having it all - The New York Community Trust

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Cecily Sosa (l), in the apartment she can now afford with the help of Earline Williams, a volunteer with the Council on Senior Centers and Services’ Bill Payer Program. Photo by Rick Lew 4
giving Having it all (at least when it comes to charity) When it comes to giving away money, there’s no shortage of opinion on the best way to do it. Starting with John D. Rockefeller and Andrew Carnegie, most philanthropists set up their foundations to last in perpetuity. But recently, there’s been a growing chorus of the super wealthy to spend it all during their lifetimes. Charles Feeney, founder of Atlantic Philanthropies, a foundation that will close in 2020, is even exhorting signers of the Buffett/Gates Giving Pledge to reconsider leaving money in their wills, and instead, give it away today. So, give while you live or give for the future? Were it not for the passion on this subject, the answer would be easy: do both. At The Trust, we do. We believe that we need to deal with problems today and have an obligation to our children and grandchildren to leave resources so that, particularly in times of crisis, they have the means to respond. Giving today gives us and our donors joy and satisfaction—and makes the world a better place. The gifts of yesterday’s donors make the lives of the New Yorkers in the following stories far more hopeful than they might have been. As Robert Frank of the Wall Street Journal wrote after the financial meltdown, “Now, with the living running out of cash, it is the nonliving who are back in the lead as donors.” It is with gratitude that we acknowledge our donors, who have remained steadfast. Mr. Rockefeller lends a hand to Ms. Sosa of East New York—85 years later. In 1924, The Trust had just incorporated and, as with all start ups, we needed money. So Ralph Hayes, our first director, approached the richest New Yorker he knew, John D. Rockefeller, Jr. A year later, Rockefeller wrote to Hayes: “I note with much interest the development of The Trust and congratulate you on what has been accomplished.” But he was concerned about the “very specific and limited purposes” of many of the funds. He continued: “As our experience in giving grows, we find ourselves more loath to impose conditions which continue for an unlimited period of years, and are increasingly leaving broad discretion to the successor of present trustees.” When Rockefeller endowed a fund in The Trust in his John D. Rockefeller, Jr. mother’s memory with $2.5 million, he took his own advice. Eager to support causes that his mother cared about, he asked us to find organizations that provide aid and services to poor people. In 2010, we used 5 5
Page 1 and 2: annualreport2010 trust having it al
Page 3 and 4: welcome We ended 2010 with the blis
Page 5: 3 3 An enthusiastic young participa
Page 9 and 10: 7 Jessica Lagunas (l) and J Carpent
Page 11 and 12: Visitors were encouraged to unpin a
Page 13 and 14: The Metropolitan Waterfront Allianc
Page 15 and 16: Metropolitan Waterfront Alliance, t
Page 17 and 18: Healthy coral provides food and she
Page 19 and 20: how to apply for a grant The Trust
Page 21 and 22: 19 19 A student from St. Johns Univ
Page 23 and 24: continue your philanthropy for futu
Page 25 and 26: Susan Berresford I grew up in New Y
Page 27 and 28: Anthony Lecator used the computer s
Page 29 and 30: Charlynn Goins, Chairman Director:
Page 31 and 32: suburban divisions With the belief
Page 33 and 34: WESTCHESTER Apoyo Fund (2002) Arfa
Page 35 and 36: staff of the trust Phone: (212) 686
Page 37 and 38: Consolidated Statements of Activiti
Page 39 and 40: notes to consolidated financial sta
Page 41 and 42: 2009 Fair value Level 1 Level 2 Lev
Page 43 and 44: (4) Pension and Postretirement Medi
Page 45 and 46: Investment Committee financial high
Page 47 and 48: Maureen Duffy Benziger Fund (2005)
Page 49 and 50: Julie Ehrlich & Noam Elcott Fund (2
Page 51 and 52: Margaret J. Hughes Memorial Fund (1
Page 53 and 54: Mobility Rehabilitation Fund (1964)
Page 55 and 56: Rosenthal-Schneier Fund (2009) Ida
Page 57 and 58:
Lila Acheson Wallace Fund for the A
Page 59 and 60:
Bridge Fund of New York, $1,271,250
Page 61 and 62:
Friends of Alice Austen House, $40,
Page 63 and 64:
Morristown-Beard School (N.J.), $31
Page 65 and 66:
S A Safe Place (Mass.), $25,000 Saf
Page 67 and 68:
It took the persistence of Friends
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