 Philanthropist Joan Palevsky Leaves $200 Million Bequest, California Community Foundation's Largest Gift to Date
On Monday, October 30, 2006, the California Community Foundation (CCF) announced that the late philanthropist Joan Palevsky left a bequest of over $200 million -- the single largest gift the foundation has received since its establishment in 1915.
Having come from humble beginnings, Joan Palevsky understood the importance of giving back to the community. Despite having been one of the most generous philanthropists supporting causes as diverse as Islamic art to combating homelessness, Ms. Palevsky never sought the lime light.
Born in Omaha, Nebraska and raised in Los Angeles, Ms. Palevsky lived through the Depression, attended Los Angeles High School and became the first in her family to graduate from college. At UCLA, she studied languages, classics and history, and later became a teaching assistant there. Known as an avid reader by family and friends, Ms. Palevsky never lost her passion for education, books and the humanities -- frequently contributing throughout her lifetime to support libraries and professorships.
In addition to its sheer size, this historic gift is significant in many ways.
The gift is unrestricted -- Ms. Palesvky entrusted CCF to put it to good use. The gift also catapults the community foundation's assets to over $1 billion.
Perhaps most importantly, the gift enables CCF to double its competitive grantmaking to about $20 million a year. The donation establishes the Joan Palevksy Endowment for the Future of Los Angeles, which will invest in areas that were closest to her heart: civil liberties, civic participation, arts and culture, public education and empowering seniors, women, children and families of underserved communities.
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Frequently Asked Questions about Ms. Palevsky's Gift
1. What is the exact amount of the gift?
Based on the information we currently have, it is about $200 million. We will have more specific information in early 2007.
2. When did CCF know?
We found out a few months before announcing it on Monday, October 30th, 2006, when legal matters had been finalized.
3. Why has CCF recently sent declination letters to grant applicants despite this large gift?
Funds from the gift are not yet available. Each LOI (Letter Of Intent) is reviewed under a competitive application process. For more feedback, please call your program officer.
4. Does that mean you will have $200 million to disburse in grants?
No. The total amount will not be distributed in grants. Last year, we had $1.1 billion in assets and made about $10 million in competitive grants. The $200 million gift will double our competitive grantmaking pool to $20 million.
5. Your website states you give out more than $100 million in grants every year. Is this true?
Yes. Most of the grants CCF makes annually are donor advised funds, scholarships and other funds that are separate from the competitive grantmaking pool. Of the $100 million CCF makes in grants every year, only 10% is granted to nonprofit organizations through a competitive Letter of Intent and Request for Proposal process.
6. When will the funds become available?
We will have a better idea in 2007, but it is safe to assume that the funds will become available by next fiscal year beginning July 2007.
7. Will you be hiring more program staff?
All employment opportunities are posted on our employment opportunities webpage. Please check periodically for openings.
8. If we send you a LOI now, would we be applying for the new pool of funds?
If you submit an LOI today and are subsequently invited to submit a full application, you will be considered for the June 2007 cycle, at the earliest.
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