Former JCF President Andrew Tisch Talks Philanthropy At NextGen Advisors Meeting

“Nobody gives away money as wisely as they earn it,” noted Andrew Tisch at Jewish Communal Fund’s NextGen Advisors Network breakfast, which was held on March 19 at his office. Andrew, co-chairman of the Board and chairman of the Executive Committee of Loews Corporation and former President of Jewish Communal Fund (2003-2006), engaged the group of trust and estate attorneys, financial advisors and wealth managers in a stimulating discussion about his considerable charitable work, his views on philanthropy and his relationship with Israel.

“Philanthropy is not an efficient market,” he said. Often the charities that organize the best parties raise the most money but they are not necessarily the organizations that need the funds the most. Another issue of concern is “mission creep” – when organizations lose sight of what their mission is and therefore allocate money and resources inefficiently. Organizations should consider closing once they have accomplished their mission.

Andrew said that he enjoys working with small startup nonprofit organizations to help them get off the ground.

Overhead is important and often overlooked, he said. After Hurricane Katrina, the Tisch family made a substantial donation to the American Red Cross, virtually all of which was earmarked to cover operating costs.

He is a supporter of many local and national organizations including the City Parks Foundation, the Wildlife Conservation Society, and the New York City Police Foundation. He serves as the Vice Chairman of the Board of Trustees at Cornell University and remains deeply involved in critical issues affecting education.  He holds leadership positions at Harvard Business School and the Young Women’s Leadership Foundation. He is the former Chairman of the Economic Club of New York, and a member of the Brookings Institution and the Council on Foreign Relations. He is also very active in Jewish communal organizations including the American Jewish Joint Distribution Committee and the Jewish Leadership Forum.

Andrew spoke about the importance of engaging children in philanthropy. He and his wife, Ann, opened donor advised funds at Jewish Communal Fund for each of their children when they were born. The parents began talking to their children about grant making as early as age three, and asked which charities they would like to send $36 grants to. He said the conversations were fascinating; the kids would want to send small grants to Save the Whales after going whale watching and feed the homeless because they learned about it at school.