Tax Laws Popularize the Small Foundation
Maireid Sullivan | June 9, 2008 at 10:49 pmby
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New York Times, By GERALDINE FABRIKANT–June 7, 2008––When John Lane III assumed the investment responsibilities for the Edward H. Lane Foundation in 2004, he took on a lot of headaches.
The foundation, which had been started by his grandfather, was a small fry — worth just $1.2 million — in a world dominated by behemoths like the $37.3 billion Bill and Melinda Gates Foundation and the $13 billion Ford Foundation. But Mr. Lane had the same basic need as those big fish: a good investment strategy. And he was not happy with how the investment manager had been handling the foundation’s funds.
“I could do just as mediocre a job myself at less expense,” Mr. Lane said.
According to the Urban Institute’s National Center for Charitable Statistics, there were 76,849 private foundations — of all sizes — at the end of 2005, the latest year for which data is available. That represents a 49 percent increase over the number in 1995.
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