Summer Reads to Challenge Our Assumptions

Man reading a book on a bench overlooking the sea. Image by Ben White

By Lauren Janus and Janell Turner

We have a semi-regular tradition each June at  Phīla. As a team of readers, we like to take time out at the start of the summer season to share some of the books we’ve read recently that we deem significantly thoughtful, but also beach read worthy. It is summer, afterall!

In June of 2020, we were deep into the reality of a global pandemic, while only weeks away from the murder of George Floyd. Our blog post then was called Summer Reads for the Times and included several of Lauren’s picks for books on racial equity in America. In 2021, we all needed a lift, so our picks focused on diverse, inspiring stories. We called that post Summer Reads that Celebrate Humanity. And in 2022, we were just too busy and didn’t get a book post out. Sorry friends!

This summer, we are back in the reading saddle so much that two of us (Janell and Lauren here) wanted to share our suggestions for your warm weather reading. As we talked about the books that have moved us in the last year, a clear theme emerged: one of challenging assumptions to build empathy for those climbing their own mountains. In that vein, we are pleased to present Phīla Book Picks for Summer 2023.

Nonfiction

Hidden Valley Road: Inside the Mind of an American Family by Robert Kolker (Janell)

This story resonated deeply with me as it struck a chord with my own experience. Witnessing my younger brother’s journey as he developed schizophrenia in his early twenties, after showing immense potential in his writing and spoken word career, has been both heartbreaking and eye-opening. Kolker’s portrayal of the Galvin family’s struggles evoked profound emotions and reflections, reminding us of the remarkable power of family connections and the resilience that can illuminate even the most challenging circumstances. Through meticulous research and vivid storytelling, he gently peels back the layers of mental illness within the Galvin family and skillfully humanizes the complex world of mental health, offering a compassionate lens into the challenges faced by both individuals and loved ones. A compelling read for anyone seeking a deeper understanding of the human experience within mental health. 

The Myth of the Silver Spoon; Navigating Family Wealth and Creating an Impactful Life by Kristin Keffeler (Lauren)

This spring, our entire team read Kristin Keffeler’s thought-provoking dive into the often unexpected challenges and struggles of those living with wealth. Keffeler comes from a wealthy family herself, and uses her background in psychology and lived experience to coach primarily younger people who grew up surrounded by the opportunities–and expectations–that often come with an outsized inheritance.

Through stories and insights on brain development, Keffeler paints an empathetic picture of ultra high-net wealth families. She tells of children who grow up unintentionally coddled, only to be pushed out into the world with the assumption that they’ll behave exactly like the high achieving family members that came before them. As one could imagine, these sorts of expectations can lead to high levels of depression, despair and emotionally fraught relationships. Thankfully, Keffleler also offers plenty of evidence-based advice on “clearing the emotional clutter” and finding purpose for those for whom money has always been a given.

Cutting School; The Segrenomics of American Education by Noliwe Rooks (Lauren)

As the parent of two elementary school-aged children, I think a lot about education…what it can mean to different types of children, how to support teachers, and how our system of education in the US often too fails children of color, those with disabilities and the poor. That’s why I devoured Noliwe Rooks’ book on what remains a segregated school system in America, where Black and Brown children’s educations often become opportunities for “businesses to make a profit selling schooling.” If you read it, please let me know what you think, especially of the chapter, “White  Philanthropy, Black Education.” We’ll get coffee and talk about it. 

The Art of Gathering by Priya Parker (Janell)

This book drew me in from the very first page and inspired immediate action. It’s like having a secret weapon in your pocket as a host, event planner, professional advisor, or anyone who is looking to create unique, memorable experiences with friends and loved ones. Parker's insights are pure gold as she dives into the nitty-gritty of creating gatherings that truly matter. She goes far beyond the usual logistics and shows us how to create authentic connections that leave a lasting impact. I can't stress enough how much I appreciate her emphasis on being intentional, inclusive, and purposeful in how we bring people together. Plus, she brings everything to life with interesting real-life examples that make you go, "Aha! I can do that!" This book is a game-changer for anyone who wants to bring people together, spark action, and strengthen our communities. You don't need to be a fancy party planner to get something out of it. It's a must-read!

Fiction

The Love Songs of W.E.B. Du Bois by Honoree Fanonne Jeffers (Janell)

This book has claimed the top spot in my women's book club, emerging as the standout read of the year. It swept me away, gently whisking me back to my cherished southern roots. Within its 800+ pages, we discovered a treasury of vibrant prose that pays homage to the teachings and literary legacy of W.E.B. Du Bois. Jeffers skillfully weaves together a tale of familial bonds, love's enduring power, unwavering resilience, and the pursuit of identity—a narrative that captivates and draws you closer with each turn of the page. As the story unfolds, she breathes life into history's forgotten corridors, taking us on an unforgettable journey through time, unraveling the multi-generational saga of a fictional Black family in the heart of Georgia. Veronica Chambers, in her review for the New York Times Book Review, astutely observes, "The historical archives of Black Americans are too often filled with broad outlines of what happened—accounts of injustice, enslavement and oppression—and not the details of how Black people lived and breathed, thought, wondered, wandered, dreamed, and prayed." Jeffers fills this void with unmatched finesse, transporting us into a world where the vibrancy of Black lives pulsates on every page.

Have a wonderful summer!

Community Development Financial Institutions (CDFIs): A Primer for Donors

By Janell Turner and Nancy Reid

The passing of the bipartisan Infrastructure Investment and Jobs Act (IIJA) last November signaled a commitment to repairing and reconstructing infrastructure consequential to the economic vitality of our nation after decades of neglect. The $1.2 trillion bill aims to improve public transit, reinforce bridges and tunnels, expand access to clean drinking water, and advance environmental justice. Importantly, a portion of the budget is allocated to help remedy decades-old infrastructure design and transportation policies that hindered economic growth in underserved communities.  

In a recent public statement, Transportation Secretary Pete Buttigieg reported on the bill’s transportation budget that directs resources to special programs designed to address the racial inequalities in our nation’s transportation system and infrastructure. But with a budget of only $1 billion, these efforts are unlikely to go very far. What additional investments are needed to establish and strengthen the economic infrastructure required to bring communities of color fully up to par?  And, as Taj James of Full Spectrum Capital Partners asked recently in a conversation about community investing, what forms of capital are our communities of color best able to absorb? And what forms of support can help maximize capital absorption?

While the infrastructure bill aims to amend the bricks and mortar needs of communities, Community Development Financial Institutions (CDFIs) offer an array of complementary investments into our communities’ social infrastructure. Certified by the U.S. Treasury, CDFIs are banks, credit unions, loan funds, and equity capital providers that use a combination of government and private sector capital to invest in low-income communities. Recipients of government CDFI funds have successfully leveraged billions in private sector investments to create jobs, build affordable housing, build essential community facilities, provide financial counseling, and invest in neighborhood revitalization initiatives.  

The Community Reinvestment Act of 1977 initially gave rise to CDFIs by requiring banks to reinvest in communities that were stripped of access to capital through redlining. Almost half a century later, there are hundreds of CDFIs in the United States, ranging widely in size and operations. They include loan funds, venture funds, regulated depositories, and community development credit unions. In the summer of 2020 in response to Black Lives Matter protests, the treasurers of a handful of large U.S. corporations began to take notice of CDFIs as both an investment vehicle and as a way to invest in communities.

Donors who direct philanthropic capital into communities of color have begun to ask themselves what other tools may be available to support economic development. Increasingly, access to capital – affordable loans to consumers and business owners of color – has come into focus as a critical pathway to wealth creation. CDFIs can offer underwriting, diversification, and support for borrowers alongside tailored resources and innovative programs to foster economic opportunity and revitalize neighborhoods. 

While the opportunity to directly support community wealth building is attractive, donors should consider the following:

• CDFIs can deploy both philanthropic and investment capital.  An increasing number of CDFIs offer investment notes, which aim to return 100% of the funders’ capital with a modest, below-market rate of financial return. Placing loans in underestimated communities requires care and support, which must be funded through grant support. Funders can back either of these activities, or use blended capital approaches to do both. For more information on this investment approach, Capital Impact Partners is the largest minority-led CDFI in the country; their investment note is rated by Standard & Poor’s and investments can be supported with philanthropic capital as well.

• CDFIs vary broadly in their size and risk.  While many CDFIs fared better than banks in the great recession, funders should understand that any loan, or pool of loans, bears risk. While Standard & Poor’s began issuing ratings to some of the larger CDFIs in 2015, a nonprofit ratings agency called Aeris has gathered data on CDFIs since 2004 and issues ratings on over 150 CDFIs around the country to help investors and donors understand their financial exposure and impact.  

• CDFIs can offer targeted impact.  Changemakers focused on a particular geography, issue area, risk profile, or population can direct loans through existing organizations that have, in some cases, been building relationships in communities for many years. Aeris has built a helpful tool called the CDFI Locator. Investors focused on a particular U.N. Sustainable Development Goal can sort by the SDGs also.

• The financial services sector is innovating fast.  Several financial technology (fintech) and investment advisory firms are working to provide their clients with vehicles to access CDFIs. If your advisor hasn’t yet introduced CDFIs as an option for capital that doesn’t require the highest financial return possible, ask them! This type of investing sits at the intersection of return-seeking investment approaches and impact-seeking philanthropy. It may only be a matter of time before it becomes a mainstream option for donors.

• Donors may direct assets from a Donor Advised fund to a CDFI.  Some DAF platforms will allow grantors to direct DAF assets into pooled loan vehicles like CDFIs. Ask your DAF provider what options may be available to you. 

The first step when considering any new philanthropic strategy is to clarify your intentions. What outcomes are most important to you? Do you envision building affordable housing? Creating jobs? Helping small businesses get started? Think about what you’d like to achieve in your philanthropy and then seek out a CDFI that aligns with your giving strategy. If you’re just getting started and would like support in developing a giving strategy, Phīla Engaged Giving is here to help. 

Lastly, while supporting CDFIs can be a compelling complement to your philanthropic framework through grants and program-related investments, talk to your financial advisor before incorporating CDFIs into your personal investment strategy. To learn more about CDFIs check out  CDFI Investing for the Impact Investor published by Community Capital Management and A Foundation Guide to Investing in CDFIs published by Philanthropy Northwest. 

*The statements and ideas presented in this blog post do not constitute financial advice or an endorsement of a particular financial instrument. 

Summer Reads to Celebrate the Power of Humanity

Lauren Janus, COO and Philanthropic Advisor at Phīla Giving

A year ago this month, the world felt like an incredibly tense place. 

George Flyod had just been murdered, on camera, at the hands of white police officers in Minnesota. With no vaccine and uneven testing capabilities across the country, COVID rates were raging while medical experts issued daily warnings of the deadly summer ahead. It wasn’t exactly the sort of atmosphere that made you want to stretch out in your lawn chair, pour a cool drink and delve into the latest crime novel. 

Instead, in my “summer reads” blog post last June, I recommended a handful of excellent books that dig deep into the issues of race, poverty and inequality laid bare to us all in the past year. I still strongly recommend all of these books not only because of their subject matter, but also because each of them is highly readable and engaging--not quite beach reads, but close enough to make you think differently and want to pass along a copy to a friend.

While it still feels audacious to even suggest that this summer could be more normal than last, expanding vaccination rates and decreasing COVID deaths do make it feel less scary. I’ve been using this new breathing space to take a step back and focus on the broader beauty in the world, including the power of individuals to move the needle on social justice, family relations and a more just and loving version of humanity. 

If you’re in a similar frame of mind as the weather warms, here are some of my top book recommendations:

 A Hope More Powerful Than the Sea: One Refugee's Incredible Story of Love, Loss, and Survival, by Melissa Fleming 

It’s difficult to argue that any refugee’s story is not harrowing. But Doaa Al Zamel’s is truly incredible. Doaa is just a teenager when her fiance convinces her that the two of them should flee Syria for Europe after passing their life savings over to smugglers with a rickety boat. When the boat capsizes, Doaa (who cannot swim) floats for days on an inflatable tube clutching two toddlers, who were thrust into her arms by their drowning parents. Doaa’s story ends well, but its glimpse into the astonishing bravery, love and sheer grit of today’s refugees will stick with you. 

Interpreter of Maladies, by Jhumpa Lahiri 

I first read Interpreter of Maladies nearly 15 years ago, not long after it was published and won the Pulitzer Prize. While this time around I remembered many of the stories in this short compilation written by the now famous Jhumpa Lahiri, every single one of them struck me anew for their achingly rich storytelling. Lahiri excels at telling stories of relationships--between lovers, family members and neighbors both in the U.S and in India. Not all of her characters behave well toward each other, but each of them needs each other in a very human way. Try stopping at just one of her stories in this short read.

Empire of Pain: The Secret History of the Sackler Dynasty, by Patrick Radden Keefe

No, I’m not suggesting that the Sackler family represents a beautiful sort of humanity to be celebrated in these challenging times. Quite the contrary. Patrick Radden Keefe’s 2021 expose on the Sacklers is shocking, engrossing and peppered with moments of pure ickiness. The way members of the elder and younger Sackler clan have used their wealth and personalities to manipulate nonprofits, government officials and the American public to further swell the family’s coffers is increasingly horrifying as the generations replace each other. The bright light of this story is Nan Goldin, the 60-something photographer who spear-headed the first protests against the Sackers inside the museums (the Guggenheim, Smithsonian, the Met) which have accepted the family’s donations for decades. 

Keefe explains how Goldin, who herself suffered from an addiction to  OxyContin, organized fellow artists, students and victims of the opioid epidemic to drop empty prescription bottles on the floor of the Guggenheim lobby and stage a subsequent ‘die-in.’ Her efforts worked, finally drawing a bright light to the unfettered greed and morally abhorrent behavior of the Sackler family.

The Purpose of Power: How We Come Together When We Fall Apart, by Alicia Garza

Alicia Garza’s recent book is a similarly inspiring, authentic story of the power of the individual. Garza is the woman behind the original #BlackLivesMatter hashtag, and co-founder of the Black Lives Matter movement. In her 2020 book, Garza describes her childhood as one of only a few Black children in a predominantly white, upper-middle class neighborhood, and her entry into the world of community organizing following college. What makes Garza’s arguments so welcome in these divisive times, is her insistence that movements like Black Lives Matter are successful when they are accessible to everyone who, like her, are striving to move our country--and arguably all of humanity--progressively forward. 

Happy reading!