Podcast: The Surdna Foundation Pivots to Mark 100 Years of Impact
In 1917, businessman John Andrus decided to give away half his self-made fortune, built in part on developing the peptonoid elixir that was the precursor to Pepto-Bismol. Like most wealthy philanthropists, he named his new foundation after himself — except he reversed the spelling of his surname.
As it celebrates its centennial, the Surdna Foundation is still inverting philanthropic norms. The New York City-based grant maker has taken the bold step of directing $100 million — 10 percent of its endowment — into impact investing In this edition of the Business of Giving, Phil Henderson, Surdna’s president, details the organization’s sometimes-bumpy road to reaching that decision and dealing with its implications...