CNBC’s Holly Ellyatt covers the announcement by Saudi Prince Alwaleed bin Talal, to give away $32B to charity. Best known for his extravagant lifestyle, the prince wants the funds to be used to develop communities, provide disaster relief and support women and young people. Miss Ellyatt is an Assistant Producer at CNBC International.
Saudi Prince to give away $32B fortune
ByHolly Ellyatt | CNBC | 7/1/15
Billionaire Saudi Arabian Prince Alwaleed bin Talal has announced plans to give away his $32-billion fortune to charity in order to build a “better world of tolerance, acceptance, equality and opportunity for all.”
The prince — who is one of the world’s richest people – said in a statement published Wednesday: “I wished to contribute to the elimination of poverty and famine, and to support development, health and education in the most deprived communities.”
The money, which he said was his entire fortune, will be pledged to Alwaleed Philanthropies, the prince’s charitable organization to which he has already given $3.5 billion. It will be spent on developing communities, providing disaster relief and supporting women and young people, he said.
Saudi Prince Alwaleed To Donate 32 Billion to Charity
Saudi Prince Alwaleed bin Talal decision to pledge his $32 Billion dollar fortune to charity is being hailed by the philanthropic community as inspirational. The Prince is no stranger to giving, his Alwaleed Philanthropies has been supporting humanitarian projects worldwide, with the goal of creating a more compassionate, tolerant and accepting world.
Through his organization, Saudi Prince Alwaleed donates to worthy causes and has been combating poverty, empowering women and the youth, developing communities, providing disaster relief and creating cultural understanding through education. His legacy gift is an embodiment of his passion to do good and will make it possible to continue his life’s mission for years to come after he is gone.
Strengthen Your Nonprofit Through Legacy Gifts
Legacy gifts can be a worthwhile and strategic source of funds for nonprofits. Make it easy for your donors by providing the information they need to bequeath to your organization on your website, newsletters, emails and other communications. Here are some important things to think about when creating your Legacy Gift communications:
- Let your donors know about the consequences of not leaving a will leaving could mean that their estate would be distributed in ways that does not fulfill their wishes.
- Your donor will need your legal name, location, and tax ID number to list in their wills and living trusts and avoid confusion.
- Be articulate about how their gift would be used to make a lasting impact to your organization’s work.
- Whether you provide a plaque with an inscription, hold a special annual event in their honor or simply thank them on your organization’s collateral let your donors know how they will be recognized. You may find some may want to keep their gift anonymous.
- Provide some basic information about the impact a legacy gift could have to reduce the taxes a donor’s beneficiaries might owe.
- Educate yourselves and make sure you have professional legal support for donors who want to discuss planning their estates to benefit your organization.
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