What does philanthropy mean?
You are correct!
From our dictionary:phi•lan•thro•py
Pronunciation: (fi-lan'thru-pE), [key]
—n.,
—pl. -pies.
1. altruistic concern for human welfare and advancement, usually manifested by donations of money, property, or work to needy persons, by endowment of institutions of learning and hospitals, and by generosity to other socially useful purposes.
2. the activity of donating to such persons or purposes in this way: to devote one's later years to philanthropy.
3. a particular act, form, or instance of this activity: The art museum was their favorite philanthropy.
4. a philanthropic organization.
