From the AFP website
Research Study: Giving Circles and Fundraising in the New Philanthropy Environment
The purpose of this project was to better understand how fundraising professionals are responding and adapting to tools of the "new philanthropy" environment, especially to funding from "giving circles." Scholars, practitioners, and journalists claim a new era has begun in American philanthropy; one that is more engaged and uses unconventional modes of giving and volunteering. This report by Angela Eikenberry of the Center for Public Administration and Policy, School of Public and International Affairs, Virginia Tech, examines the practice in depth.
The PDF Is here