Crain’s Top 15 List of Foundations Is a Showcase of PNY Members
The top 15 foundations on Crain's list have grown 14.3% compared with last year, once again showing how the fortunes of philanthropists are closely tied to the investment decisions they and their organizations make.
The largest increase came from the JPB Foundation, which moved up six slots to No. 8 on Crain’s list. The organization is the second large foundation built off the wealth of Jeffry and Barbara Picower. The former Picower Foundation folded after the family was charged as the largest beneficiary of the Bernie Madoff Ponzi scheme. After settling with the victims’ trustee for $7.2 billion, Barbara Picower resumed her philanthropic activities through JPB. Compared with last year, JPB’s assets have increased to $3.3 billion from $1.1 billion.
Altogether, 11 of the 15 foundations enjoyed asset growth. The Foundation to Promote Open Society/Open Society Institute(No. 2), the Leona M. and Harry B. Helmsley Charitable Trust (No. 4) and Bloomberg Philanthropies (No. 5) all expanded upward of 25%.