Philanthropy is a booming business, with hundreds of billions of dollars committed to the social sector each year. Money Well Spent, an award-winning guide on how to structure philanthropy so that it really makes a difference, offers a comprehensive and crucial resource for individual donors, foundations, non-profits, and scholars who focus on and teach others about this realm.
Behind every successful grant is a smart strategy. Paul Brest and Hal Harvey draw on the experiences of hundreds of foundations and non-profits to explain how to deliver on every dollar. They present the essential tools to help readers create and test effective plans for achieving demonstrable results. Brest and Harvey tackle thorny issues, such as how to choose among different forms of funding, how to measure progress, and when to abandon a project that isn't working.
The second edition accounts for a decade of progress: a rise in impact investing, the advent of pay-for-success programs, the maturation of impact evaluation, and the emergence of a new generation of mega-donors. Today, the notion of results-driven philanthropy is more important than ever. With this book, the social sector has the techniques it needs to deliver on that idea with impact.
About the authors
Paul Brest is former Dean and Professor Emeritus at Stanford Law School, a Lecturer at the Stanford Graduate School of Business, Co-Director of the Stanford Center on Philanthropy and Civil Society, and Co-Director of the Stanford Law and Policy Lab. He was President of the William and Flora Hewlett Foundation from 2000-2012.
Hal Harvey is the CEO of Energy Innovation, a San Francisco-based energy and environmental policy firm. Previously, he was founder and CEO of ClimateWorks Foundation, a network of foundations that promote polices to reduce the threat of climate change; Environment Program Director at the William and Flora Hewlett Foundation; and founder and President of the Energy Foundation, a philanthropy supporting policy solutions that advance renewable energy and energy efficiency. He has also set up foundations in China, Europe, and India.
"Since philanthropic capital is free to go where it can make the most difference, and is unfettered by the need to find a financial return, it is the scarcest and most important kind of money—so it must be spent with care and strategy. Money Well Spent takes this as a challenge, and lays out a recipe for using that capital well. I commend this book to all those who are serious about improving the world."
—Hank Paulson, 74th Secretary of the Treasury and Chairman of the Paulson Institute
"An insightful discussion of the multiple challenges of effective philanthropy. The authors provide helpful guidance on creating, articulating, and implementing clear strategies to guide your work. This is a terrific resource for philanthropists at any stage of their journey."
—Laura and John Arnold, Co-Chairs, Laura and John Arnold Foundation
"Paul Brest and Hal Harvey offer a lucid, reader-friendly, and persuasive case for why rigorous strategy is indispensable for anyone using philanthropy to make the world a better place. It is the best guide available today, bar none."
—Joel L. Fleishman, Duke University, author of Putting Wealth to Work
"Philanthropy is a complicated trade, and anyone who wants to understand how to be truly effective must read Brest and Harvey's indispensable book. It offers a comprehensive and comprehensible overview of the process, supplemented by a rich trove of examples and insights from two masters of the craft."
—Larry Kramer, President, Hewlett Foundation
"Money Well Spent is a great resource for anyone interested in strategic philanthropy. Its thoughtful frameworks and copious real-world examples will help donors looking to give with their heads as well as their hearts."
—Cari Tuna, President, Good Ventures, and President, Open Philanthropy Project
"Donors and foundations from across the philosophical spectrum will benefit from this excellent guide to setting philanthropic goals, developing a theory of change, evaluating the effectiveness of one's strategy, and collaborating with like-minded funding partners."
—Adam Meyerson, President, The Philanthropy Roundtable
"Paul Brest and Hal Harvey have written passionately and precisely about the power and promise of strategic philanthropy. Covering everything from grassroots work to global grant-making, they offer an eminently readable blueprint for today's philanthropists. This is a must-read guide and a powerful tool to help drive meaningful change and make every dollar count."
—Darren Walker, President, the Ford Foundation
"Money Well Spent is the most thorough, comprehensive, and authoritative guide to effective philanthropy published to date. It weaves together compelling examples of philanthropic successes and failures with practical, step-by-step guidance. Every major donor, foundation staff and board member, and philanthropic advisor needs to read this book."
—Phil Buchanan, President, The Center for Effective Philanthropy
"The extraordinary freedom enjoyed by philanthropy brings responsibilities. Brest and Harvey offer new and experienced philanthropists alike an invaluable guide to consider those responsibilities and to learn about the exciting innovations and growth in philanthropy over the last decade."
—Carol Larson, President and CEO, David and Lucile Packard Foundation
"The most important book for how to translate large-scale financial resources into large-scale social change. Brest and Harvey provide an essential resource for how foundations can successfully navigate the vast complexities of evidence-based philanthropy, impact investing, and policy change, while creating measurable value."
—Laura Arrillaga-Andreessen, Founder of SV2, Stanford PACS, LAAF.org, and author of New York Times Bestseller, Giving 2.0