An enormous transfer of wealth is expected in this country during the next several decades. Eight to ten trillion dollars will be passed down from Americans over the age of 50 to their children and their grandchildren, creating the largest transfer of wealth in the nation's history. This windfall from the WWII generation that scraped and saved to build businesses, and acquire stocks, bonds, and real estate will transform 5 million average Americans into millionaires. A majority of American Jews support both Jewish and general causes. In this milieu, private Jewish foundations are emerging as one of the most critical elements in the changing face of Jewish communal life in America.
Foundations provide a catalyst for change by funding new and creative approaches to old problems.
Collaboration among several funders can focus attention and provide the necessary funds to see a project through to its conclusion. Working to expand the impact of local Jewish Federations, foundations can complement the allocation process, providing the experimentation that can lead to institutionalized change. As a new century dawns, its impact will be felt both in the Jewish community and American society.