Episode 62: Dianne Chipps Bailey
Join Lori and her guest, Dianne Bailey, as they discuss how philanthropy can be for anyone. Dianne is the national philanthropic strategy executive at Bank of America. She talks about the joy of working with a company that aligns with your values and also gets into how she got so deeply involved with philanthropy. Stay tuned!
Here are the things to expect in this episode:
What do philanthropic strategists do?
How Dianne’s mom became an inspiration for doing social work and philanthropy
Having the privilege of working with a focus on the power of women.
Interesting trends with philanthropy.
And much more!
Connect with Dianne!
LinkedIn: https://www.linkedin.com/in/diannechippsbailey/
Women’s Impact Fund in Charlotte: https://womensimpactfund.org/
Bank of America Philanthropic Strategy: https://about.bankofamerica.com/en/making-an-impact/charitable-foundation-funding
Twitter: https://twitter.com/dianne_c_bailey
Bank of America Study of Philanthropy Article: https://www.privatebank.bankofamerica.com/articles/2021-bank-of-america-study-how-affluent-households-gave-back-in-2020.html
Connect with Lori Kranczer!
Website: https://www.linkphilanthropic.com
LinkedIn: https://www.linkedin.com/in/lorikranczer/
Episode Transcript
You're listening to the positive impact philanthropy podcast where we share the journeys of everyday philanthropists as they incorporate philanthropy into their lives. Philanthropy is a personal journey and through the stories we will share here. We hope this sparks something in you and how you can make your own philanthropic impact in the world. I'm your host, Lori Kranczer attorney, philanthropic advisor and legacy giving strategist. Together we're going to explore what it looks like to be an everyday philanthropist and make a positive impact in the world. Before we get started, make sure to subscribe to the podcast so you never miss a new episode posted on Wednesdays. Now today I'm really excited to share our guest. She is Diane Bailey and she is the national philanthropic strategy executive at Bank of America. Welcome, Diane.
Thank you, Lori, delighted to be here.
Well, it's you know, we've talked before and I am such a fan of what you do and the services that you offer and why don't you share with our audience more about what you do?
I have the best job at Bank of America, I think probably the best job on the planet. I have the great privilege of leading an extraordinary team of philanthropic strategists and advisors that work to support our foundation and endowment investment management clients. So what does that mean? At Bank of America, private bank and Merrill. We have investment management clients that are private foundations, donor advised funds, and endowments for operating charities of every description. Health, Human Service, the environment, arts and culture, religious organizations, and for our clients for whom we're managing their assets, investing them and stewarding them for often perpetuity with these organizations. We, as a strategy team, provide consulting and advisory services on a number of topics, everything from board governance, strategic visioning, and of course high impact grant making, and we get to do it for our clients for free. It's completely included with the investment management relationships, and the team is extraordinary. They're national, they are highly credentialed. We've got MBAs and a PhD and a master's in social work. Davies, I'm a recovering lawyer like you Lori. That's such a wonderful thing, but also deep experience, on average over 20 years, working with philanthropists and the nonprofit's that they support. We wrap our arms around our clients to help them advance their missions and find great joy in doing so.
It's the best right I couldn't imagine doing anything else. So Dianne, how did you get involved in this area?
You know, as Steve Jobs said, you can only connect the dots looking backwards. But Bank of America, as you may know is headquartered in Charlotte, North Carolina, where I have lived happily for now almost 22 years. And prior to joining the bank, I practiced law representing exclusively tax exempt organizations. And before that, I worked in higher education both as an adjunct professor, but also as an advancement officer, leading an annual fund and also raising major gifts. And so you can imagine when you put those skill sets together, I served on lots of boards of directors, chaired many and led many strategic initiatives. And so when this job became available at the bank, I knew the many executives at Bank of America because we're so committed to serving our communities, including through board leadership, that it came to me from so many directions. I gotta tell you when I sent the position description to my husband, his response was did they create that job for you? And I said, I know it's amazing. I had never left the job, except because it was the end of the summer or I was a trailing spouse. So I really have felt so fortunate to land in my dream job at a company that I love. I know you know Bank of America has commitment to all the issues that matter most, including our $1.25 billion over five years invested in racial equity. So I feel so grateful to be at a company that the values align so completely with my personal values.
Oh, that's wonderful. So let's let's go further back in your career and talk and talk a bit about your your inspiration to first get involved in doing something with social impact or philanthropy because you mentioned the practice of law and working in nonprofits and so I always say it didn't come from net, you know, just out of the air. I came from some sort of inspiration for all of us. So, can you think of a time that or a person that inspired you?
That's an easy one. My mother I could cry. My mother is the most extraordinary human. Oh, my goodness. You know what, in this current environment, particularly through my work with the women's philanthropy Institute, I serve as the chair of their council. We talk about the five maybe six, right time, talent treasure the ones you know, but also Testimony, time, and trust, right, really looking at a holistic approach to civic engagement and civic activism. And my mother has always been at the Ford Edge of all of this. She's a lifelong learner. She went and got a master's, when we were very, very, very young. I don't know how she did it while also raising three children. She's always been a board member and leader. A very, very generous donor, but also on the frontlines as a volunteer, rolling up her sleeves, and literally getting in the trenches. She's a wonderful environmentalist. And so she was a huge advocate for the creation of that nature center. In my hometown, and no job too big, no job too small. The other thing that she's always done, which is really trailblazing in many ways, is understanding the system state advocacy that's required for real change. She was a champion, or as an example, better understanding campaign financing laws right, just been talking about this for decades, and been a true advocate and leader. So I've got a hold up my mom as the most extraordinary role model for me. But for women everywhere,
your mother sounds absolutely amazing. And I love to hear the stories because so many of us that are involved in philanthropy or in the for profit sector, but are giving back in some way or creating social impact are influenced many of us by our mothers, and we're someone inspirational in our life as we were growing up. So thank you for sharing that story. So when we think about issue areas, I know you're entrenched in philanthropy, are there any particular issue areas that you as an individual or your family support,
When I look at the work that I'm doing, so much of it ties together with a focus on the power of women, right, particularly women as philanthropists, and women as leaders in one of my most formative experiences in the sector has been with my work with giving circle. When I was relatively new to Charlotte, I know it was almost 19 years ago because I was pregnant with our first child when our women's impacts find collective giving circle was being formed. I had the great privilege of being one of the founding 150 members and to see how this organization has grown and changed over time, the critical work that they're doing around trusted philanthropy, how inclusive they are members of all different walks of life and lived experiences and then translating that work first to filinos
which is the collective of women's giving circles, and then to philanthropy together to be able to support their Alana Lin and their team and really building the collective giving movement has been such a great joy. And it connects so beautifully with the work that I do at Bank of America. You know Bank of America we are committed to inspire the generosity of our clients and philanthropists more broadly within the sector. And one of the main ways they do that is through our research. The Bank of America study of philanthropy, Lori, I know you know it, because you're an expert in the field. It's a guidebook, right to decode the motivations. And strategies of African Americans and they're giving both as a way to make those donors more self aware and more impactful and they're giving strategies but also for nonprofits, to be better partners, to philanthropists, and working together to advance their mission.
I absolutely agree. And it's such an important resource. And you mentioned Sarah, so we had Sarah on the podcast and we had a great conversation talking about trends in giving circles which are on the rise and I wonder if you can speak a little bit to that about trends you're seeing in philanthropy.
Absolutely. You know, really, it goes back to our conversation earlier around philanthropists using all of the tools to make community change and social change. We think about traditional forms of giving to nonprofits, either directly from assets or using a given vehicle whether it's a private foundation or a donor advised fund or what interest trust or some other structure vehicle for giving, but increasingly, we're seeing our clients lean into, not only give, but also buy and invest. We've got a great piece on conscious consumerism, that gives our clients guidance around how to think about how their consumption can be purposeful and mission driven. Also for nonprofits, to distinguish what they're doing, than what a for profit entity may be doing. In a particular area, but also importantly, impact investing. In the Bank of America study of philanthropy from 2017 to 2020 we saw a near doubling and our clients and other African Americans engagement in Mission aligned sustainable impact investment strategies. So really is a holistic, comprehensive approach to achieving social goals. It's one of the top trends we're seeing.
These are really great resources and we'll post all the links as many as we can in the show notes. But for people that are interested in just starting their philanthropic journey, just taking that first step to do something, whether that's sitting on a board volunteering, starting to be strategic with their giving, what sort of advice can you give them, Dianne?
We always begin with their value, right? The most important thing is for our clients to be really self aware and really explicit about what matters to them most. Again, going back to the research, it's so powerful. And our last study 72% said the primary reason why they give is because of their personal values. So giving them words for those values, and then linking those values to the area of their community or the world where they want to drive impact. Even the most well resourced philanthropists can't conquer every challenge, and that's okay. Right? To really give them the opportunity to focus their giving, so they can see a more discernible impact, but also give them permission to give in a way that feels joyful and for many people, that is a more inclusive approach to giving, even if that means smaller amounts to a greater number of organizations. Some of that giving is highly relational and is to be celebrated. We see that particularly with women, a desire to really root their giving in those organizations that they have deep, deep connectivity and relationships. And that often comes through volunteering the nexus between volunteering and generosity, particularly for women is absolutely undeniable. Values are the cornerstones and the foundation for the legacy.
And, and I, as I was about to say that you're helping them build their legacies, which is so important. And so with that, Dianne, what do you consider your legacy to be?
I hope that my legacy is that I've inspired generosity, and empowered nonprofit, right. We have this beautiful ability at Bank of America, to sit at the intersection between the donors and the doers, and to be able to lean into philanthropists. And by the way, I use that term incredibly broadly. When you give with love, you are a philanthropist. So leaning into inspiring that generosity, and an equally important empowering nonprofits to be able to receive these gifts and utilize them with efficiency, but also great impact to drive for their missions. I hope at the end of the day, if I've done even my small bit with either of those. I will be so grateful for the opportunity to serve in the sector, and certainly will have done it with great, great joy.
Well I can share that Dianne, that you and your team have already done. So you are hitting all the elements of your legacy. So I think it's wonderful work that you're doing. Why don't you share with the audience where they can find out more information about you and your services?
Absolutely. You can find me most frequently on Twitter. I'm at Dianne- D I A N N E, underscore c underscore bailey. I'm also very active on LinkedIn and you can find me there at Dianne Chipps Bailey on LinkedIn.
Wonderful, we're gonna post all of the links in the show notes and whatever information and brochures and materials that we can locate that Diane has mentioned in her conversation today. I know that people will want to get their hands on them. So we're gonna give everyone all those resources. Dianne, I want to thank you again for joining us and sharing your wisdom and your experience and your philanthropic journey with our audience.
Thank you, Lori. It's been a pleasure.
Same here. So thank you everyone for joining us and we hope we provided some insights and inspiration that you can use for your own philanthropic journey. Until next time. Thank you for joining us. I hope we provided some insights and inspiration that you can use for your own philanthropic journey. You can tune in every week on Wednesdays when new episodes are dropped. We'd love to hear your feedback. So leave comments and ratings about what you liked and what you'd like to hear more about. And if you liked the episode today, make sure to share it to raise awareness about the story to inspire other women to take action. I'm Lori Kranczer And until next time, you can make a positive impact through philanthropy every day. Thanks for listening.