57.5 F
Laguna Hills
Monday, Mar 18, 2024
-Advertisement-

Private Foundations Boost Overall Giving By 23%

Orange County’s private foundations gave more locally and overall in their most recent fiscal years.

Those on this week’s Business Journal list gave a little more than $180 million overall in their most recent fiscal years, up about 23%, according to data compiled by the Business Journal. They contributed $50 million to OC programs, a 46% increase.

The Business Journal ranks the largest individual and family foundations based on the most recent data on total cash contributions.

The figures are based on recent tax figures and foundation reports, though the organizations have different fiscal years.

Thirty of the 42 foundations increased contributions in the past fiscal year, and 12 donated less money. One foundation joined the list, and two broke into the top 10.

About 75% of the $33.8 million increase in total giving came from three foundations: the Donald Bren Foundation in Newport Beach, the Opus Foundation in Los Angeles, and the Ahmanson Charitable Community Trust in Irvine.

About 80% of the $15 million increase in OC giving came from two foundations: the William and Sue Gross Family Foundation in Albany, N.Y., and the Opus Foundation.

• The Marisla Foundation in Laguna Beach easily held on to the top spot with about $46.5 million in total contributions, up about 1% and almost twice the contributions of the No. 2 foundation. Oil heiress Ann Getty Earhart is president of the foundation, which supports environmental issues.

The Business Journal couldn’t determine its OC contributions because no recipient cities were listed in its Form 990, the Internal Revenue Service tax form that provides information about a nonprofit. The foundation had about $55.5 million in assets, up about 12%.

• The Arnold and Mabel Beckman Foundation in Irvine is ranked No. 2 with about $27.3 million in total contributions, up about 10%. The foundation gave 56% less money locally compared to the prior year, or about $465,000. Its assets dropped 8% to about $562.7 million. Arnold Beckman founded Fullerton-based Beckman Instruments Inc., now Beckman Coulter Inc. in Brea.

• The William and Sue Gross Family Foundation ranks No. 3 with about $18.7 million in contributions, a 3% increase. It appears to have moved its headquarters to an East Coast post office box within the past year.

The foundation’s local contributions increased more than 1,000% to over $3.3 million, not including $40 million that the couple it’s named for gave to the University of California-Irvine in January for the creation of a nursing school. Bond fund manager Bill Gross co-founded Newport Beach-based Pacific Investment Management Co. and now is with Denver-based Janus Capital Group’s Newport Beach office.

Such “mega gifts” have occurred less frequently this year, said Shelly Hoss, president of the Orange County Community Foundation, which matches donors and charities (see related story on page 1). Many nonprofit groups rely on mega-gifts to launch capital campaigns or to support ongoing programs.

• The Argyros Family Foundation in Costa Mesa is No. 4 with about $18.5 million, up 38%. It contributed about $13.4 million in OC, up 14%, and had about $139 million in assets, a 16% increase. George Argyros, who founded the organization, owns Costa Mesa real estate developer Arnel & Affiliates.

• The Donald Bren Foundation leaped from No. 26 last year to No. 5 with $15.2 million in total contributions, up 2,562%. The foundation gave no money to local organizations last year, according to its recent Form 990. Its assets fell 8% to about $126.5 million.

Notable

• It took the position held last year by the Simon Foundation for Education and Housing in Newport Beach, which ranked No. 7 and increased contributions 22% to about $6.1 million. The Simon foundation doubled its local giving to about $4.5 million and increased assets by about 1,800% to $7.8 million.

• The Opus Foundation jumped from the No. 32 spot last year to No. 6 with $9.8 million in contributions, up 3,400%. Almost all of that went to OC causes, likely because of its ties with Stacey Nicholas, ex-wife of Broadcom Corp. co-founder Henry Nicholas. The $9.7 million in OC contributions was up 3,590%. Its assets dropped 64% to about $5 million.

• Opus took the rank held last year by the Tiger Woods Foundation in Irvine, which dropped to No. 28 with about $562,000 in total contributions, down 87%, the biggest decline in donations on the list. The foundation was ranked No. 27 two years ago when it reported $467,190. It doesn’t list benefitting cities on its Form 990. The foundation had about $108 million in assets, up about 1%.

• The Ahmanson Charitable Community Trust was the newcomer to the list at No. 13 with about $2.5 million in total contributions, up 154%. It increased its OC giving by 9% to $521,447 while its assets almost doubled to about $105,000. Home Savings bank founder Howard Ahmanson created the foundation to support the arts and humanities.

• The B. John Garrick Foundation for the Advancement of the Risk Sciences in Laguna Beach, at No. 15, is the last notable foundation this year. Its total contributions increased 2,750% to $1.7 million. It gave no money to local programs, and its assets fell by 93% to $140,000.

Want more from the best local business newspaper in the country?

Sign-up for our FREE Daily eNews update to get the latest Orange County news delivered right to your inbox!

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-
-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-