274. Pay, Leave, and Power: The Power Convo Pt. 2 - Iara Peng
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This Episode is part of our Pay. Leave + Power Week on the Podcast. Explore the Full Series
Overview
Meet Iara. This powerhouse founder and world-changer is taking on power dynamics found in grantmaking with a novel solution allowing funders to move money more quickly to grantees. [insert heel kick] She’s addressing why we should be shifting power to the frontlines, why trust-based philanthropy IS the future, and how the sector is shifting toward centering equity in our practice. Orgs serving marginalized or populations of color - you don’t want to miss this episode (potential funding available!💰).
💡Learn
Overview of JustFund. How to get grant applications moving quickly, and how money moves even faster.
How philanthropy is shifting toward centering equity in its practice
Moving high net worth donors and $142B in DAFs toward chronically underfunded communities
Exploring why philanthropy is so risk-averse despite being designed to be society's risk capital
Today’s Guest
Iara Peng, Founder + CEO, JustFund
“We believe that we need to free up time, because that’s the biggest enemy of trust building is we don’t have the time. Our culture doesn’t allow it. And these application processes certainly don’t allow it.”
Episode Transcript
Download Full Episode Transcript Here
Episode highlights
Iara’s story and journey to where she is today (4:00)
Founding story of Young People For, a national progressive leadership development program that has identified and trained thousands of leaders across the country (6:00)
Founding story of JustFund (10:00)
The future of philanthropy from Iara’s perspective and JustFund’s Common Application (13:00)
How philanthropy is shifting + how funders and nonprofits are starting to center equity in their practice and in their work (19:00)
Building trust with funders (22:00)
Advice for nonprofits to begin conversations and education to funders (25:00)
Getting philanthropy shifted to the frontlines where they can really activate (31:00)
A powerful story of philanthropy in Iara’s life (42:00)
Iara’s One Good Thing: It's not the challenges that define us, but how we respond to the challenges. (45:00)
powerful quotes
“I love that we we get to talk about equity and trust and how we ultimately shift power to frontline groups doing the hard work.” -Iara
“I'm so grateful that we had a chance to experience democracy and I think that just runs through my bloodstream.” -Iara
“I developed a very early commitment and passion with the nonprofit sector and see nonprofits as that critical connective tissue between us as individuals and each other. They really fill in the gap where government can't and help us really be a community. So I've dedicated my life to this to the nonprofit sector. And I think I always will.” -Iara
“When I came in there, like most grant making institutions, I realized, our values are one thing, but our systems aren't in line with our values.” -Iara
“So we believe that we need to free up time, because that's the biggest enemy of trust building is we don't have the time, you know, our culture doesn't allow it. And these application processes certainly don't allow it.” -Iara
“All of these systems that were built, really, that we've inherited over time, and people could use any system to move money and all of a sudden money was moving more rapidly bigger sums of money over a longer period of times.” -Iara
“You're gonna get money flowing to you from these individual donors, kind of just sitting on $142 billion in their Donor Advised Fund, let's start to move money, you know, to historically excluded organizations. And that's what the portal is facilitating.” -Iara
“It is the exclusivity of the way our systems have been built. Who has access to relationships and to funders, and who has the capacity to do the grant prospecting work?” -Iara
“It's trusting yourself as a leader, you know, and what you're trying to build. Because oftentimes, we're chasing the dollar. And so we'll bend into a pretzel to get that money. When really we know, it's not what the kind of partnership we need to actually grow the work we're doing.” -Iara
“Trust yourself. When you do that, generally, confidence comes right after.” -Iara
“I think really, this boils down to trusting yourself, surrounding yourself with people you trust, and being disciplined around the kinds of partnerships you're trying to cultivate.” -Iara
“There's a lot of folks who, when you come into wealth, or you just are committed to giving back, you'll put your money into a donor advised fund. Here's the challenge, when you do that, take that action, you get your tax deduction right away. So you've already moved your money to into a tax-sheltered vehicle, you've gotten your tax deduction. So what's your incentive to move beyond that? You really don't have one, right?” -Iara
connect with Iara
connect with justfund
Website / Twitter / Facebook / Instagram / LinkedIn
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