For a long time, philanthropy has been defined as “the giving of money to nonprofit organizations.” However, this definition is quickly becoming obsolete.

It’s evolving towards a meaning that is more appropriate to today’s giving paradigm and less industry-driven: that philanthropy is “the action of transforming the social wellbeing of others through generosity.”

This implies that there are many more philanthropists in the world than our antiquated definition acknowledges. More importantly, this new way of looking at philanthropy forces nonprofit organizations to reconsider not only why they do what they do but how they do it at a systemic level...