Philanthropy plays an important role in our society. Some philanthropic efforts may be focused on the needs of populations that are outside of the United States such as promoting the rights of women in West African countries like Ghana or Guinea while other philanthropic efforts may focus on improving the welfare of a population that lives in a relatively small area like the Harlem Children’s Zone which focuses on improving the educational prospects of children in a neighborhood called Harlem in the borough of Manhattan in New York City. The organization has been particularly effective at using a focused approach to effect a deep level of positive change amongst a small target population.
Regardless of the kinds of problems that a philanthropic effort is being developed to solve many philanthropic efforts rely on the participation of and engagement with the private sector. Philanthropic efforts can succeed when individuals and entities in the private sector choose to leverage the financial capital and the skills that they have cultivated in the private sector for the benefit of the common good. Some people in the private sector like the historical figures Andrew Carnegie of the Carnegie Steel Company and Henry Ford and Edsel Ford of the Ford Automotive Company have chosen to leverage their resources in the service of the common good by starting foundations. Edsel Ford helped to start the Ford Foundation that today mobilizes the more than $12 billion that it controls to help champion causes like gender justice, global development and youth development. Andrew Carnegie helped to start the Carnegie Foundation for the Advancement of Teaching. The Carnegie Foundation has helped to promote education and education policy for more than 100 years and has stood as an example of what business people can do for philanthropic causes.
Stephen Rotella is following in the footsteps of industrialists like Andrew Carnegie and Henry Ford and is using his experience as a financial services executive to help fight poverty in the United States. Rotella currently leads the insured cash solutions firm StoneCastle Cash Management. Rotella’s company focuses on providing services to institutional investors and is registered with SEC. Rotella is the firm’s President. When he is not leading the firm he spends his time leading the national board of directors of the nonprofit LIFT. LIFT is a social organization that uses its resources to help people lift themselves out of poverty. His work at LIFT is one of many philanthropic causes that Rotella spends his time working on. These causes include YouthCare, Artsfund and patronage of Jazz at Lincoln Center. His professional background includes holding many senior leadership positions in the banking industry including being the Chief Executive Officer of Chase Home Finance and serving as the President of Chase Manhattan Mortgage Corporation.