Clients who Win the Lottery - A How to for Charitable Giving

Each week millions of people worldwide do the lottery. ‘It could be you’ is a tagline that attracts us or ‘if you’re not in you can’t win’. Winning the lottery can be a dream come true and over the years, we have all read about some very sizable jackpot winners. In the case of Ireland the most ever won to date in the national lottery was by a syndicate in June 2008 with a jackpot of €18,963,441 and in August 2005 the Euro millions Irish winner won a massive €115 million.

Winning the lottery can be life changing... and often for the better. So far, so good... As well as dealing with the sudden influx of massive wealth, there may be an expectation that you will give away a portion to charity. That’s up to you, but what do you do when the letters start to arrive? Do you ignore them and just hope they will stop eventually? Do you pick a few charities, a lot...do you pick local, national, international organisations? Do you, as some suggest, burn all the letters you get in the first month? How can you respond to so many needs, so many causes, so many good projects, and to others who are probably chancing their arm.

 If you decide you want to give money away and you want to make an impact, one simple option for a lottery winner (or indeed anyone who receives a significant windfall) is to set up a Donor Advised Fund at a community foundation.

What is a community foundation? It is charitable organisations that makes grants on behalf of donors – families, individuals, companies and more to other charities. The Community Foundation for Ireland was established in 2000 and has made grants to charities and community groups across Ireland and beyond of more than €10million.

Why use a community foundation? We can meet with you, agree criteria for the fund, respond on your behalf to all who contact you, suggest examples of really good charities, suggest options for immediate and longer term giving. In summary as one of donors put is – “using The Community Foundation takes the hassle out of giving”. To see, step by step, how it could work for you (it could be you) please click on the PDF lottery document here.