The Definition of Philanthropy

I was reading an article by H. Peter Karoff who is the founder of The Philanthropic Initiative (TPI). Check out www.tpi.org for more information on this organization which has been working with families and corporations working to realize deep social impact for 20 years. This specific article is called "The Long Distance Call". The reason why I am writing about the article is that Mr. Karoff includes a great definition of philanthropy that I would like to share. The author of this definition is Peter Goldmark, former President of The Rockefeller Foundation. His definition is as follows: "Philanthropy is the practice of applying the assets of knowledge, passion, and wealth to bring about constructive change."