February 22, 2007

Endowment Investments Shouldn't Be Based on Social Goals

By Leslie Lenkowsky

A century ago, Washington Gladden, a prominent Congregational minister from Columbus, Ohio, earned himself an enduring place in the history of philanthropy by denouncing a gift to his denomination from John D. Rockefeller as "tainted money."

In Pastor Gladden's eyes, since Mr. Rockefeller had amassed his wealth in ways that were less than "clean," those who accepted his funds would inevitably dirty themselves as well. Since then, numerous organizations have spent time wrestling with

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