Heron's Clara Miller discusses foundations in the 21st century, modern philanthropy, and the growth of impact investing.
Denver Patrick, host of The Business of Giving, Invited Heron's President Clara Miller on the show to discuss the shifting tides in philanthropy and Heron's own approach.
Traditionally there are really two staffs. There's the investment side which is conventionally investing 100% of the foundation's original endowment for maximum return and to mitigate risk, exactly the same way as all conventional investors. And to build purchasing power over time, and those are very conventional investment folk. And then on the giving side, are often subject experts, people who are passionate about missions, people who have deep knowledge of Sub-Saharan Africa, or social education or social services. And they kind of meet at the holiday party once a year but otherwise pretty much stay out of each other's business.
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