Between the dismal economy, crashing financial markets and the Madoff scandal it would be natural to assume that philanthropy was out for the count. But while these difficulties might take the wind out of the sector’s sails for a while, we are in the midst of a second great wave of philanthropy.

Even though baby boomers have seen their retirement accounts take a dive, they have spent the past 30 years accumulating wealth and are now entering the part of their lives where they spend and give away their assets. At the same time, Generation Y, who spent their high school years volunteering to beef up their college applications, now find they love being engaged in social action and have continued to volunteer in record numbers.