Moneymaker Warren Buffett helps teach how to give it away

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Posted: Tuesday, July 16, 2013 12:00 am

A free online course that started Monday offers students the chance to learn about giving from Warren Buffett and help decide how to spend more than $100,000 of his sister's money.

More than 4,000 people signed up for the course that also features philanthropic advice from baseball legend Cal Ripken Jr. and the founders of Ben & Jerry's ice cream, Ben Cohen and Jerry Greenfield. Boston Red Sox Chairman Tom Werner and journalist Soledad O'Brien are other featured guests.

Buffett and his older sister, Doris Buffett, were featured in the first class to talk about their motivation for philanthropy. Warren Buffett is gradually giving away all of his $58 billion in Berkshire Hathaway stock while Doris Buffett has already given away more than $150 million en route to her goal of redistributing all her wealth before she dies.

“The trick is not to have her give it away faster than I make it,” Warren Buffett joked because his family's wealth is tied to the Berkshire Hathaway conglomerate he runs.

Each one of the big-name givers will be featured in videos at the end of each of the six class sessions discussing an aspect of philanthropy.

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But everyone involved with the course agrees that the fact students get a chance to give away real money may be more important than the famous speakers because it makes the lessons more powerful.

“It's an experience that gives profound insight into deciding how we meet the needs of our society,” said Rebecca Riccio, the Northeastern University professor who is teaching the course.

The Giving With Purpose online course is modeled after a class that has been taught at more than 30 universities that allows students to give away $10,000 after evaluating several nonprofits and learning about effective giving. This online offering allowed Doris Buffett's Sunshine Lady foundation to expand the classes without adding staff to manage the program.

“Giving With Purpose allows us to extend the classroom walls to include any individual passionate about philanthropy,” Doris Buffett said in a statement. “There are thousands of people with the energy and ideas to make a difference.”

Riccio said the course focuses on individual decision-making in giving and teaches strategies students can use to make sure their donations are effective.

“I'm trying to teach people about giving with their heart and their head,” Riccio said.

Charitable gifts should be relevant to whatever people are passionate about, Riccio said. But this class teaches people how to judge what kind of impact a nonprofit makes and how well-run the charity is based on how much it spends on administration.

“These grants are huge to the organizations that receive them,” Rozek said. “And because they went through the process, they do understand how to fill out a grant application and get funding.”

The Omaha World-Herald Co. is owned by Berkshire Hathaway Inc.

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