March 13, 2016 |
Deep pockets will be in Philadelphia next week. Representatives of more than 100 foundations with assets approaching $150 billion are gathering for the Funders' Network annual conference in Center City for three days. The group focuses on environmental, social, and economic issues, and counts some of the nation's biggest foundations, such as the Ford Foundation, the Robert Wood Johnson Foundation, and the W.K. Kellogg Foundation, among its members. The meeting, which on Friday had 301 people registered to attend, puts Philadelphia in the spotlight at a time when there is a growing "national curiosity about what is happening in Philadelphia," said Shawn McCaney, director of creative communities and national initiatives at Philadelphia's William Penn Foundation.
February 8, 2014 |
The regionally focused $2.2 billion William Penn Foundation reached outside the philanthropic sector and raided the University of Pennsylvania's Wharton School for its next top executive, hiring away vice dean Peter J. Degnan. The button-down Degnan replaces outspoken Jeremy Nowak, who had vowed to sharpen the philanthropic impact of the Penn Foundation when the organization hired him in April 2010. Nowak resigned in November 2012 after developing a 10-year plan but drawing disagreement from the foundation's board.
September 30, 2013 |
Second of three parts, on successive Sundays. For more than a dozen years, philanthropy in Philadelphia was led by a powerful quartet. In various combinations, the Pew Charitable Trusts, William Penn Foundation, the Annenbergs, and the Lenfests lined up behind arts and culture. They built: Without them, Philadelphia might have no National Constitution Center or new, altered Barnes Foundation on the Parkway. They rescued: Had they not stepped in to cover construction debt, the Kimmel Center would have drowned in red ink. And they preserved: When The Gross Clinic , Thomas Eakins' important canvas, was on the brink of being sold off to the National Gallery of Art in Washington and an Arkansas museum backed by Wal-Mart heirs, calls were made, checks written, a deal was struck, and the painting's continued residency was assured.
March 26, 2013 |
The Lenfest Foundation, one of the region's last remaining powerhouse philanthropies, has undertaken a series of changes that will dramatically alter its leadership and mission, and effectively maps out a path to its end. H.F. "Gerry" Lenfest has long said the foundation he and his wife, Marguerite, founded would spend itself down and cease to exist within 10 years of their deaths. But Lenfest, 82, has decided to step down now as chairman. Philadelphia entrepreneur Keith Leaphart, 38, will complete Lenfest's term as chairman through June 2015, heading a new eight-member board on which the Lenfests will remain members.
November 30, 2012 |
Jeremy Nowak, president of the William Penn Foundation for only 18 months, has left his position, the foundation announced Wednesday, catching the region's nonprofit and educational communities by surprise. Foundation officials said in a statement that "differences in approach regarding implementation" of William Penn's new strategic plan - developed during the aggressive Nowak's tenure - led to the departure. There was no hint it was coming - even foundation staff members were caught off guard.
May 31, 2012 |
To a greater degree than before, the Annenberg Foundation is requiring accountability from the Philadelphia Orchestra in exchange for the $50 million gift the foundation made in 2003. That grant was the largest in the orchestra's history. But even after it was paid out, its use and destiny were never entirely left to the orchestra. The foundation reserved the right to recall the gift and any accumulated investment income if the orchestra ever filed for bankruptcy. Although the philanthropy, now based in Los Angeles, did not exercise that right when the orchestra filed for Chapter 11 in April 2011, a new and more controlling donor agreement has been crafted as part of the reorganization plan filed last week by the orchestra in U.S. Bankruptcy Court.
August 1, 2011 |
The Philadelphia Orchestra has come under assault in recent days by two parties whose legal maneuvers threaten its $140 million endowment. Pianist and conductor Peter Nero, founding music director of the Philly Pops, on Friday filed a request for a financial examination of details of the relationship between the Annenberg Foundation and the Philadelphia Orchestra Association. The orchestra and the Pops are in contentious talks over the financial terms of a separation, and the examination, requested in a motion to the judge in the association's Chapter 11 bankruptcy case, is an attempt to compel a settlement, sources familiar with the action say. The request claims that the orchestra entered into a merger agreement with the Pops in 2005 "as part of its effort to fulfill its agreement with Annenberg and the conditions and goals and requirements of the $50 million gift from Annenberg.
May 22, 2011 |
When Leonore Annenberg, widow of billionaire publisher Walter Annenberg, decided to give $50 million to the endowment of the Philadelphia Orchestra, she created a donor agreement stipulating in great detail how the money should be handled, and how the investment proceeds could be spent. The 2003 gift, the largest in the orchestra's history, remains the keystone in the group's endowment, contributing up to several million dollars a year to the budget. But turning over $50 million wasn't the end of the Annenberg Foundation's relationship with the orchestra.
March 13, 2009
Hers was a lifestyle that few could imagine, but publishing heiress Leonore Annenberg, who died yesterday, had a charitable touch that has been felt by millions. Mrs. Annenberg, 91, rode with presidents aboard Air Force One and dined with royalty. Along with her husband, the late Philadelphia publishing magnate Walter H. Annenberg, she lived amid C?zannes and a household staff of 30. Yet the Annenberg family's sprawling good works of philanthropy meant that their wealth has and will continue to be enjoyed by people from all walks of life.
March 13, 2009 |
Leonore Annenberg, U.S. chief of protocol under President Ronald Reagan, widow of former U.S. Ambassador to Britain Walter H. Annenberg, and steward of the couple's massive philanthropy, died yesterday at Eisenhower Medical Center near her estate in Rancho Mirage, Calif. Mrs. Annenberg, 91, had been in declining health, making fewer appearances at the charitable events that were a constant in her civic life. Known to intimates as Lee, she became an equal partner in the family's charitable legacy during the couple's long marriage and assumed control of the Annenberg Foundation in Radnor after the 2002 death of her husband, who was a longtime publisher of The Inquirer and Philadelphia Daily News, which he sold in 1969.