posted on February 22, 2004 09:28:49 PMCable TV Billionaire Giving Away Entire Fortune
The Associated Press
Published: Feb 22, 2004
PHILADELPHIA (AP) - H.F. "Gerry" Lenfest and his wife, Marguerite, have given away about a third of their $1 billion fortune over the past four years, and they say they want to give it all away before they die.
After four decades building a cable television business that made them one of America's wealthiest couples, the Lenfests are spending the profits on charity.
Their three children - already wealthy from the sale of the cable business to Comcast - will get no more money if the couple have their way. The couple also wants foundations that survive them to have spent every penny within 20 years of their deaths.
Gerry Lenfest, 73, said he saw many charitable institutions lose effectiveness after their founders died and decided the bulk of the family's fortune should not end up in long-lasting endowments.
"During your lifetime, you can direct how your wealth is spent for the most good," he said. "But after your death, it is problematic. You don't have the control."
So far, the couple have given or pledged about $325 million of their earnings from the sale of the cable business the family began building in 1974.
Columbia University, Wilson College and Washington and Lee University have each received gifts of between $16 million and $18 million. The Philadelphia Museum of Art, the Kimmel Center for the Performing Arts, and the Chesapeake Bay Foundation are among many organizations that have received Lenfest money.
Gerry Lenfest was a lawyer and an executive at Triangle Publications, a company owned by another philanthropist, Walter Annenberg, when he borrowed $2.3 million to buy a small cable television system in Lebanon, Pa.
When Lenfest sold the system to Comcast Corp. in 2000, it had grown to 1.2 million subscribers in Pennsylvania, New Jersey and Delaware. The sale netted the Lenfest family about $1.2 billion.
posted on February 22, 2004 09:52:00 PM
Please do not forget the late Joan Kroc who gave to generously in life and even more generously in death. Some of her donations were $200 million to NPR and 1.5 billion to the Salvation Army, 60 million to the Ronald McDonald House charities but her generosity was long and diverse. She funded a number of community centers here in San Diego including the St Vincent DePaul center which houses 310 families, the Center for International Peace studies at Notre Dame and much more.
Her spirit of generosity will be much missed but hopefully set a new standard for those of her stature.
This is a wonderful story about her if you are curious
http://www.charlotte.com/mld/observer/news/7958800.htm
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If it's really "common" sense, why do so few people actually have it?
[ edited by Fenix03 on Feb 22, 2004 10:04 PM ]
posted on February 23, 2004 06:38:20 AM
Generosity is good. Everyone should be appreciated for their gifts to others no matter how small or large those gifts may be.
posted on February 23, 2004 12:37:21 PM
Yes, Fenix, both the Krocs were tremendous believers in 'giving back' to this great nation that enabled them to amass a fortune. Thanks for mentioning them
posted on February 23, 2004 01:28:21 PMOprah Donates $5M to Morehouse College
ATLANTA (AP) -- Talk-show host Oprah Winfrey has given Morehouse College another $5 million donation to fund scholarships at the Atlanta school.
The gift, announced Saturday night, brings to $12 million the total contributions to the college by Winfrey, making her the school's largest individual donor, said Morehouse spokeswoman Elise Durham.
Winfrey was in Atlanta Saturday to accept Morehouse's first "Candle for Lifetime Achievement in Humanitarian Service" award.
So far, scholarships funded by the talk-show host have helped about 250 students continue or complete their education, Durham said.
Winfrey said her original goal had been to put 100 students through school. She told the audience Saturday that she now wants to see 1,000 students get their diplomas.
Winfrey was one of several people honored during the 2,800-student school's gala. Other honorees included actor Ossie Davis, syndicated radio host Tom Joyner, Atlanta businessman Jesse Hill and U.S. Rep. Sanford Bishop.
See? It is possible to be wealthy and spend absurd amounts on old furniture ( -Winfrey collects Shaker pieces) *and* contribute significantly to the well-being of others. Has to do with character; has to do with being of the world and not above it.
