philanthropy

Bill Gates Gives Up "World's Richest Man" Status for Philanthropy

Filed under: Charity, Big Givers, Wealth

On Wednesday, Forbes magazine will publish its annual list of the richest billionaires in the world. It's almost certain to include Bill Gates, Warren Buffett and Carlos Slim in the top three, but while Gates has topped the list nearly every year since 1995 (losing out only once to Buffett by a margin of half a billion), this year we're not expecting to see the Microsoft co-founder in the top spot.

The reason for Gates' displacement? His overwhelming philanthropic activity. Although his personal fortune today is estimated around $49 billion, he and his wife Melinda have funneled some $28 billion into their non-profit foundation. As a result, Mexican billionaire Carlos Slim – who contributes far less than Gates or Buffett to charity - is expected to top the list.

[Source: Reuters]

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Tags: bill gates, billionaire, billionaires, carlos slim, philanthropy, warren buffett, worlds richest man

The Ultimate Las Vegas Philanthropic Gala: Diamonds, Exotic Travel, Classic Cars, And Curated Experiences

by Susan Kime (RSS feed) —

Filed under: Auctions, Events, Charity

The Ultimate Las Vegas Philanthropic Gala: Diamonds, Exotic Travel, Classic Cars, And Curated Experiences

According to the Organization For Economic Co-operation and Development, The United States led the world last year in charitable donations, a whopping $28.67 billion dollars worth. So it is no wonder that one of the largest, wealthiest and most respected charity galas, the Power Of Love, in Las Vegas also netted quite an amount last year, for a one-night celebration: $28M, with $8M from a single donor. This year, actually, this Saturday, they are expecting to do even better, due to the dazzling, over-the-top auction prizes, even for Las Vegas.

On Saturday, February 26, Keep Memory Alive (KMA) will host its 15th annual Power of Love Gala at Bellagio in Las Vegas. Along with an evening of live entertainment, Power of Love guests will enjoy a significant auction bidding experience with impressive, one-of-a-kind items to benefit Cleveland Clinic Lou Ruvo Center for Brain Health. Cleveland Clinic's Lou Ruvo Center for Brain Health provides state-of-the-art care for cognitive disorders and for the family members of those who suffer from them. It is a substantial treatment center in Las Vegas, opened in July of 2009, where many substantial donations have helped the center thrive. A recent Luxist piece was written on Steve Wynn's commission of a James Rosenquist painting for the Clinic.

The live auction on Saturday evening will have items (see images next page) and experiences that are both pricey and priceless -- a private lunch with Lee Iacocca, and the opportunity to win the I-Legacy, one of 45 limited edition Mustangs. Luxist wrote about this unusual opportunity recently. Then, there's an eight night wine tour of Italy for four people, curated by Michael Mondavi, another wine trip to Australia, ownership of a new Fisker Karma, time in the Los Angeles recording studio with Kenny 'Babyface" Edmonds, and more. The silent auction will have ownership experiences like winning the Mercedes 2012 SLS AMG Roadster, and original Blue Dog art by George Rodrigues and others. There are many more entertainment, travel, and cultural adventures, jewelry giveways from Tiffany's and Harry Winston, to high end shopping sprees.

Some auction items are listed on the next page. A complete listing is on the Keep Memory Alive website.

Tags: Bellagio Las Vegas, Clevelanc Clinic Lou Ruvo Center For Brain Health, Keep Memry Alive Power of Love Gala, Las Vegas Cleveland Clinic, Las Vegas Philanthropic Gala, Philanthropic auctions, philanthropic giving in the US, philanthropy, Power Of Love gala

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Texas Cancer Center Receives $150 Million Gift From United Arab Emirates

by Deidre Woollard (RSS feed) —

Filed under: Big Givers

Sheikh Khalifa bin Zayed Al Nahyan, the president of the United Arab Emirates, is giving a huge donation to a U.S. hospital. The Houston Chronicle reports that the University of Texas M.D. Anderson Cancer Center will receive $150 million. the largest donation ever given to an institution in the Texas Medical Center. The gift will fund a building and research for M.D. Anderson's Institute for Personalized Cancer Therapy. Outgoing hospital President Dr. John Mendelsohn will co-lead the institute. He says that the gift was a response to M.D. Anderson's treatment of many patients from the United Arab Emirates.

The donation honors the late Sheikh Zayed bin Sultan Al Nahyan, president of the United Arab Emirates for more than 30 years and the father of Sheikh Khalifa bin Zayed Al Nahyan. The personalized cancer therapy institute building will be named after the late president and the institute itself after the current president. A pancreatic cancer research center will be be created with the gift after another son, Sheikh Ahmed Bin Zayed Al Nahyan.

Tags: abu dhabi, philanthropy, united arab emirates

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Metropolitan Museum of Art Gets Big Donation For Costume Institute

by Deidre Woollard (RSS feed) —

Filed under: Art, Big Givers

The Metropolitan Museum of Art in New York City got a big boost this week in the form of a $10 million gift from Lizzie and Jonathan Tisch. The gift will support the creation of a major exhibition space within the Costume Institute, allowing the Museum to proceed with a total renovation of its costume-related exhibition galleries and conservation center starting next year.

The new 4,200-square-foot gallery will be named the Lizzie and Jonathan Tisch Gallery. The renovation will also add a new costume conservation center and an expanded and updated study/storage facility that will house, onsite, the combined holdings of the Met and the Brooklyn Museum Costume Collection, which was transferred to the Metropolitan Museum in early 2009. Adjacent to the new Tisch Gallery, the Carl and Iris Barrel Apfel Gallery, will be refreshed and function as introductory space to The Costume Institute holdings.

In a statement Lizzie and Jonathan Tisch said, in part: "In today's world, fashion, art, and culture are becoming more intertwined, and the renovation of The Costume Institute will give this interrelationship the proper focus it deserves at the Museum. The new gallery will allow young designers and students to see and learn while advancing both art history and the art of fashion design." The Lizzie and Jonathan M. Tisch Foundation also supports a variety of organizations including Tufts University, New York Presbyterian Hospital-Weill Medical College of Cornell University, 92nd Street Y, Citymeals-on-Wheels, and others that are active in education, the arts, and health care.

Tags: costume institute, lizzie and jonathan tisch, lizzie tisch, metropolitan museum of art, philanthropists, philanthropy

Doris Buffett, Warren Buffett's Big Giving Big Sister

by Deidre Woollard (RSS feed) —

Filed under: Charity, Big Givers

Warren Buffett isn't the only philanthropist in his family. The oracle of Omaha has a big giver for a big sister too. The Richmond Times-Dispatch reports on 82-year-old Doris Buffett and her Sunshine Lady Foundation. The article says that she has already given away about $120 million, about half way toward her goal of giving away all her assents in her life time. So far her foundation has helped a variety of charities offering scholarships, help for families in crisis and more on an individual hands-on basis.

The Sunshine Lady Foundation is a private family foundation founded in 1996 by Doris Buffett and each Sunshine Lady Foundation grant is considered an investment in the recipient. The Times-Dispatch article says that big projects have included construction of a Boys and Girls Club, housing for people with intellectual disabilities, college scholarships for abused women, and a college degree program for prisoners.

Warren Buffett has defined the difference between his version of philanthropy and his sister's, saying: "I'm wholesale. She's retail." He praised his sister for her method of changing individual lives saying he is very proud of her. The Sunshine Lady Foundation has volunteers who read about 100 letters a day, vetting them each individually. Check out a video with the inspiring Doris Buffett after the jump.

Tags: doris buffett, philanthropy, warren buffett

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Facebook's Mark Zuckerberg and Others Join Giving Pledge

by Deidre Woollard (RSS feed) —

Filed under: Charity, Big Givers

Facebook's Mark Zuckerberg is the one of the latest billionaires to sign on to the Giving Pledge campaign started by Bill Gates and Melinda Gates and Warren Buffett. The Giving Pledge calls for billionaires to pledge at least half their net worth to charity, in their lifetimes or at death.

The list of those signed on to the Giving Pledge now has 57 families. The recent batch of billionaires include AOL co-founder Steve Case, investor Carl Icahn and Michael Milken who join Larry Ellison, George Lucas and Michael Bloomberg in the ultimate big givers roll call.

"People wait until late in their career to give back. But why wait when there is so much to be done?" said Mark Zuckerberg in a press release. "With a generation of younger folks who have thrived on the success of their companies, there is a big opportunity for many of us to give back earlier in our lifetime and see the impact of our philanthropic efforts."

A full list of those taking the pledge and personal letters by many of these pledgers outlining their commitment to give is available online at www.givingpledge.org. Carl Icahn said that "until Bill, Melinda and Warren started this project, I never considered going public with my intentions. However, I certainly see the value of a project that encourages wealthy individuals to step forward and commit to use their wealth for the common good. I hope that by adding my voice with those who are supporting this project, we will all encourage others to participate."

Tags: bill and melinda gat..., bill and melinda gates foundation, bill gates, dustin moskovitz, facebook, giving pledge, mark zuckerberg, melinda gates, philanthropy, warren buffett

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Chinese Billionaire Joins Gates/Buffett Giving Pledge

by Deidre Woollard (RSS feed) —

Filed under: Big Givers

A Chinese philanthropist has joined the Giving Pledge campaign started by Bill Gates and Warren Buffett. Chen Guangbiao, chairman of Jiangsu Huangpu Renewable Resources Utilization, is a well-known Chinese philanthropist and wealthy businessman, he recently gave one million yuan (around $150,000) to the Pakistani flood victims. He is the first in China to respond to the campaign. Gates and Buffett plan to make their pitch to Chinese billionaires in person in Beijing, China at a special dinner on September 29. Around 50 super wealthy Chinese businesspeople have been invited to the banquet but some have opted not to attend.

News reports say that Chen Guangbiao posted an open letter to Gates and Buffett on his company website. The letter pledges that he will donate his entire fortune of more than five billion yuan ($735 million) to charity when he dies. Chen's letter says that it will be a "glory" to return his entire fortune to society and that it is a "shame" to die hoarding wealth.

He's no stranger to showy philanthropy. Earlier this year he built a "money wall" at the Industrial and Commercial Bank of China's (ICBC) Jiangsu Branch to collect donations for poor families. He was on the top of the 2010 China Charity List released by the China Association of Social Workers. It is said that he has already donated a total of 1.34 billion yuan.

Tags: bill gates, billionaires, chen guangbiao, giving pledge, philanthropy, warren buffett

Paul Allen Joins BIll Gates By Giving Away His Fortune

by Deidre Woollard (RSS feed) —

Filed under: Charity, Big Givers

Paul Allen and Bill Gates founded Microsoft and now Allen is taking a page out of Gates's book, announcing that he will give more than half of his estimated $13.5 billion fortune to philanthropy. Just last month we learned about a plan that Gates, his wife, Melinda and Warren Buffett had cooked up to get the country's billionaires to earmark half their fortunes to charitable causes. Other billionaires who have already committed to at least a 50 percent pledge include Eli and Edy Broad, John and Ann Doerr, H.F. "Gerry" and Marguerite Lenfest and John and Tashia Morgridge.

Allen already has an existing foundation, the Paul G. Allen Family Foundation. His projects have included the nonprofit scientific research done at the Allen Institute for Brain Science, the Allen institute and the Experience Music Project/Science Fiction Museum. As the NY Times reports Allen has made Chronicle of Philanthropy's annual list of the nation's 50 largest donors, eight times. Last year, he ranked No. 11 for giving away $85 million.

Tags: bill gates, microsoft, paul allen, philanthropists, philanthropy, warren buffett

Buffett And Gates Encourage Billionaires To Donate At Least Half of Their Fortunes

by Deidre Woollard (RSS feed) —

Filed under: Big Givers

Last year I wrote about the secret meeting of some of the world's biggest philanthropists. Now Fortune has revealed sone of what happened during that meeting. Fortune's Carol Loomis reports that Bill Gates, Melinda Gates and Warren Buffett are making a plea to the nation's richest citizens. They are asking the nation's billionaires to pledge at least half their net worth to charity, in their lifetimes or at death. Gates tells Fortune that he thinks 50 percent should be the "low bar" and that people should actally give more. Buffet also reaffirmed his own philanthropy pedge saying that he and his family decided to "keep all we can conceivably need and distribute the rest to society, for its needs" giving away more than 99 percent of his wealth.

And they aren't alone. Fortune says that other billionaires who have already committed to at least a 50 percent pledge include Eli and Edy Broad, John and Ann Doerr, H.F. "Gerry" and Marguerite Lenfest and John and Tashia Morgridge. The Fortune article goes on to say that after the first billionaires' dinner there were several more dinners set up by the Gateses. Part of the goal was just to talk about giving and why some people don't give as much as they could. In the article Melinda Gates explains that the first part of the pledge campaign is just to help move people forward in the direction of thinking about giving and what good their money can do in the world and to plan ahead. The initiative is a long-term one and given, the potential money at stake, one which has the power to reimagine the social landscape.

Tags: bill gates, melinda gates, philanthropy, warren buffett

Whitney Museum Receives Major Gift

by Jonathon Ramsey (RSS feed) —

Filed under: Art, Big Givers

The Whitney Museum in New York City has been gifted a collection of artworks worth up to $75 million. The 367 pieces donated by museum trustee Emily Fisher Landau, widow of real estate developer Martin Fisher and clothier Sheldon Landau, is focused on works by 20th century American artists like Edward Ruscha, Andy Warhol, and Jasper Johns – there are 44 by Johns' alone, along with 18 Rauschenbergs and six by Ruscha. The museum's largest task will be to find a place for them – the Whitney's current location is already just about full.

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Tags: art, emily fisher landau, new york, new york city, new york museums, philanthropy, whitney museum

Billionaire David Koch Plans Pretty Fountains For The Met

by Deidre Woollard (RSS feed) —

Filed under: Charity, Big Givers

Like the fountains at New York City's Lincoln Center? Then you'll want to keep an eye on the Metropolitan Museum of Art where philanthropic billionaire David H. Koch plans to spend at least $10 million on dramatic new fountains for the cultural landmark. The Wall Street Journal reported last week that Koch had said he pledged "at least $10 million" for the project.

The overall sprucing up of the exterior will include updating the museum's exterior lighting and the entire plaza as well as renovating the dormant oval fountains. Koch was inspired by the Lincoln Center's Revson fountain with its dramatic dancing display. That fountain was created by fountain architect Mark Fuller of WET Design. WET is best known for the fountains at the Bellagio hotel in Las Vegas. (The New Yorker had a fascinating piece on the details of the Lincoln Center Fountain back in January).

Koch knows a little something about the Lincoln Center. In 2008 he agreed to contribute $100 million toward the renovation of the New York State Theater. The gift put Koch's name on the door (it's now known as the David H. Koch Theater) and was the largest private capital donation in the Lincoln Center's history. He is the executive vice president of Koch Industries, Inc. and has an estimated net worth of $17.5 billion.

Koch's is the first major gift dedicated to the Met's exterior renovations. The fountains were installed in the early 1970s, a gift from Lila Acheson Wallace, a co-founder of Reader's Digest. The Wall Street Journal also points out that the fountains are designated landmarks and any changes must be approved by the Landmarks Preservation Commission.

Tags: david koch, fountains, lincoln center, metropolitan museum of art, new york city, philanthropy

Uptown Cigars Donates to the Troops

by Tom Johansmeyer (RSS feed) —

Filed under: Cigars, Charity, Video

Philanthropy and the brotherhood of the leaf have converged upon Upton Cigar, in Kingston, New York. Many cigar companies and shops have donated sticks to U.S. military personnel serving overseas, particularly in Iraq and Afghanistan. While Cigars for Soldiers has done a considerable amount of heavy lifting in this regard, there are lots of local efforts that are making a profound difference in the lives of people who have made the sacrifices associated with serving their country.

At Uptown Cigar, what started small has grown quickly. According to Israel Markevitz, the store's manager, word of mouth has been the major driver. The occasional customer would buy a box to ship overseas (the shop pays for that part). Before long, Markevitz was sending more than five boxes a week, ensuring that virtually every soldier who makes a request has it as quickly as possible.

Needless to say, the practice caught on. Now, Uptown Cigar ships five boxes a week or more to military personnel serving in combat, if only to thank them for their service and make their lives a little easier. Learn a bit more about this practice from the video below.

Tags: cigar, cigar shop, cigars, CigarShop, philanthropy, soldiers

Russian Billionaire Will Give His Money To Charity

by Deidre Woollard (RSS feed) —

Filed under: Big Givers, Wealth

Warren Buffett isn't the only generous billionaire in the world. Businessweek reports that Russian billionaire Vladimir Potanin has said that he will plans to leave almost all of his estimated $2.1 billion fortune to charity within the next decade. Unlike Buffett, Potanin is a bit younger, just 49. He has three children. His assets include 25 percent of OAO GMK Norilsk Nickel, Russia's biggest mining company, 30 percent of lender OAO Rosbank, and the Rosa Khutor Olympic ski development. His Interros Holding Company will manage the assets which will eventually be transferred to a "special charity fund" but no designated benficiary for his largesse has been revealed. Ahead of the big donation Potanin will raise contributions to his existing charitable fund to at least $25 million a year.

What's Potanin's motivation? An article in The Financial Times says that Potanin was inspired by Bill Gates and Warren Buffett and has a long history of philanthropy. Potanin told the Financial Times he also wants his children to achieve and felt that inheriting wealth would only be a hindrance. Some feel that Potanin's generous move may inspire more Russians toward philanthropic aims, a trend I first heard Roustam Tariko, founder and chairman of Russia Standard vodka, speak about a few years ago.

Tags: billionaire, philanthropy, Vladimir Potanin, VladimirPotanin, wealth

Philanthropist Defends Reduced Donation

by Deidre Woollard (RSS feed) —

Filed under: Big Givers

A private philanthropist has come out of the shadows to defend reducing his donations. David Gelbaum has made more than $380 million in donations to groups including the American Civil Liberties Union (ACLU), the Sierra Club and others over the past four years. But after a NY Times article came out describing how the loss of his annual donation of $20 million would affect the ACLU, Gelbaum decided to make a statement. In an article in the NY Times he said that he was willing to come out in order to make the point that his drop in donation had nothing to do with any issues with the ACLU but instead was all about his own financial situation. He said that his investments in alternative, clean energy companies have placed him in "a highly illiquid position" because of the global economic crisis. The circumstances may be different but Gelbaum is just one of many donors, big and small, who have found themselves with less to give as a result of the economy. Many nonprofits have had to shrink their budgets in response to decreased donations.

The Iraq-Afghanistan Deployment Impact Fund of the California Community Foundation had received the bulk of Gelbaum's largess. He gave $246.6 million to the fund which supports nonprofit groups offering assistance to the families of troops deployed in Iraq and Afghanistan and was the sole contributor to the fund. The ACLU received $93.5 million and the Sierra Club $47.7 million over the same four year period. We hope David Gelbaum's financial picture brightens over the next year, we could all use more big givers.

Tags: aclu, david gelbaum, DavidGelbaum, donations, philanthropy, sierra club, SierraClub

Sergey Brin's Latest Donation

by Deidre Woollard (RSS feed) —

Filed under: Charity, Big Givers

Google co-founder Sergey Brin seems to be finding his sea legs when it comes to philanthropy. Brin and his wife Anne Wojcicki have announced a $1 million gift to the Hebrew Immigrant Aid Society, a group which helped his family when he was just a little boy from the Soviet Union. The society provides protection and assistance to some of the most vulnerable refugee populations around the world and also offers information, training, and expert advice on immigration laws.

Sergey Brin has an estimated wealth of $16 billion but he and his wife are learning about what their money can do. They have given away $30 million so far to various organizations including the Michael J. Fox Foundation and other research organizations devoted to Parkinson's disease. In a NY Times article on the latest donation Brin cited Bill Gates' research-heavy philanthropic model as an inspiration.

The Brin family came to the U.S. 30 years ago and the Hebrew Immigrant Aid Society helped them leave the Soviet Union for the United States and assisted with getting them visas and tickets and giving them money (what an excellent return on their investment). Brin started social networking site, mystory.hias.org, on the society's website to for Russian Jewish immigrants to post their stories. The gift will be used for a variety of purposes including supporting advocacy on immigration policy.

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Tags: anne wojcicki, AnneWojcicki, google, philanthropy, sergey brin, SergeyBrin

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