May 21, 2009
Every Dollar Spent
As a private foundation prepares to close after 10 years, its founder is urging others to follow its example
When the office-equipment manufacturer Steelcase Furniture went public just over a decade ago, the deal supplied its major stockholder, John Hunting, with the financial muscle to endow his small foundation with $100-million.
But instead of creating an endowment that would last forever, he ordered that every dollar be spent within 10 years. He wanted most of the money to be used to help environmental groups do a better job of promoting public policy, a task he felt was urgent and
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