Executive Summary / The Pacesetter
The Top 25 charitable foundations in Los Angeles County saw a substantial decline in their assets during 2001, falling 9.9 percent, to $21 billion from $23.3 billion in 2000.
Of the 25 foundations and trusts on the list, 19 saw their asset bases decline, including The Rose Hills Foundation, which fell to No. 12, with a $19.8 million drop in assets, and the Amateur Athletic Foundation of L.A., which slipped to No. 21, with a $25 million decrease.
Still, the big got bigger. The J. Paul Getty Trust, by far the largest in L.A. County, saw its asset value increase to $10.9 billion in 2001, from $10.4 billion in 2000.
Four foundations joined this year's list: The Broad Foundation; QueensCare, a foundation for uninsured and low-income families; The Carrie Estelle Doheny Foundation, which provides healthcare and education services; and the Eisner Foundation, founded by Walt Disney Co. Chief Executive Michael Eisner. On May 20, the Eisner Foundation gave $7 million to California State University, Northridge, the largest donation the university has ever received.
J. Paul Getty Trust
While most of the charitable foundations in Los Angeles took a hit last year, none was larger than the decline in asset base of The J. Paul Getty Trust.
The county's largest philanthropic organization posted a 17 percent decline in asset value, falling $1.5 billion to $8.8 billion. As a measure of its size, the decline alone is equal to half the value of the next largest entity, the California Endowment.
And while The Getty Trust awarded fewer grants during 2001 than 2000, the total value of those grants rose slightly, to $18.2 million from $17.9 million. The trust awarded 1,525 grants in 2001, down from 1,575 the year before. Grant sizes range from $3,400 to $750,000.
The Trust, established in 1982, supports education, conservation and research in the visual arts. In addition to outside endeavors, the Trust funds art purchases by the Getty Center museum.
In October, it awarded $2 million in research grants to projects in 14 countries.
In February 2001, billionaire investor Ron Burkle, founder of private investment group The Yucaipa Cos., was named to its board of trustees.
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