« OWS By the Numbers | Main | Weekend Link Roundup (November 12 - 13, 2011) »

Bloomberg Family Foundation

November 12, 2011

Michael_BloombergHow big is the Bloomberg Family Foundation, the private foundation established in 2006 by New York City's billionaire mayor, Michael Bloomberg?

According to an item in today's New York Post, the foundation, which released its most recent tax filing on Friday, had assets of $2.7 billion at the end of 2010 (making it the eigthteenth-largest foundation in the country). New York's other tabloid, the Daily News, also looked at the filing and reports that the mayor gave more than $360 million in 2010 to the foundation and that it paid out $108 million in grants to eleven entities (a payout rate of 4 percent).

The mayor, the Daily News notes, also gave more than $190 million out of his own pocket to charitable causes in 2010 (including $20 million for "advocacy-related initiatives").

What's curious about the Post's item is its claim that Bloomberg plans to spend down the foundation's corpus by December 21, 2026. Indeed, the article quotes Mike Marinello, a Bloomberg spokesperson, as saying, "That was the date picked by the mayor." But the item itself says the foundation, which employs at least ten current or former city employees and supports efforts in the areas of education, the environment, global health, and arts and culture, will close its doors in December 2026 -- "or five years after the death of the mayor or his daughters, Emma and Georgina, which ever came later." Confusing, no?

The mayor will turn seventy in February. Emma is thirty-two and Georgina is twenty-eight. Barring any surprises, it sounds to me like the Post got it wrong and that the foundation will be around for decades to come.

-- Mitch Nauffts


Feed You can follow this conversation by subscribing to the comment feed for this post.

What I find amazing is the complete secrecy around Bloomberg Philanthropies. Coming from someone who made partially his fortune in communication it is even more shocking. The link you gave leads to one page with 0 information.
Beyond the official IRS form what is available?

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Your comment could not be posted. Error type:
Your comment has been saved. Comments are moderated and will not appear until approved by the author. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.


Post a comment

Comments are moderated, and will not appear until the author has approved them.


Quote of the Week

  • "Let the watchwords of all our people be the old familiar watchwords of honesty, decency, fair-dealing, and commonsense...."

    — Theodore Roosevelt (1858-1919)

Subscribe to Philantopic


Guest Contributors

  • Laura Cronin
  • Derrick Feldmann
  • Thaler Pekar
  • Kathryn Pyle
  • Nick Scott
  • Allison Shirk

Tweets from @PNDBLOG

Follow us »