At least three foundations in San Francisco have recently announced that they will spending out the "parent" foundation into separate foundations managed by the third or fourth generation.
The Richard and Rhoda Goldman Fund started the process in 2011 upon the death of Mr. Goldman and will close its doors by the end of this year. The Columbia Foundation announced today that they would do the same by the end of 2013. A small family foundation that I know (that keeps a low profile) is also in the midst of this process.
Is it a trend? Is it a good one or a bad one? What do you think?
(It should be noted that both Columbia and Goldman are genealogically-related to the "founding father" of San Francisco philanthropy, Levi Strauss's heirs, the Haas Family.)
2 comments:
I would love to make an intelligent comment Lucy, but am first trying to understand what the phrase, "spending out the "parent" foundation into separate foundations managed by the third or fourth generation," means...
Sorry to be unclear. One foundation closes. Assets are used to create new foundations. Richard and Rhoda Goldman Foundation closes, three foundations run by Goldman's children are established (or increased in size).
Is that clear(er)?
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