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  #11  
Unread 03-20-2022, 09:25 PM
Julie Steiner Julie Steiner is offline
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I would guess that most, if not all, of the initial seed money came from Alan Fox, the founding editor, who is a Los Angeles lawyer and real estate investor.

Because they file an IRS 990-PF (private foundation) form rather than the usual 990 form, they don't seem to have to keep the usual ratio of charitable donations vs. earned or investment income. It must be nice to be able to stay focused on programming, and not have to fundraise all the time...sigh....

Last edited by Julie Steiner; 03-20-2022 at 09:28 PM.
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Unread 03-21-2022, 09:35 AM
Roger Slater Roger Slater is offline
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More idle curiosity, but I wonder why Rattle in particular was able to score a seven million dollar angel gift like that, a gift that includes a $95K a year salary for the editor. I suppose it must be a personal relationship of some kind, since Tim was not any kind of well known poet or editor before (was he?). At any rate, it worked out well, since I also like Rattle a lot.
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Unread 03-21-2022, 01:35 PM
Julie Steiner Julie Steiner is offline
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But it wasn't a $7 million angel gift. It was a much smaller amount used to set up an endowment that has been invested since the 1990s in a very, very hot (until 2008) stock market, and which even after the 2008 setback has come roaring back with a vengeance. Plus additional gifts over the years.

My own nonprofit's rather puny endowment, which yields only about $3,000 per year in distributable funds, started with an initial investment of $10,000, ten years ago. It's been augmented with smaller gifts over the years, but most of its growth to today's $75,000 is from the investment income.

Last edited by Julie Steiner; 03-21-2022 at 01:40 PM.
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