Tulsa Community Foundation

Tulsa Community Foundation
Location
Area served
 Oklahoma
Method Donations and Grants
Key people
 Phil Lakin
CEO
Endowment US$ $4,412,774,000 (2009)
Website www.tulsacf.org

The Tulsa Community Foundation is one of the largest community foundations in the United States.[1][2][3] Headquartered in Tulsa, Oklahoma, as of January 2011 it was reported to have approximately four billion dollars in assets, and to have donated more than $580 million to local charities and government projects.[4]

Tulsa Community Foundation is a tax-exempt, public charity organized in 1998. It was founded by Tulsa oilman, banker, and philanthropist George Kaiser, who felt that Tulsa's historical dependence on unorganized private giving from its wealthy families was no longer effective. Beginning with gifts from seventeen local philanthropists, by 2006 Tulsa Community Foundation had grown to become the largest community foundation in the country, surpassing the New York Community Trust,[5][6] and it remained the largest until 2013, when a $1 billion contribution lifted the Silicon Valley Community Foundation into first place.[7] Kaiser's family foundation remains the largest contributor to the community foundation, which also manages about 600 donor advised funds.[4]

In 2005, members of the United States Senate Committee on Finance, and others, criticized the foundation structure (and that of other similar foundations) for arguably permitting givers to take tax deductions out of proportion to the actual amounts given for public charity, and for potentially allowing the donors to have effective control of the community foundation.[8] Because the Tulsa Community Foundation (unlike some private foundations) is not restricted from making gifts to government agencies, it has also drawn occasional comment and criticism for its potential influence on local government.[4]

See also

References

  1. ↑ "Top Funders: 25 Largest Community Foundations by Asset Size", Foundation Center website (accessed January 26, 2011).
  2. ↑ "Philanthropy 400 Data: Community Foundations", Chronicle of Philanthropy website (accessed January 26, 2011).
  3. ↑ Thomas M. Anderson, "Start Your Own Charity: A donor-advised fund offers tax advantages. But a family foundation lets you call all the shots." Kiplinger's Personal Finance, September 2009.
  4. ↑ 4.0 4.1 4.2 P.J. Lassek, "City among beneficiaries enjoying Tulsa Community Foundation's millions", Tulsa World, January 3, 2011.
  5. ↑ Ginnie Graham, "Community foundation gains stature", Tulsa World, August 27, 2006.
  6. ↑ Matt Cauthron, "Officials expect Tulsa Community Foundation to be largest in nation", The Journal Record, May 10, 2006.
  7. ↑ "Transformed Fund Reaps Windfall", The Chronicle of Philanthropy, February 9, 2014.
  8. ↑ Stephanie Strom, "A Tax Benefit for Big Donors Often Bypasses Idea of Charity", The New York Times, April 25, 2005.

External links