Remember, even among the rich, raising money still takes hard work.

Another technique I have found useful is what I call the "drop-dead challenge," wherein recipients must meet conditions or the challenge money disappears. The urgency this creates is an outcome that nobody can anticipate. After I made a drop-dead challenge grant to the Neurosciences Institute in La Jolla, Calif., Dave Mitchell, the director of institute relations, called on an important foundation. "Sorry," they said, "We’ve made all of our grants. Come back next year." Dave replied: "If I don’t get this money, I get zero." The foundation changed its rules.

Rather than simply giving money and walking away, philanthropists also can offer their own, often formidable, business expertise to create innovative ways to help. Allan Buchman, artistic director of New York theater company Culture Project, recently had an opportunity to receive a new and refurbished theater, one less expensive than the one he was in. He had signed a contract in November and needed to relocate in January. But he needed money to make the move.

Because the money had to be raised by December 31—and it was already after Thanksgiving—I felt there was nowhere near enough time to raise enough funds. So I decided with board member Gail Fuhrman to lend the theater $250,000 for its immediate needs, with the understanding that it would be paid back by June 30. I remembered that in the course of raising money for MoMA’s new buildings, there were times when my liquid assets provided healthy assistance when construction deadlines demanded timely cash payments. So, in addition to my personal donations to MoMA, I had also lent it money. Think of it as charitable bridge financing.

Finally, it is important to know when to pull the plug altogether. I am currently on the board of an organization focused on education and leadership, and the board wanted to jump-start donations from the private sector. I went to another board member and said I would put up $500,000 if she did the same. She wanted a third person to be part of this. Six months later, there were no written documents and no commitments. I withdrew my challenge. This is the case of a board that cannot get the job done—and one I no longer want to be a part of.

Mine to Give
One of the reasons I am having such a good time giving away money is that I made it myself. Though I came from a well-to-do family, I forged my own career and made a considerable amount of wealth when I sold my business. When I give advice to young people, I always say, "The buck you make yourself is your own; the buck you inherit is full of all kinds of psychological baggage."

My mother gets the credit for the idea of giving my money away. She put it simply and bluntly: "Who gives a damn what is said about you when you’re dead!" The point is to enjoy the benefits of generosity while we are alive. Charities need the money now—not at some undetermined future date.

Giving money not only helps our country, its institutions and our people, but it makes for an exciting and gratifying life. I urge you to think about this for yourself. Stay involved, and your interests will lead to situations where your money and your participation will open doors and do wonders. Just watch your own eyes light up. Mine sure did at MoMA, standing on that sixth-floor balcony, looking out at the beauty of New York.