Houston Endowment Inc.
Houston Endowment Inc. was founded in 1937 by Jesse H. Jones and Mary Gibbs Jones as an extension of their personal philanthropy to help establish institutions and organizations that help facilitate the growth of Houston and develop its people. It was the principal beneficiary of Jesse and Mary Jones' estates after their deaths.
The foundation, whose purpose is the support of any charitable undertaking, contributes to a broad spectrum of programs in education, health care, human services, cultural arts, and other areas. Although the Joneses imposed no geographic restrictions on grants, their actions and words supported a policy that the majority of funds be directed to programs serving the people of the Greater Houston area and the state of Texas. The foundation is governed by a board of directors and is managed by its professional staff, which meets regularly to determine investment and administrative policies and to consider grant requests. In the early 1990s Houston Endowment Incorporated was the largest private philanthropic foundation in Texas and ranked among the largest in the nation. During its first twenty-five years, the foundation made grants totaling about $24 million, and by the end of 2000 had distributed grants in excess of $749 million. An endowment valued at more than $1.5 billion in 2001 allowed annual giving of some $67 million.[1]
By the mid 1950s, Houston Endowment owned many prominent buildings and businesses in Houston, Fort Worth and New York City. In response to the Tax Reform Act of 1969, the foundation began selling its businesses and buildings and investing the proceeds in securities. The sale of the Houston Chronicle to the Hearst Corporation in 1987 completed this process. Over the years, Houston Endowment's assets have grown to approximately $1.4 billion, enabling the foundation to donate more than $70 million annually to help fulfill the Joneses' vision of a healthy, vibrant community.[2]