Executive Summary
It’s hardly surprising that a city like Los Angles, home to so many of the wealthy and influential, would have a large number of charitable organizations. Most of the trusts and foundations on this week’s list were set up by wealthy families.
The 25 organizations on this week’s list have combined assets of $17.3 billion. Most of them have a very wide range of interests, including education, science and medical research, community service and the arts. Only a few of the organizations have a specific focus, such as the Pfaffinger Foundation, which gives assistance to employees and former employees of Times Mirror Corp.
Most of these organizations attempt to keep a very low profile in order to avoid solicitations for funds. They have established very specific and strict procedures for those filing grant applications. Boards are established to review requests and allocate funds. Several of these establishments give only to pre-selected organizations, while others have long-term commitments to which they contribute each year.
The Pacesetter
Established in 1953 by oil tycoon J. Paul Getty, the Getty Trust has become one of the largest private operating foundations in the world. In 1997, the Getty’s assets were valued at close to $7.4 billion, up from $7.2 billion in 1996.
While a majority of the trust’s assets are used for running the Getty Center and expanding the museum’s art collection, Getty sponsors museum-based educational programs, grants, scholar-in-residence programs and internships, and makes donations to other museums and charitable organizations.
The Getty awarded 471 grants in 1997, to the tune of $11.2 million, a small percentage of the trust’s $4.9 billion endowment. The museum expenditures have been reduced since the completion of the Getty Center’s construction, though operating expenses have increased moderately to fund new public and professional programs.
Projects include the creation of an online forum for the exchange of ideas about integrating art into elementary school curricula and conservation efforts. Recent museum acquisitions include “Bleachery at Sheveningen” by Vincent van Gogh, “Suzanne Le Peletier de Saint-Fargeau” by Jacque-Louis David and David Hockney’s photographic masterpiece, “Pearblossom Hwy., 11-18 April 1986, No. 2.”
The Getty plans to refurbish and revitalize the Getty Villa in Malibu, closed in 1997, which will be used to house the organization’s Greek and Roman antiquities. The reopening is scheduled for 2002.
