By Dr. Vartan Gregorian.

Today is Giving Tuesday, a fitting time to take stock of the impact that giving has on the causes we care about the most. Philanthropy today has been transformed by technological innovations. Crowd sourcing, online donation campaigns and short-term fundraisers have made it easier for individuals of all income brackets to contribute to a broad swath of causes.

And yet a separation persists between those capable of giving and those most in need of assistance. Indeed, an ever-growing gap exists between the ‘haves’ and the ‘have-nots’ in the global community. The strategic giving of wealth has emerged as a powerful mechanism to shrink this gap.

Carnegie Corporation of New York’s founder, Andrew Carnegie, believed in the “Gospel of Wealth,” principles that served as the basis for modern-day America’s social and corporate responsibility. A self-made businessman, and one of the world’s richest men of his time, Mr. Carnegie, in life, spread his wealth to assist causes related to education and world peace. After his death, his remaining wealth funded a system of almost 2,000 libraries across the U.S., a legacy that continues to shape America’s educational system.

Mr. Carnegie was, and is not, alone in his philanthropic efforts. The Atlantic Philanthropies, founded by business leader Chuck Feeney to instill his principle of ‘giving while living,’ strategically invests his wealth in causes that will advance humanity over the course of his life. The John D. and Catherine T. MacArthur Foundation, established after the death of business leader John MacArthur with 92 percent of his estate, has advanced programs focusing on human rights, international justice, higher education, population health and many more community advancements throughout Russia, India, Mexico, Nigeria and beyond.

These success stories show that alignment between an individual’s principles and how trustees of a fund distribute wealth in accordance to those principles—in life or in death—is important to that trust’s success. In our experience, the most successful legacy funds are those that have transformed a core set of principles into ambitious, long-term action making a measurable impact.

We at Carnegie Corporation are well aware that philanthropic giving has the power to improve lives and communities. In addition to our roles at the Corporation, all of my colleagues and I serve different non-profit organizations—as volunteers, board members, or donors. In the course of my career, I have been privileged to serve a variety of causes and non-profit institutions, the latest of which is an initiative I am particularly proud to support as a co-founder: the Aurora Prize for Awakening Humanity, a global award presented to those who put themselves at risk to advance the wellbeing of others. Last year, the Aurora Laureate was Marguerite Barankitse, founder of Maison Shalom and REMA Hospital – organizations operating in war-torn Burundi where they have provided schooling and healthcare to tens of thousands since their opening. They are both potent examples of the power of philanthropy.

As the state of philanthropy continues to expand beyond the legacy foundations and into the hands of donors worldwide, I challenge us to continue to push the bounds of how philanthropy can be applied to arm cultures and countries with the resources they need to succeed.

We must follow Mr. Carnegie’s example and give strategically so that those in need are enabled to help themselves. In doing so, we can equip communities around the world with what they need not just to survive, but thrive.