December 31, 2008
Recession Didn't Halt Big Gifts in 2008: A Look at The Top Gifts of the Year
By Maria Di Mento
Even as the economy slipped into recession, America’s wealthiest individuals were giving record sums to charity.
At least 16 individuals made gifts of $100-million or more last year, more people than ever have done so in the 12 years that The Chronicle has been keeping a tally of the biggest charitable commitments announced each year. In 2006, at least 15 people gave that sum, and in 1998, 12 did so.
The total amount of the donations on the 2008 list far outstripped last year’s. They amounted to more than $8-billion, compared with $4.1-billion committed by philanthropists on the list in 2007.
The biggest gift on the 2008 list was a $4.5-billion bequest from James LeVoy Sorenson, an inventor and investor who left the money to his family foundation in Salt Lake City.
The second-largest sum was $1-billion pledged by the financier Peter G. Peterson, co-founder of the Blackstone Group, to his foundation.
Most of the donations on the list went to foundations or colleges and universities. The only gifts that went to another type of organization were pledges of $100-million apiece to the New York Public Library by Stephen A. Schwarzman and by David H. Koch to the New York State Theater, which is the main performance space for the New York City Ballet and New York City Opera.
The Chronicle started keeping the list in 1997, when Ted Turner stunned the world of philanthropy by announcing a pledge of $1-billion to start a foundation to aid United Nations programs.
To learn more about the giving habits of America’s wealthiest individuals, see The Chronicle’s database of donations of $1-million or more. In late January The Chronicle will release its annual list of the 50 individuals who gave the most to charitable causes.
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Why do you consider a gift to your own foundation a “gift”? Until someone besides you benefits it is only a gift in the eyes of Uncle Sam! I wonder if the pledges you list will be realized. I think you would have a more accurate list if you only counted actual gifts—cash or assets given to non profits. List would look much different.
— Al Mueller Jan 2, 04:12 PM #
I fully agree with the above comment; gifts to foundations permanently lock away 95% of the gift away from charity. These gifts do not have the same impact as gifts directly to 501c3 organizations that can put the gifts to use immediately. As such, they are not gifts to charities as much as they are to the donors’ own legacies; they should not be recognized as much as the far more charitable acts of people who entrust their funds to the management of another organization rather than their own heirs.
— Hate to be Scrooge, but seriously . . . Jan 5, 03:06 PM #
Money to foundations are not necessarily locked away as stated above, but the foundation is only required to donate 5% of the assets per year, but can donate more. What about the billions that Warren Buffet gives to the Gate foundation every year.
— Mark Jan 7, 10:28 AM #
I would have to agree with the first comment. A “gift” to your own organization doesn’t seem to be as charitable. Something that really goes to helping others, and is not tied up in the organization should have more merit.
— Christy Jan 11, 11:02 PM #
how can our church benefit from these donations? our congregation has been trying very hard to build a church. we have put up the walls windows and doors people are reluctant to kneel because the floor is rough & it si also duty not good for thos who have chest conditions
— onalenna lemo Jan 14, 02:40 AM #