Heart of Generosity

Chuck Feeney

“When you stop giving and offering something to the rest of the world, it’s time to turn out the lights.”

 George Burns

            I was speaking to my friend, Vinny, this morning and he shared a story about his youngest daughter, Hope. She wanted to borrow some money so she could wear pajamas to school. She explained that the money was going to a boy in her school who had cancer.

My friend saw an opportunity to teach Hope about giving. He told her how proud he was of her wanting to give money to help her friend battle cancer.  He added that her piggy bank still had a few dollars in it, which should be enough.

Hope gave him a weird look and asked why he wasn’t giving her the money. He explained this was her cause and she needed to use her own money. He had his own causes and this was not one he wanted to add to his list. Hope, pulling the oldest kid trick in the book, said she would ask her mom for the money.

Vinny responded that giving his or her mother’s money to help her classmate would not be a contribution from her but a contribution from them.  Neither of them would be going to school in pajamas. It wasn’t the money that mattered as he and her mother could afford to give. It was how good Hope would feel if she willingly used her own money to support her classmate, which would make being able to wear pajamas to school more rewarding for her. 

Hope finally understood her father’s point and took the money from her piggy bank. It contained five one-dollar bills, which she gave to her friend.

Hope got to wear pajamas to school because she was willing to give of her own free will. But she also got to experience pride in that she was one of the only kids who contributed their own money and a sense of joy from helping her classmate.              

            What are you willing to give to help another person? Are you willing to give it all away? If you only had $100, would you give away $99?  Philanthropists like Bill and Melinda Gates have set up the Gates Foundation to give away billions to fight poverty and starvation throughout the world.  They have pledged to give away their fortune before they die, though they are still far from poor.  In 2020, Bill Gates was the second wealthiest man in the world. 

Warren Buffett, who is the fourth richest person in the world, has pledged to donate over 99% of his fortune to charity.  But 1% of 67.5 billion dollars is still a lot of money to live on.

            Chuck Feeney is a man you’ve probably never heard of, but he inspired both Buffett and Gates. In fact, Buffett once said, “Chuck has set an example.”  

Feeney was once a wealthy man who pledged to give his money years ago.  When he decided to give his fortune away in the 1980s, he was worth well over eight billion dollars.  His story epitomizes the heart of generosity and giving.

            Charles Francis Feeney was born during the Depression into a working-class Irish-American family in New Jersey. He shoveled snow and sold Christmas cards door-to-door to make money as a child. His family was of modest means, but his parents were charitable and these lessons made an impression on young Chuck. 

After serving four years in the U.S. Air Force, where he was stationed in Japan, Chuck went to college on the G.I. Bill.  He supported himself by selling sandwiches while he attended Cornell University. Upon graduation he and a college friend Robert Miller, started Duty Free Shops (DFS) shops in the late 1950’s selling duty-free import goods to American soldiers.

            Being familiar with Japan, Chuck recognized and benefited from its economic boom and saw an opportunity to expand DFS. In 1964, Japan lifted foreign travel restrictions enacted after World War II and Japanese tourists surged across the globe. Chuck hired analysts to predict which cities they would visit and DFS set up locations in popular destinations that included Hawaii, Hong Kong, San Francisco, and even Alaska. They would mark up their goods such as alcohol, cigarettes, and perfume. The pair even hired Asian-speaking guides to lead the tourist to their shops and Japanese sales clerks. DFS boomed and Chuck and Robert brought in a couple of other investors to help them manage the growing business.

Chuck loved making money mostly because he was competitive, but he did not like the trappings of money and this is when he decided to give it all away. In 1984, Chuck started his mission of giving while living. Unbeknownst to his partners, he transferred his 38.75% stake in DFS ownership to Atlantic Philanthropies. His goal was to give away his 8-billion-dollar fortune. He even told close family members he hoped his last checked bounced. Chuck did not just give away his money, he got others to help contribute as well. He even got governments to match funds. His business acumen paid big dividends in increasing the value of his fortune. 

For nearly 15 years, he gave away millions without anyone knowing it. The beneficiaries of his generosity were often sworn to secrecy as he did not want to draw attention to himself.  Chuck continued to travel the world working for DFS and growing the business, even though he was no longer making any personal gain. It was numerous charities that would benefit.   

            While traveling to Vietnam, Chuck identified a need for better hospitals and education. Over the years, Atlantic Philanthropies donated $381.5 million to improve public health and revitalize libraries and universities.  He gave nearly 937 million to Cornell over his 30 plus years of giving away his fortune.  Chuck gave 370 million in grants worldwide for cancer research and education.

As an Irish-American, Chuck was inspired to give 170 million to the University of Limerick in Ireland.  In 2001, the Atlantic Fund gave medical grants to Australia’s Queensland University of Technology totaling 320 million. The list of his generous gifts goes on and on.   Yet none of the buildings or research programs his donations have created bear his name. He never wanted to bring attention to himself.  He only desired to give his fortune away to good causes. It was not until 1997 when he sold his stake in DFS that he came public with his philanthropy.    

            Chuck Feeney has truly lived a life with a heart of giving. It is estimated that by the time he has given his entire fortune away it will have been well over 8.5 billion dollars in gifts to charities, countries, and universities. In 2020 the Atlantic Philanthropies will close its door permanently meaning Chuck Feeney will have fulfilled his goal. At the same time, he has inspired others like Warren Buffet and Bill Gates..

 Chuck learned from his parents that it is better to give than receive. Maybe Hope has learned the same lesson from her small charitable act. While we don’t have to be like Chuck Feeney and give away our life savings, when we live with a heart of giving and true generosity, we truly do receive much more in return.

Questions: 

1.     How important do you think it is to be philanthropic?

2.     If you were to come into a financial windfall, how would you spend it?

3.     What do you think about Chuck Feeney’s generosity?  Is he crazy? Inspirational?