What’s Trust Got to Do With It?: WFC Hosts Funders Convening on Trust-based Philanthropy
On May 4, Woods Fund Chicago hosted the convening “Trust-based Philanthropy from Theory to Practice: A Case Study.” The purpose of the convening was to share the changes in the Woods Fund Chicago grantmaking process with local philanthropic funders. By detailing our process for working with the board, sharing the tactical elements of how to implement the grantmaking changes, and addressing the legal aspects by dispelling the myth of due diligence, we sought to make a case for how other foundations can implement trust-based philanthropy through a streamlined grantmaking process. Woods Fund Chicago President Michelle Morales gave opening remarks that created a beautiful atmosphere of openness, curiosity, humility, and vulnerability. She emphasized that Woods Fund Chicago is not an expert in trust-based philanthropy, and, therefore, does not have all the answers. Rather, the convening was an opportunity for open dialogue and shared learning, using Woods Fund Chicago’s transition to trust-based philanthropy as a case study and the lessons we are learning along the way as we embed these practices into several areas of the foundation’s work, not just our grantmaking.
Board Member Dr. Lourdes Torres joined Michelle in framing the discussion, centering the foundation’s mission, vision, and values and how they align with trust-based philanthropy, followed by Vice President of Programs Caroline McCoy and attorney Norah Jones, who both spoke about the implementation of trust-based processes. Program Officers Irene Juaniza and Kelly Suzanne Saulsberry spoke about the relationship and trust-building aspects between funders and grantee partners that are integral to trust-based philanthropy, how trust-based practices inform how they prioritize and manage their workloads and community commitments, and feedback from grantee partners they have received throughout this process.
The convening generated tremendous enthusiasm, with 178 people registering, and, of those, 112 attending, including staff. Participants were engaged throughout the entire convening and posed insightful questions. Results from the event survey indicated that 72% of survey respondents strongly agreed that the convening gave them a greater understanding of trust-based philanthropy in practice, 85.5% strongly agreed that the convening was insightful and informative, and 80% stated that the convening made them more likely to consider incorporating aspects of trust-based philanthropy into their foundation practices.
Considering the level of interest participants expressed in trust-based philanthropy, especially pertaining to grantmaking and operations, we are considering hosting a second convening in which the Program Team and Director of Grants Administration would share their experiences and lessons they are learning while implementing trust-based practices in their respective roles. As we follow up with participants and continue to gather feedback, we will identify further steps to advocate in the philanthropic sector in support of community organizing and advocacy.