River Cohen on Philanthropy: Why Mission Statements Matter to Hollywood Donors

It should come as no surprise that the extraordinarily influential residents of the Hollywood community are actively engaged in philanthropic efforts that support a wide range of worthy causes. Since the community’s longstanding commitment to philanthropic giving has inspired so many others to follow suit, a portion of philanthropists throughout the entire state of California have offered to share their insights and expertise regarding all facets of the subject, including, perhaps most notably, an explanation of the importance of developing a thoughtful mission statement.

River Cohen, the philanthropist behind River Cohen Giving, recently discussed this specific topic with several leading philanthropists while visiting Southern California. These discussions revealed some of the reasoning behind the emphasis so many Hollywood donors have placed on the development of carefully crafted mission statements, allowing Cohen to relay an explanation based on three distinctly critical components: creating a strategic giving framework; drafting a lasting mission statement; and instilling a sharply focused approach to philanthropic giving.

A Framework for Strategic Giving

Philanthropic organizations require a core philosophy to serve as a general framework for strategic giving. According to Cohen, this requirement makes it necessary for the mission statement to clearly reflect the vision and values of each and every one of the organization's individual members in a way that helps to ensure a greater degree of organizational longevity. Hollywood philanthropists often utilize an objective third party to help identify any mutual beliefs or shared goals to serve as a guide in the creation of a mission statement capable of functioning as the fundamental framework for strategic giving.

Drafting a Lasting Mission Statement

The founders of a philanthropic organization rely on the mission statement to ensure the original focus of the organization does not waver over time, but Cohen cautions against mission statements that incorporate overly rigid language in an effort to preserve the original intent of the founder. Instead, the overwhelming majority of Hollywood philanthropists agree the mission statement should clearly elucidate the organization’s intent in a manner in which it is possible for the giving programs to continually evolve while still accurately reflecting the original mission outlined by the organization.

Instilling a Focused Approach

Although Cohen advocates for a mission statement capable of evolving over time, he also clarified that such a mission statement should still maintain a sharp and clearly defined focus for the organization to follow. In order to address any issue with the appropriate amount of depth, explains Cohen, an organization must proceed with caution and protect against spreading its efforts far too thin to make any kind of meaningful difference. With a sharply focused mission statement, philanthropists ensure that their efforts will ultimately lead to attaining the specific goal that inspired the creation of the philanthropic organization in the first place.