Charles Feeney, founder of the Atlantic Philanthropies, has become the 59th donor to sign the Giving Pledge advanced by Warren Buffett and Bill and Melinda Gates.
Mr. Feeney’s declaration will not result in any additional money for the nonprofit world because he’s already given away nearly all of the fortune he made as co-founder of Duty Free Shoppers Group. By signing the Giving Pledge, billionaires commit at least half their wealth to charity, either during their lifetimes or upon their deaths.
In a letter to be posted to the Giving Pledge Web site, Mr. Feeney said he’d held off signing because he’d already given most of his money away. But the usually publicity-shy philanthropist said he was joining now in part to share with other donors what he has learned from nearly 30 years in philanthropy.
Mr. Feeney was one of a handful of philanthropists invited to a May 2009 dinner at which Mr. Buffett floated the idea of the Giving Pledge. His Atlantic Philanthropies has donated billions to causes including aging, immigration rights, and access to health care. The foundation, which has a headquarters in Bermuda but maintains an office in New York, plans to spend all its assets by 2017.
In his letter, Mr. Feeney encouraged other billionaires to follow his example and give now rather than wait until their deaths.
“Today’s needs are so great and varied that intelligent philanthropic support and positive interventions can have greater value and impact today than if they are delayed when the needs are greater,” he wrote.
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