The philanthropy world has come a long way since the days of its pioneers, such as 20th-century American industrialists Andrew Carnegie and Henry Ford.
While they and other wealthy philanthropists left their marks by creating foundations and etching their names onto libraries and universities across the United States, donors entering philanthropy these days seem less interested in those traditional ways of giving.
Recent decades have seen the emergence of newer approaches that often prioritize global causes and impact. Many of these approaches encourage funders to loosen their grip on the purse strings and give bigger gifts to local nonprofits and local communities.