Foundations with more to give Bull market: Rising stocks, new players make for a changing local philanthropic scene.

June 27, 1998

YOU CAN thank the vibrant stock market for boosting the fortune of philanthropic foundations in Baltimore, which now have more money to give away.

As The Sun recently reported, the Abell Foundation grew from $143 million in 1991 to $225 million in 1996. Other familiar foundations such as France-Merrick and Morris Goldseker grew accordingly. Yet they were overshadowed by two organizations relatively new to the Baltimore scene.

One was established by the late Harry Weinberg, who died in 1990. The other is the Annie E. Casey Foundation, which moved here from Connecticut in 1994.

Both saw assets grow in the neighborhood of $1.25 billion in 1996, far greater than other local groups.

The Weinberg Foundation has interests elsewhere as well, while the Annie E. Casey Foundation was giving nationally to help disadvantaged children before it discovered Baltimore.

But Weinberg is very big here, and Casey has become very involved.

As one gains more experience in the foundation business and the other becomes more acclimated, they will have unprecedented impact in Central Maryland.

Pub Date: 6/27/98

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