Foundation
The Harry and Jeanette Weinberg Foundation was originally established in 1959. On his death in 1990, and left $3 million to his grandchildren. His will left almost US$1 billion of property to the foundation.
Weinberg's will specified that that 25 percent of annual distributions will go to Jewish charities and further specifies that the proceeds shall be used for the benefit of the poor, and bans gifts to music or arts institutions. The assets continued to grow in value, while large grants enabled entire buildings to be built, such as the Harry and Jeanette Weinberg Memorial Library at the University of Scranton.
Throughout Baltimore and the Hawaiian Islands, many major civic and private buildings and complexes were named after Harry and Jeanette Weinberg. Before his death in 1990, he had decreed that any building for which his charitable foundation gave more than $250,000 would have the couple's name on it somewhere...(Weinberg's) charter allows the foundation to contribute no more than 30 percent of a project's cost. One of the largest projects named in their honor was the Filipino Community Center in Waipahu, Hawaii, dedicated by Philippines President Gloria Macapagal Arroyo and representatives of President of the United States George W. Bush in 2002. The Filipino Community Center is one of the largest ethnic and cultural centers in the United States. Other projects include the Ko Olina Resort, which asked for $75 million in tax credits.
The Harry and Jeanette Weinberg Foundation is administered by a Board of Trustees that at times includes members of the Weinberg family. Members are usually professionals residing in Honolulu and Baltimore.
Read more about this topic: Harry Weinberg
Famous quotes containing the word foundation:
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