THE NAME OF THE GAME IN PHILANTHROPY this year is to make your dollars go far -- very far. With the recession squeezing donors and charities alike, it's more important than ever to make sure your giving really makes a difference.

Ideally, each dollar you give will transform itself into $3 or $4 of benefits for your chosen causes -- from improving local schools to easing world poverty. That's high-impact giving, and some philanthropists are raising it to a high form of art.

The...