(FORTUNE Magazine) – When the baby-boomers share their good fortune with charities, who will be on the receiving end? Mainstream outfits shouldn't bank on their largess. Young donors are showing themselves to be as persnickety in funding good works as they have been choosing cabernets and ice cream. When doughboy George Pillsbury, 40, inherited $1,000,000 from his family's namesake baking business 20 years ago, the United Way got zero. Pillsbury used his fortune to co-found Haymarket People's Fund, a Boston charity that supports groups the big charities eschew. Among them: Northeast Vermonters for Gay and Lesbian Rights and the Cambridge-El Salvador Sister City Project. Haymarket and 14 other boomer-backed new-wave philanthropies have since banded together into the Funding Exchange -- a national network that last year gave away $5.5 million, most of it in closely targeted grants of $2,000 each. Says Haymarket donor Barbara Winslow, 44, heir to approximately $1.5 million from the Supp-Hose panty hose fortune: ''People like me, who see themselves as products of the Sixties, give to causes geared to political change.'' Annie Hoffman, 35, gives away about $10,000 a year between Haymarket and the Funding Exchange. ''My grandmother gave to her hospital and the zoo,'' she says. ''But my generation was politicized through Vietnam, the women's movement, and gay rights.'' Her money came from family investments in Kodak and other companies. Chuck Collins, 30, a great-grandson of Oscar Mayer, inherited $300,000 eight years ago and has given all of it away, mostly to Haymarket and the Funding Exchange. Earlier this year the exchange recognized his generosity by conferring on him a new award -- the Robin Hood. The boomers' consciences also affect their investment decisions. David Crocker's $500,000 inheritance partly came down, along with his vocation, from Paine Webber co-founder William Paine. An investment adviser with Bernard Herold & Co. in New York City, he counsels clients to pass up investments in companies that sell or manufacture military hardware (''killing machines''). Says Crocker, 41: ''When my great-grandfather raised capital to build new businesses, he was providing jobs and services. I feel I'm doing the same thing, but taking social values into account.''