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SOUTHERN NEVADA WILL MISS LINCY FOUNDATION'S GENEROSITY
Jane Ann Morrison
Las Vegas Review-Journal (Nevada)
March 7, 2011 Monday
Las Vegas' nonprofit world is in a state of unease over news the Lincy
Foundation, Kirk Kerkorian's charitable foundation, which gives out
hundreds of millions each year, is going to give all its assets to
UCLA to create the Dream Fund.
The Lincy Foundation has an estimated $200 million in assets and,
pending government approval, all that will be transferred to the UCLA
Foundation. While that's great news for UCLA, the ripple effect on
Las Vegas charities and nonprofits may not be so cheery.
The Lincy Foundation has been generous with our city. In 2008,
the foundation donated more than $29 million to local nonprofits
and charities. Those operations, already struggling with reduced
donations because of the economy, cannot count on that generosity
being sustained in the future.
That doesn't necessarily mean Las Vegas charities will be entirely
sliced out of the pie, because, according to UCLA Chancellor Gene
Block, while the Dream Fund will be used for student support,
research and academic programs at UCLA, "the Dream Fund also will
support charitable causes beyond our campus, particularly those that
address large societal concerns."
Of the $200 million in assets, the Dream Fund will commit half to UCLA
and half to other charitable causes, so Las Vegas nonprofits will have
a crack at obtaining grants. But there will be scads of competition.
I first wrote about Kerkorian's style of giving for a Thanksgiving
column in 2003, when he was majority stockholder of what is now MGM
Resorts International. He gave away $350 million in 2002.
What was surprising was the diversity of his giving. Sure, his
homeland, Armenia, received plenty - $39 million with another $106
million pledged. But his donations were wide-ranging, crossing racial
and religious lines and heading all over the world.
Since its founding in 1989, the foundation has donated more than $1.1
billion to various causes.
Even for a billionaire, his generosity was impressive.
Then-foundation President James Aljian said Kerkorian requested that
his name not be used on anything his money built. He even named his
foundation after his daughters, Linda and Tracy, not himself.
The Internal Revenue Service 990 Forms showed that in 2008, the most
recent year available on Guidestar, the foundation's contributions to
Las Vegas charities and nonprofits were: After-School All Stars Las
Vegas, $100,000; Andre Agassi Charitable Foundation, $1.1 million; Big
Brothers/Big Sisters of Southern Nevada, $100,000; Catholic Charities
of Southern Nevada, $10,000; Clark County Public Education Foundation,
$50,000; Habitat for Humanity Las Vegas, $100,000; Injured Police
Officers Fund, $10,000; Nathan Adelson Hospice, $600,000; Nevada Cancer
Institute, $14.9 million; Opportunity Village, $200,000; Salvation Army
Clark County, $60,000; Teach for America, $1 million; Three Square, $2
million; United Way of Southern Nevada, $1 million; UNLV Foundation,
$8 million; and VT Marty Hennessy Jr. Tennis Foundation, $10,000. He
pledged another $9 million to the Clark County School District.
The Lincy Foundation will no longer exist, but the Lincy Institute
at the University of Nevada, Las Vegas, will remain.
The Lincy Institute was created with a $14 million gift from the
foundation and addresses issues that impact Nevada through coordinated
research and social outreach programs, particularly in education
and health.
Kerkorian was a strong supporter of the Nevada Cancer Institute
from the very beginning, said Hilarie Grey, vice president of
communications. "They've been a tremendous partner - not just to
us, but for so many nonprofits and educational institutions. Their
generosity and support will be deeply missed throughout the community."
Perhaps the UCLA Foundation will continue to send some of that Dream
Fund money to Las Vegas.
But it probably won't be any $29 million a year. That really would
be a dream.
From: A. Papazian
Jane Ann Morrison
Las Vegas Review-Journal (Nevada)
March 7, 2011 Monday
Las Vegas' nonprofit world is in a state of unease over news the Lincy
Foundation, Kirk Kerkorian's charitable foundation, which gives out
hundreds of millions each year, is going to give all its assets to
UCLA to create the Dream Fund.
The Lincy Foundation has an estimated $200 million in assets and,
pending government approval, all that will be transferred to the UCLA
Foundation. While that's great news for UCLA, the ripple effect on
Las Vegas charities and nonprofits may not be so cheery.
The Lincy Foundation has been generous with our city. In 2008,
the foundation donated more than $29 million to local nonprofits
and charities. Those operations, already struggling with reduced
donations because of the economy, cannot count on that generosity
being sustained in the future.
That doesn't necessarily mean Las Vegas charities will be entirely
sliced out of the pie, because, according to UCLA Chancellor Gene
Block, while the Dream Fund will be used for student support,
research and academic programs at UCLA, "the Dream Fund also will
support charitable causes beyond our campus, particularly those that
address large societal concerns."
Of the $200 million in assets, the Dream Fund will commit half to UCLA
and half to other charitable causes, so Las Vegas nonprofits will have
a crack at obtaining grants. But there will be scads of competition.
I first wrote about Kerkorian's style of giving for a Thanksgiving
column in 2003, when he was majority stockholder of what is now MGM
Resorts International. He gave away $350 million in 2002.
What was surprising was the diversity of his giving. Sure, his
homeland, Armenia, received plenty - $39 million with another $106
million pledged. But his donations were wide-ranging, crossing racial
and religious lines and heading all over the world.
Since its founding in 1989, the foundation has donated more than $1.1
billion to various causes.
Even for a billionaire, his generosity was impressive.
Then-foundation President James Aljian said Kerkorian requested that
his name not be used on anything his money built. He even named his
foundation after his daughters, Linda and Tracy, not himself.
The Internal Revenue Service 990 Forms showed that in 2008, the most
recent year available on Guidestar, the foundation's contributions to
Las Vegas charities and nonprofits were: After-School All Stars Las
Vegas, $100,000; Andre Agassi Charitable Foundation, $1.1 million; Big
Brothers/Big Sisters of Southern Nevada, $100,000; Catholic Charities
of Southern Nevada, $10,000; Clark County Public Education Foundation,
$50,000; Habitat for Humanity Las Vegas, $100,000; Injured Police
Officers Fund, $10,000; Nathan Adelson Hospice, $600,000; Nevada Cancer
Institute, $14.9 million; Opportunity Village, $200,000; Salvation Army
Clark County, $60,000; Teach for America, $1 million; Three Square, $2
million; United Way of Southern Nevada, $1 million; UNLV Foundation,
$8 million; and VT Marty Hennessy Jr. Tennis Foundation, $10,000. He
pledged another $9 million to the Clark County School District.
The Lincy Foundation will no longer exist, but the Lincy Institute
at the University of Nevada, Las Vegas, will remain.
The Lincy Institute was created with a $14 million gift from the
foundation and addresses issues that impact Nevada through coordinated
research and social outreach programs, particularly in education
and health.
Kerkorian was a strong supporter of the Nevada Cancer Institute
from the very beginning, said Hilarie Grey, vice president of
communications. "They've been a tremendous partner - not just to
us, but for so many nonprofits and educational institutions. Their
generosity and support will be deeply missed throughout the community."
Perhaps the UCLA Foundation will continue to send some of that Dream
Fund money to Las Vegas.
But it probably won't be any $29 million a year. That really would
be a dream.
From: A. Papazian