What's Happening?
Three foundations have seen significant growth in their assets due to large bequests received in 2023. The Stoller Foundation, Eugene B. Casey Foundation, and William and Barbara Martin Foundation have all expanded their endowments, positioning them among the top grantmakers. The Stoller Foundation, focused on Christian causes, increased its assets 14-fold following the death of its founder. The Casey Foundation, benefiting from a transfer of nearly $287 million, now holds assets of over $397 million. The Martin Foundation, newly formed, received a $455 million transfer, establishing itself as a major philanthropic force in Los Angeles.
Why It's Important?
The growth of these foundations highlights the impact of the Great Wealth Transfer, where significant assets are moving into philanthropy. This shift is expected to reshape the landscape of charitable giving, with new grantmakers emerging and existing ones expanding their reach. The increased assets allow these foundations to support more causes and potentially influence public policy and social initiatives. As they scale up operations, they face challenges in managing larger endowments and meeting payout requirements, which could lead to changes in their grantmaking strategies.
What's Next?
These foundations will need to adapt to their new financial realities by developing strategies to effectively distribute their increased funds. The Stoller Foundation may shift from small-scale grants to larger gifts, while the Casey Foundation will focus on supporting Washington, D.C.-area nonprofits. The Martin Foundation, under new leadership, will establish its priorities and begin making grants. As these organizations grow, they will likely play a more prominent role in their respective communities, influencing local and national philanthropic efforts.
