Gottesman Fund Expands Endowment to $1.3 Billion Following Major Donation

What's Happening?

The Gottesman Fund, a family philanthropy established in the 1960s, has significantly increased its endowment to $1.3 billion following the death of cofounder David 'Sandy' Gottesman. This expansion was further bolstered by a $1 billion donation from Ruth Gottesman to the Albert Einstein College of Medicine. Historically, the fund has supported Jewish causes, education, public health, housing, homelessness, and arts and culture. In 2023, the fund's annual grantmaking nearly tripled to $85 million, with major recipients including the PEF Israel Endowment Funds, American Museum of Natural History, Mount Sinai Health System, Yeshiva University, and American Friends of Leket Israel.

Why It's Important?

The Gottesman Fund's increased endowment and grantmaking capacity highlight the growing influence of large family foundations in the philanthropic sector. This expansion allows the fund to continue supporting its traditional focus areas while potentially broadening its impact. The significant donation to the Albert Einstein College of Medicine underscores the fund's commitment to advancing medical education and research. As family foundations like Gottesman grow, they play a crucial role in shaping public health, education, and cultural initiatives, potentially influencing policy and societal priorities.

What's Next?

With the expanded endowment, the Gottesman Fund is likely to continue its support for existing grantees while exploring new opportunities to enhance its impact. The fund's focus on Jewish causes and education suggests ongoing investments in these areas, potentially leading to new partnerships and initiatives. As the fund navigates its increased capacity, stakeholders in the philanthropic community may watch for shifts in grantmaking strategies and priorities.