methods to identify the impact of technological developments in the field and options available in the Microreactor Technology business.

Key Coverage of the Report

Region and country-wise assessment from the period 2016-2026. For the study, 2016-2017 has been utilized as historical data, 2018 as the base year, and 2019-2026, has been derived as forecasts for the Microreactor Technology market.

Regional Competitors pipeline analysis.

Demand and Supply GAP Analysis.

Market share analysis of the key industry players.

Strategic recommendations for the new entrants.

Market forecasts for a minimum of 6 years of all the mentioned segments, and the regional markets.

Industry Trends (Drivers, Constraints, Opportunities, Threats, Challenges, and recommendations).

Strategic recommendations in key business segments based on the market estimations.

Competitive landscaping mapping the key common trends.

Company profiling with detailed strategies, financials, and recent developments.

Browse Full Report [emailprotected] https://www.marketexpertz.com/industry-overview/global-microreactor-technology-market

Get to know the business better:The global Microreactor Technology market research is carried out at the different stages of the business lifecycle from the production of a product, cost, launch, application, consumption volume and sale. The research offers valuable insights into the marketplace from the beginning including some sound business plans chalked out by prominent market leaders to establish a strong foothold and expand their products into one thats better than others.

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What is the market size of Microreactor Technology ? - Alpha News Report

An fully lit Advent wreath. Photo by Steve Grant/Creative Commons

(RNS) St. Ignatius of Loyola in his Spiritual Exercises asks his readers traditionally those on retreat to imagine themselves on their deathbeds. He hopes this meditation will help the retreatants to look at their lives and see what is really important and what is not, to see what they are doing right and what they are doing wrong.

The emotions we experience while thinking about our death tell us a lot about who we are and how much we trust God. Do we face death with hope or fear, are we going to a friend or to a judge?

In truth, this is not just an imaginary exercise, because we are all on our deathbeds. Life is a terminal disease; we are all going to die, we just dont know when.

The church uses Advent, which started Sunday (Dec. 1), much the same way that St. Ignatius uses the meditation on death. The scripture readings for the First Sunday of Advent speak to us of the second coming of Christ (not the coming of baby Jesus at Christmas). This is not an imaginary exercise, either, because Jesus is coming, we just dont know when.

How do we feel about his coming?

Suppose Jesus visited you right now? How would you react?

My first reaction would be, Hey Jesus, I am on deadline, can you come back later?

Next, I would become very nervous at the thought of Jesus looking over my shoulder while I am writing.

What are the things you are doing that would make you nervous or embarrassed if Jesus were here? What are the things that would make you want to postpone the coming of Christ? How would your life change if you knew Jesus was coming at the end of this Advent?

The Gospel of Matthew tells us to be watchful, stay awake, the Son of Man is coming. To some extent Matthew is trying to scare us into doing good and avoiding sin. Sometimes we need to be scared to avoid doing something stupid or bad.

But the second coming of Christ should not just inspire fear. After all, this is Jesus coming, not the Punisher of Marvel Comics. We do not greet a friend with fear, but with a smile. Jesus comes as a friend.

In Sundays Old Testament reading, Isaiah sings with joy about the coming of God who will instruct us in his ways and impose terms of peace and justice on the nations. There will be no more war or want, swords will be beaten into plowshares. The coming of Christ will be a time of rejoicing, a time of peace and justice, especially for the suffering and the oppressed. This is why we pray for the coming of the Fathers kingdom in the Lords Prayer.

The coming of Jesus is viewed differently by prophets depending on whether they are optimists or pessimists. The prophets are like science fiction writers. Some sci-fi writers see the future as an apocalyptic wasteland. They think that aliens are coming to enslave us or eat us.

Other writers see the future in optimistic terms; the world is going to get better and better. They believe ET will be our friend.

Advent wreaths have many different designs and styles, including exposed candles. Photo courtesy of Brent C via Creative Commons

Likewise, pessimistic prophets believe that humanity will mess things up so badly through war, injustice, pollution and greed that we will destroy ourselves. Jesus will have to come to save us. Only the elect will have remained faithful. The Book of Revelation takes this view.

On the other hand, the optimistic prophets believe that humanity, with the help of the Spirit, can make the world a better place, a place of justice and peace. We can build the city of God; through our actions we can build the kingdom of God. We prepare for the coming of Christ.

Pope Benedict spoke of the risen Christ as the next step in human evolution. As we become more loving, more Christ-like, we bring Christ into our world.

Which is true, the optimistic view or the pessimistic view? Both are legitimate interpretations of Scripture.

There is a lot of evidence to support the pessimistic view: nuclear weapons, pollution, drugs, poverty and ethnic, racial and religious hatreds. Even the church is in bad shape. Reading the newspaper or watching the news can easily convince us that we are headed to disaster. Today, it is global warming that is most scary. We are close to damaging our planet in a way that will take centuries to heal. Time is running out. The end truly is here unless we change our ways.

But there are also signs of hope supporting the optimistic view. Nuclear weapons are still here, but we have gone more than 70 years without using them again. Pollution is rampant, but more and more people, especially young people, are becoming environmentally conscious.

Racism and homophobia are still prevalent, but many are standing against it. The refugees, the homeless and the hungry are too prevalent, but countless people are giving their time and making sacrifices to help those in need. Our church is more sinful than holy, but we have a pope who calls us to have compassion on Mother Earth and all her children.

Will Christ come to save us because we have made a mess of it, or will we work together as the body of Christ to make the world a more welcoming place for Christs coming? The choice is ours. This is what it means to be free. We can choose how history will end: with a bang, with a whimper or with the coming of Christ.

As we continue through Advent, the Scriptures ask us to be watchful and wait for Christs coming, but we are also asked to prepare the way of the Lord, to make straight his paths.

Let us take the next step in human evolution and put on the Lord Jesus Christ. Let us reverse global warming. In the words of Isaiah, put on the armor of light. Beat your swords into plowshares. Come, let us climb the Lords mountain; let us walk in the light of the Lord. Through love let us transform the world. The Son of Man is coming at the time you least expect.

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Will the World End With a Bang, a Whimper or Christ? - Word and Way

This extensive analysis sheds light on an array of intangible aspects connected with the business such as important definitions, end use and total revenue garnered across different regions. The researcher has taken a conscious effort to get a closer look at some of the top performers of the Air Chain Hoist industry. Other essential aspects evaluated during research include import and export, demand and supply, distribution channel, gross margin and supply chain management. To add more credibility to the research the study examines the winning strategies adopted by the prominent vendors to maintain competitive edge worldwide. Vital statistics on the business performance is projected using self-explanatory resources charts, tables and graphic images

This study relies on the evolution of the industry to derive the trends that are observed. A significant increase in the global market is visible, which promises the expansion of the market in the coming years.

The report focuses on the emerging sectors of the industry and their potential impact on the growth of the market in the forecasted duration. It highlights the concentration of the consumer bases of key companies geographically and the contribution of these companies to the regional economy. The study gives a historical analysis to draw the prospective growth of the market size, share, trends, overall earnings, gross revenue, and net value. It provides a detailed outlook of the market along with expert insights to assist the readers in their investments.

Click To get FREE SAMPLE PDF (Including Full TOC, Table & Figures) @ https://www.marketexpertz.com/sample-enquiry-form/67570

The major manufacturers covered in this report:

Columbus McKinnon,KITO,JD Neuhaus,Ingersoll Rand,Toku,Atlas Copco,KHC,Endo-kogyo,Chengday,Shanghai yiying,Shanyan,PLANETA Hebetechnik,Changzhou Meiseng

Create an everlasting reputation:The report on global Air Chain Hoist market is intended to offer business owners, stakeholders and field marketing executives a broad overview of the business they should be focussing on for the estimated period. The research further holds vital information on the size of market and data on the prominent leaders product owners have to compete with, in the coming years. Assessments of the broad strengths, as well as weaknesses too, add value to the overall research. Products details not only cover the popular applications and its performance, but it also unveils certain trends and value of specific products within specific regions.

Vital statistics associated with the sudden shift in the customer preference, production capability; region-wise sale, profit and total revenue are showcased through detailed charts, tables and graphic images.

Most important Products of Air Chain Hoist study covered in this report are:

Light Duty Medium Duty Heavy Duty

Most important Application of Air Chain Hoist study covered in this report are:

Oil & Gas General Industry Construction Mining & Excavating Operation Others

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The industry experts have left no stone unturned to identify the major factors influencing the development rate of the Air Chain Hoist industry including various opportunities and gaps. A thorough analysis of the micro markets with regards to the growth trends in each category makes the overall study interesting. When studying the micro markets the researchers also dig deep into their future prospect and contribution to the Air Chain Hoist industry.

The market intelligence report combines the best of both bottom-up as well as top-down techniques to verify and predict the growth of the Air Chain Hoist industry worldwide. While assessing the global size of the industry, researchers also examine the dependent submarkets.

The research comprises of an extensive application of qualitative and quantitative methods to identify the impact of technological developments in the field and options available in the Air Chain Hoist business.

Key Coverage of the Report

Region and country-wise assessment from the period 2016-2026. For the study, 2016-2017 has been utilized as historical data, 2018 as the base year, and 2019-2026, has been derived as forecasts for the Air Chain Hoist market.

Regional Competitors pipeline analysis.

Demand and Supply GAP Analysis.

Market share analysis of the key industry players.

Strategic recommendations for the new entrants.

Market forecasts for a minimum of 6 years of all the mentioned segments, and the regional markets.

Industry Trends (Drivers, Constraints, Opportunities, Threats, Challenges, and recommendations).

Strategic recommendations in key business segments based on the market estimations.

Competitive landscaping mapping the key common trends.

Company profiling with detailed strategies, financials, and recent developments.

Browse Full Report [emailprotected] https://www.marketexpertz.com/industry-overview/global-air-chain-hoist-market

Get to know the business better:The global Air Chain Hoist market research is carried out at the different stages of the business lifecycle from the production of a product, cost, launch, application, consumption volume and sale. The research offers valuable insights into the marketplace from the beginning including some sound business plans chalked out by prominent market leaders to establish a strong foothold and expand their products into one thats better than others.

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What will be the growth of the Air Chain Hoist Market by 2026? - Alpha News Report

Industry Analysis of Suspension Fork Market

This extensive analysis sheds light on an array of intangible aspects connected with the business such as important definitions, end use and total revenue garnered across different regions. The researcher has taken a conscious effort to get a closer look at some of the top performers of the Suspension Fork industry. Other essential aspects evaluated during research include import and export, demand and supply, distribution channel, gross margin and supply chain management. To add more credibility to the research the study examines the winning strategies adopted by the prominent vendors to maintain competitive edge worldwide. Vital statistics on the business performance is projected using self-explanatory resources charts, tables and graphic images

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This study relies on the evolution of the industry to derive the trends that are observed. A significant increase in the global market is visible, which promises the expansion of the market in the coming years.

The report focuses on the emerging sectors of the industry and their potential impact on the growth of the market in the forecasted duration. It highlights the concentration of the consumer bases of key companies geographically and the contribution of these companies to the regional economy. The study gives a historical analysis to draw the prospective growth of the market size, share, trends, overall earnings, gross revenue, and net value. It provides a detailed outlook of the market along with expert insights to assist the readers in their investments.

The following Top manufacturers are assessed in this report:

Lauf Forks,Dah Ken Industrial,DVO Suspension,RockShox (SRAM),Fox Factory,CANNONDALE,A-PRO,HL CORP?SHENZHEN?,Manitou,Cane Creek,SR Suntour,DT Swiss

The report on global Suspension Fork market is intended to offer business owners, stakeholders and field marketing executives a broad overview of the business they should be focusing on for the estimated period. The research further holds vital information on the size of market and data on the prominent leaders product owners have to compete with, in the coming years. Assessments of the broad strengths, as well as weaknesses too, add value to the overall research. Products details not only cover the popular applications and its performance, but it also unveils certain trends and value of specific products within specific regions.

Vital statistics associated with the sudden shift in the customer preference, production capability; region-wise sale, profit and total revenue are showcased through detailed charts, tables and graphic images.

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Market Segment by Type, coversCross Country Bike Downhill Bike Dual Slalom Bike Free Rider Bike

Market Segment by Applications, can be divided intoOEM Aftermarket

The industry experts have left no stone unturned to identify the major factors influencing the development rate of the Suspension Fork industry including various opportunities and gaps. A thorough analysis of the micro markets with regards to the growth trends in each category makes the overall study interesting. When studying the micro markets the researchers also dig deep into their future prospect and contribution to the Suspension Fork industry.

The market intelligence report combines the best of both bottom-up as well as top-down techniques to verify and predict the growth of the Suspension Fork industry worldwide. While assessing the global size of the industry, researchers also examine the dependent submarkets.

The research comprises of an extensive application of qualitative and quantitative methods to identify the impact of technological developments in the field and options available in the Suspension Fork business.

Get 15% free customization on this report @ https://www.marketexpertz.com/discount-enquiry-form/66587

Key Coverage of the Report

Region and country-wise assessment from the period 2016-2026. For the study, 2016-2017 has been utilized as historical data, 2018 as the base year, and 2019-2026, has been derived as forecasts for the Suspension Fork market.

Regional Competitors pipeline analysis.

Demand and Supply GAP Analysis.

Market share analysis of the key industry players.

Strategic recommendations for the new entrants.

Market forecasts for a minimum of 6 years of all the mentioned segments, and the regional markets.

Industry Trends (Drivers, Constraints, Opportunities, Threats, Challenges, and recommendations).

Strategic recommendations in key business segments based on the market estimations.

Competitive landscaping mapping the key common trends.

Company profiling with detailed strategies, financials, and recent developments.

Browse Full Report[emailprotected] https://www.marketexpertz.com/industry-overview/global-suspension-fork-market

Get to know the business better:The global Suspension Fork market research is carried out at the different stages of the business lifecycle from the production of a product, cost, launch, application, consumption volume and sale. The research offers valuable insights into the marketplace from the beginning including some sound business plans chalked out by prominent market leaders to establish a strong foothold and expand their products into one thats better than others.

Any special requirements about this report, please let us know and we can provide custom report.

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Suspension Fork Market 2019 | Analyzing the Impact Followed by Restraints, Opportunities and Projected Developments | Market Expertz - Alpha News...

This extensive analysis sheds light on an array of intangible aspects connected with the business such as important definitions, end use and total revenue garnered across different regions. The researcher has taken a conscious effort to get a closer look at some of the top performers of the Medical Nitrogen Generator industry. Other essential aspects evaluated during research include import and export, demand and supply, distribution channel, gross margin and supply chain management. To add more credibility to the research the study examines the winning strategies adopted by the prominent vendors to maintain competitive edge worldwide. Vital statistics on the business performance is projected using self-explanatory resources charts, tables and graphic images

This study relies on the evolution of the industry to derive the trends that are observed. A significant increase in the global market is visible, which promises the expansion of the market in the coming years.

The report focuses on the emerging sectors of the industry and their potential impact on the growth of the market in the forecasted duration. It highlights the concentration of the consumer bases of key companies geographically and the contribution of these companies to the regional economy. The study gives a historical analysis to draw the prospective growth of the market size, share, trends, overall earnings, gross revenue, and net value. It provides a detailed outlook of the market along with expert insights to assist the readers in their investments.

Click To get FREE SAMPLE PDF (Including Full TOC, Table & Figures) @ https://www.marketexpertz.com/sample-enquiry-form/66514

The major manufacturers covered in this report:

Oxymat,Asynt,Peak Scientific Instruments,On Site Gas Systems,Biobase,CompAir,Feda Nitrogen,Oxywise,ErreDue,Champion,CINEL,Isolcell

Create an everlasting reputation:The report on global Medical Nitrogen Generator market is intended to offer business owners, stakeholders and field marketing executives a broad overview of the business they should be focussing on for the estimated period. The research further holds vital information on the size of market and data on the prominent leaders product owners have to compete with, in the coming years. Assessments of the broad strengths, as well as weaknesses too, add value to the overall research. Products details not only cover the popular applications and its performance, but it also unveils certain trends and value of specific products within specific regions.

Vital statistics associated with the sudden shift in the customer preference, production capability; region-wise sale, profit and total revenue are showcased through detailed charts, tables and graphic images.

Most important Products of Medical Nitrogen Generator study covered in this report are:

PSA CMS Membrane

Most important Application of Medical Nitrogen Generator study covered in this report are:

Hospital Clinic

!!! Limited Time DISCOUNT Available!!! Get Your Copy at Discounted [emailprotected] https://www.marketexpertz.com/discount-enquiry-form/66514

The industry experts have left no stone unturned to identify the major factors influencing the development rate of the Medical Nitrogen Generator industry including various opportunities and gaps. A thorough analysis of the micro markets with regards to the growth trends in each category makes the overall study interesting. When studying the micro markets the researchers also dig deep into their future prospect and contribution to the Medical Nitrogen Generator industry.

The market intelligence report combines the best of both bottom-up as well as top-down techniques to verify and predict the growth of the Medical Nitrogen Generator industry worldwide. While assessing the global size of the industry, researchers also examine the dependent submarkets.

The research comprises of an extensive application of qualitative and quantitative methods to identify the impact of technological developments in the field and options available in the Medical Nitrogen Generator business.

Key Coverage of the Report

Region and country-wise assessment from the period 2016-2026. For the study, 2016-2017 has been utilized as historical data, 2018 as the base year, and 2019-2026, has been derived as forecasts for the Medical Nitrogen Generator market.

Regional Competitors pipeline analysis.

Demand and Supply GAP Analysis.

Market share analysis of the key industry players.

Strategic recommendations for the new entrants.

Market forecasts for a minimum of 6 years of all the mentioned segments, and the regional markets.

Industry Trends (Drivers, Constraints, Opportunities, Threats, Challenges, and recommendations).

Strategic recommendations in key business segments based on the market estimations.

Competitive landscaping mapping the key common trends.

Company profiling with detailed strategies, financials, and recent developments.

Browse Full Report [emailprotected] https://www.marketexpertz.com/industry-overview/global-medical-nitrogen-generator-market

Get to know the business better:The global Medical Nitrogen Generator market research is carried out at the different stages of the business lifecycle from the production of a product, cost, launch, application, consumption volume and sale. The research offers valuable insights into the marketplace from the beginning including some sound business plans chalked out by prominent market leaders to establish a strong foothold and expand their products into one thats better than others.

Why Choose Market Expertz?

Get 15% free customization on this report @ https://www.marketexpertz.com/discount-enquiry-form/66514

More here:
What will be the Medical Nitrogen Generator Market size and the growth rate by 2026? - Alpha News Report

The invention of social media has transformed the way football clubs connect with their fanbases. From Facebook to Twitter, to Periscope, Snapchat and Instagram, there is a host of digital platforms for clubs to pump out content. It has become a conversation, a social interaction to make people feel like they are part of the club.

But what is it like to be on the end of all of those love this admin or admin needs a payrise replies, or to see gifs and memes dominate the replies to tweets? The Athletic spoke to several social media managers to get their views on how football clubs can use these platforms to improve not only the way they interact with supporters, but for the benefit of society as a whole.

Twitter is the dominant platform for interaction, but it has evolved since it was first used by football clubs. Gone are the days of bland, corporate tweets. They have been replaced by fierce competition over who can come up with the quirkiest, most...

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From 'orchestrating banter' to being repeatedly told to 'announce Babacar': the exhausting world of running a... - The Athletic

Savange x Fenty show performance preview Amazon Prime Video Radical inclusiveness

Diversity in all its forms will break into mainstream culture by 2020. Greene gives us an example: Universal Standard that sells clothing from American size 4 to 40 (EU 34 to 70). Henning of Lauren Chan, on the other hand, makes formal clothing for work situations that flatters every type of body. Sainsbury's came up with an atypical pregnancy and breastfeeding line and Tommy Hilfiger, with Tommy Adaptive, focuses on consumers with a disability. Campaigns are also increasingly seeing models of real skin conditions such as psoriasis, acne, cellulite or stretch marks.

Fear also stimulates trends - the climate protest is driven by fear - and thus becomes - cynically enough - something that can be capitalized on. "Gen Z grew up with uncertainty, thinks progressively and is very entrepreneurial but with a social purpose. They see themselves as a brand, partly through social media and influencing. They think creatively, make something and sell it immediately, via social media. Retailers who want to appeal to Gen Z must realise that they are dealing with conscious consumers," says Greene. "They love vintage and unexpected categories such as anti-consumption brand Everybody.world or genderfree-shop Phluid. A trend that will become very important in 2020 is the impact of gaming. Greene: "For Gen Z, gaming is a form of social media. They meet on games, and date through apps. They make contact via Tinder and then meet each other on Fortnite. The world of gaming is interwoven with the visual culture. We already had virtual influencers like Lil Miquela, but now there is a complete intersection of gaming and beauty of fashion. For example, the Dazed Beauty platform brings unexpected, futuristic beauty reports with inspiration from cyberspace.

Greene also points to the so-called 'goal revolution' - a redefinition of why people are here, what makes them happy and what they spend their money on. Wellness is what millennials want today: from air purifiers to organic cotton and everything that makes us healthier and improves our lives. Sustainability is no longer a trend but the basis from which new brands can start," Greene explains. "Brands that aim to change consumer behaviour include By Humankind, a beauty label with reusable packaging, or For Days, where you can take out a zero waste T-shirt subscription. Another trend that comes under this is the vegan lifestyle, which is sustainable and good for your health. In addition, innovation in the field of sustainability is called the new luxury, such as new textiles as an alternative to animal materials, with Stella McCartney as the pioneer, of course. Social collabs are also being created, such as Guerlain x Unesco or Timberland's reforestation project", she further illustrates.

Photo: Timberland

The fifth trend mentioned by Greene responds to the general wave of isolation: "Social media can tend to make consumers unhappy or lonely. So brands are building new communities where activities and workshops are organised so that they can find that sense of belonging. Examples are the social bakery Luminary Bakery in East London, the collaboration of Vans with avant-garde gallery KK Outlet in Covent Garden and the pottery classes of Still Life Ceramics in L.A.".

The text continues after the video

"More and more is also becoming possible due to the rapid technological evolution", says the trendwatcher. "Lil Miquela now has more than 1.5 million followers and has deals with major brands such as Supreme and Diesel who sees her as a powerful marketing tool. Other examples include experience-focused e-commerce, such as Obsess, the shopping platform that leases out virtual, experience-focused stores to brands, as well as the investment in interactive mirrors from the sportswear brand Lululemon. In addition, technology is a source of inspiration for new products: game branding or virtual collections such as Jeremy Scott's collection for The Sims. Augmented reality filters are used to advertise products such as the Adidas Deerupt filter on Snapchat or Candy Crush filter on Instagram to increase brand awareness. It's the 21st-century version of the billboard," concludes Greene. Photo: Moschino The Sims

This article was originally published on FashionUnited.BE by Katrien Huysentruyt before being translated and edited to English

Main photo: Universal Standard campaign NYC metro

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Futurologist Lucie Greene: 6 trends influencing consumer behavior in 2020 - FashionUnited UK

Hollow, Kristy Johnson

This is the first of a four-part series from the winter 2019 edition of the Nonprofit Quarterly addressing the decline of small and mid-sized donor households. NPQ considers this issue an urgent matter for the entire sector.

The steady decline in the proportion of Americans who report making donations to charitable organizations is gaining more attention in the nonprofit sector, but it has yet to surface as a concern in private foundation spaces. The topic did not appear on any of the agendas of the major learning conferences for foundation staff this past year, hosted by groups like the Council on Foundations, Grantmakers for Effective Organizations, and Grantmakers in Health. With twenty million Americans having decided between 2000 and 2016 to stop contributing directly to charitable organizations,1 there should be concern not only for what this shift means for charitable organizations that depend on contributions from individuals to support their mission, but also concern among foundations. After all, foundations are themselves dependent on a healthy and thriving charitable sector to sustain the impact of their grantmaking and broad public confidence in charitable giving, as an underlying factor in their claims for legitimacy.

Although the apparent lack of awareness of or interest in this important trend is stunning, it is, to be fair, easy to miss the message of declining participation, when top-line messages in the media and in sector reports focus almost exclusively on the record high levels of charitable giving. According to the 2019 edition of Giving USA, giving by individuals totaled an estimated $292 billion, which represented a slight (and expected) decline from 2017 levels, but was still the second-highest amount in nominal dollars on record.2 Add to that the nearly $76 billion in foundation grants, the nearly $40 billion in bequests, and the $20 billion in giving by corporations, for a total of giving by individuals and organizations that reached over $427 billion in 2018.3 This paints a picture that is far from a crisis situation, even though the spread of this high level of giving is experienced unevenly across subsectors and organizations. However, these top-line figures that focus on the total levels of giving mask important and significant shifts in who is doing the giving.

Figure 1 (below) shows the declining share of Americans who report that they have made contributions to a charitable organization. To be clear, this is not a measure of Americans overall generosity, since it does not capture giving outside the context of formal charitable organizations. It would be a mistake to conclude from this figureas some dothat fewer Americans are participating in charitable giving, since it does not capture person-to-person giving, which is another way that individuals express their charitable impulses. Nor does it include political giving, which, like charitable giving, also serves as an expression of individuals values. What we can take away from this chart is that there is a declining preference for the kind of charitable giving that is directed to a charitable organization as the recipient. The record levels of giving reflect higher levels of giving by those who do give to charitable organizations.

Figure 2 (following) provides a snapshot of this dynamic across race and ethnicity groups. Almost 60 percent of white and Asian households gave to charitable organizations in 2015. (Note that the data presented as share of general population are data for 2015.) Black and Latinx households were less likely to donate to charitable organizations. However, controlling for wealth, giving participation is higher in Black households than all other groups (i.e., percentage share of population giving to charitable organizations). For those who do give, the level of giving, measured as a share of median family wealth, is higher for Black and Latinx families than white or other families (i.e., charitable giving as a percentage share of median family wealth). Given the high level of giving participation to nonprofit organizations among high-net-worth households across all race and ethnicity groups as shown in Figure 2, it is most likely that households choosing not to give to charitable organizations are in low- and middle-income households.

Evolving attitudes toward a focus on causes instead of organizations, and the growth in types of activities in which individuals can participate to feel connected to a cause, are part of the forces that are leading to decreased levels of participation in giving to charitable organizations. These organizations face greater competition for donors at a time when conscious consumptionor buying socially responsible goodsis increasingly being considered as a substitute for charitable giving, or when there is increased interest in receiving a monetary return through vehicles like impact investing or providing start-up capital to social enterprises.4

Additionally, the rise of social giving through the various crowdfunding platforms is reshaping the giving landscape by enabling the kind of person-to-person transactions that allow donors to directly help individuals in need of things like the means to cover medical expenses or memorial funds.

It is not clear whether these shifts are a result of donors increased interest in these new modes or if they are a reflection of dissatisfaction with nonprofit organizations among donors from low- and middle-income groups. What is made clear by these trends, however, is that donors are seeking impact through forms of giving that are not intermediated by charitable organizations in the traditional sense.

Unlike foundations, whose grantmaking is by and large restricted to charitable organizations, individual donors (especially those who are not seeking tax deductibility for their donations) have the flexibility to direct their donations to individuals or other types of nonprofit and social-welfare organizations.

What issues are raised for foundations when low- and middle-income donors are choosing to direct their donations in places other than charitable organizations? Two issues come to mind that reflect the complex interplay between individual and institutional philanthropy. The first relates to program sustainability and the desire of foundations to see that the work they support through their grants continues beyond the grant cycle. The second relates to the legitimacy of foundations and the reliance that foundations have on a general norm around charitable giving to underpin public support for the privileges they receive under the tax code.

One measure of the impact of foundation grantmaking is whether the projects that foundations support or the capacities that they help to develop in nonprofit organizations sustain beyond the grant period. This metric is especially relevant to foundations that are working in support of community change in particular places, and among those who view their grants as investments in sustained community capacity for social change.

In this context, the availability of other sources of funding is an important environmental factor that will determine whether projects and capacities can continue beyond the grant cycle. For many organizations, government funding and fee-based revenue are viable options, but the playing field is not level when it comes to which nonprofits have access to these resources.5 For many community-based organizations, their path to sustaining projects and capacities relies on their ability to connect with and attract donations from individuals across their community.

The loss of small and medium-sized donors who have stopped giving to nonprofit organizationseither because they are no longer able to make donations or have shifted their giving to alternative approachesis of great concern for the small and medium-sized nonprofits that depend on individual donations for their programming and for the flexible capital needed to develop their capacities for greater innovation and impact. These, in many cases, are the same organizations that large, multipurpose foundationswhich are trying to overcome historical legacies of distance and lack of transparency by connecting their work in closer proximity to the communities where they want to deliver impactraise concerns about vis--vis the sustainability of the projects, and see this as a barrier to funding their work. This sustainability challenge is not tenable in the long term for community-based organizations and the important purposes they serve in maintaining a healthy and vibrant charitable sector.

With so much focus on the instrumental dimensions of charitable giving (who gives and how much), the underlying expressive values that are connected to charitable giving are often overlooked. In his 2006 book Strategic Giving: The Art and Science of Philanthropy, philanthropy, nonprofit management, and social entrepreneurship expert Peter Frumkin emphasizes the expressive quality of giving.6 He notes that giving is an expressive exercise through which donors project their commitments and beliefs onto the world. That donors may be choosing other forms of giving that help them make a connection to a cause rather than to an organization is, therefore, not itself a problematic situation. It is the act of givingwhether to an organization or to a person asking directly for helpthat provides a valuable opportunity for all people to express interest in a cause that means something to them, or to have the opportunity to participate in the kind of social change they want to make possible.

However, the continued decline in the percentage of Americans choosing to give to charitable organizations presents something of a dismantling of the neat narrative (which, in part, was constructed, held together, and incentivized by tax policy) that giving to Americas charitable organizations is the preferred way to realize the expressive function of charitable giving. This narrative and the norms of giving that are connected to it are directly linked to the publics understanding of and support for the role and functions of philanthropic foundations. In their introductory chapter to The Legitimacy of Philanthropic Foundations, Steven Heydemann and Stefan Toepler point out that the legitimacy of the foundation form benefits from deep public and official support for charitable giving, volunteering, and self-help.7 They note that foundations as institutions are the beneficiaries of deep normative commitments to charity that are so widespread as to be virtually universal.

The question that the philanthropy field has to grapple with today, then, is, what happens when the normative commitment to charity through charitable organizations is no longer universally heldwhen tens of millions of Americans choose to stop giving to charitable organizations, or as new norms that bypass the middleman continue to take root? What does it mean, in other words, to be a formal, organized expression of a deeply held norm that is, undoubtedly, changing?

Although there has been a concerted effort through the professionalization of grantmaking and through waves of operating frameworks (e.g., scientific, strategic, effective) to distinguish institutional philanthropy from individual giving, it would be a mistake to overlook the links between the two. They cannot be walled off from each other. They are both sources of revenue for many of the same organizations, and are parts of a broader conception of the field of American philanthropy. If foundation staff would zoom out to see themselves as part of a much broader philanthropic marketplace, they may be able to see opportunities to influence individual donations so that they, and their grantee partners, are less impacted by the changing dynamics in individual giving.

Foundations have always been active participants in addressing the environmental conditions that have the potential to limit their impact or undermine their legitimacy. Through public outreach, support for research or advocacy by infrastructure groups, or direct engagement, there are examples from the past where foundations have had to work to engage the public or build public support for their work. However, the challenge of shaping donor behavior and attracting donors back to charitable organizations will require more than public awarenessit will also require that foundations directly engage with individual donors and find ways to bring them along through their grantmaking.

Research suggests that individual donors already look to foundations for information on charities to make informed giving decisions. Although early economic studies hypothesized that foundation giving would crowd out private donations, more contemporary studies show that in many cases foundation grants attract private donors, because they provide a signal of charity quality. A recent study of Canadian social-welfare and community charities found that an additional dollar of foundation grants to charities crowds in private giving by three dollars on average.8

Building on this signaling effect, foundations can attract individual donors by designing campaigns for matching funds to their grantee partners. The results of an experiment by Dean Karlan and John List, published in 2012, show that lead donors can help charities attract other donors by announcing their gifts and by matching other peoples gifts with their own money.9 They found that announcing matching gifts from the Bill and Melinda Gates Foundation multiplied the number of donors who responded to a charitys appeal. Their research provides further evidence that quality signaling through the foundations name can work to enhance both the size of gifts and the number of donors. (The Koch-affiliated Stand Together Foundation is one example of a foundation that took a deliberate step to build a network of everyday donors to support the grantee partners they had selected to participate in their antipoverty strategy, by launching a matching gifts program, the Giving Together Initiative, in which the foundation matches donations up to $1,000 each.)

A similar approach is to create opportunities for collaborative funding with individual donors. Co-Impact, an initiative housed at the Rockefeller Foundation, describes itself as a platform where donors can join in to support a portfolio of programs that the core partners have identified as strategies for systems change. This model was developed to provide individual donors with access to the kind of thinking and structures that are widely available in institutional philanthropy, to help them align their giving to opportunities of greatest impact. Models like this can be developed where foundations can attract and educate donors by providing them with insight and expertise, including options like sharing program officers due diligence assessments or giving donors summaries of the performance reports submitted to the foundation.

Another way foundations can assist their grantee partners is to help them adapt to the changing dynamics in charitable giving by funding donor-engagement programs. Many nonprofits simply lack the capacity and resources to respond nimbly to leverage some of the new technology and digital strategies available to engage donors effectively. The Evelyn and Walter Haas, Jr. Fund made significant investments in research and capacity-building support to help their grantee partners raise money from individuals, after hearing their grantees identify this as one of their major challenges. A related approach to building fundraising capacity is through planning grants and challenge grants, which provide organizations with the time and resources to design and test sustainability strategies for their programs. The Health Foundation of Greater Cincinnati (now Interact for Health), for example, developed a model for sustainable grantmaking to ensure that they were thinking with their grantee partners about ways to sustain programs funded by their grants.10

Finally, foundations can actively participate in shaping the culture of giving in the communities they serve.11 Community foundations have historically provided assistance and support to giving circles, which are helpful in connecting a community of donors and providing a social experience that donors want around their giving. Other examples include building awareness for individual donors around the issues the foundation supports. One example is provided by the Harman Family Foundation, in Washington, DC, which publishes a Catalogue for Philanthropy: Greater Washington to attract individual donors to small local nonprofits in the region. These are just a few examples of ways foundations can participate in supporting the philanthropic infrastructure beyond grantmaking by leveraging their communications, advocacy, convening, and research capacities.

The loss of millions of donors to charitable organizations presents an interesting juncture in the evolution of charitable giving, which could have effects that extend beyond nonprofits to institutional philanthropy. This calls for attentionif not actionon the part of foundations. As our understanding of the dynamics of donor giving unfolds through better data and research to help understand why and how donors are shifting their giving, the field will be able to develop targeted strategies for organizations to draw donors back to charitable organizations or adapt to the new reality of giving without the charitable organization as the intermediary. In the meantime, such silence as now exists within the philanthropic sector is not warranted. Foundations cannot remain comfortably unaware while everyday donors are walking away from charitable organizations.

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Why the Decline in Individual Donors Should Matter to Institutional Philanthropyand What to Do about It - Nonprofit Quarterly