New research on better practice models in philanthropy will help shape the way the Menzies Foundation tracks its impact.
Menzies Foundation CEO, Liz Gillies, who is also an Honorary Fellow at the University of Melbourne's Asia Pacific Social Impact Centre, was the lead author of the Philanthropy: Towards a Better Practice Model report released this week.
“Philanthropy is an important catalyst for social change and plays a pivotal role in supporting communities and ameliorating disadvantage,” Ms Gillies said.
“But in common with all sectors, it is facing unprecedented challenges – the pace of change in a digital world, entrenched disadvantage, global challenges and the capacity of stakeholders to support innovation collaboratively.
“Core to these challenges is the relationship between philanthropy and not for profits who seek funding to support their work. The insights from this report establish a benchmark for the current state of play in Australia.”
The report reveals in general there is optimism about the future of philanthropy in Australia and a genuine desire to continue to develop best practice approaches to social impact by both grant makers and grant seekers.
However, the findings reveal a significant disconnect between not-for-profit and philanthropic perceptions, with philanthropists having a far more favourable view of the state of practices and relationships in the sector then their not-for-profit counterparts.
The report identifies significant challenges and opportunities for change that will build towards a better practice model and the increased impact of philanthropy in Australia.
Building on the report, insights and current thinking about the important role that philanthropy can play in supporting strategic impact initiatives for social change – the Menzies Foundation is in the process of finalising its strategic intent in regard to its areas of focus and developing an impact framework to track progress against these initiatives.