Billionaire Couple Donating $1-Million Every Week This Year

A billionaire couple from Massachusetts has donated about $ 1 million a week this year to dozens of different nonprofits. According to Fortune, Boston Celtics co-owner Rob Hale and his wife Karen have been on a donation spree all of 2022. The long-time philanthropists have been giving away around $ 1 million each week, primarily to small organizations fighting climate change, cancer, homelessness, and serving young people.

The majority of the donations have been to create endowment funds for the nonprofits to ensure that they have a steady stream of income for decades to come. “These are great, impactful organizations, but they’re on a wing and a prayer. They have no financial certainty,” Hale said of the nonprofits before their generous donations.

The Hales hope the nonprofits will invest the money and draw a small amount of the funds over time, but let the majority of it keep growing. “That gives them more of a stable future and it gives them the ability to say, ‘OK, we know where money is coming from and we can focus on doing great work,’” Hale says.

Source: Fortune