Sunday, January 24, 2010

A $1.2 Billion Boost

The Haas family's end-of-year gifts to the William Penn Foundation and the newly formed Wyncote Foundation have "given area nonprofits a psychological boost," according to the Philadelphia Business Journal.

But, as the reporter points out, it remains unclear whether the gifts will translate into more grant money for local nonprofit organizations.

Certainly, the size of the gifts is exciting: $747 million to William Penn Foundation and $502 million to the new Haas-family-created Wyncote Foundation.

But the Haas family had previously given grants out of their family trusts, so it may just be a reshuffling of the existing grant-making deck. No word yet on specifics of the new Wyncote Foundation, or how it will continue or diverge from previous family trust grants.

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