This Boston Billionaire Is Giving Away $1 Million A Week | Boston

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This Boston Billionaire Is Giving Away $1 Million A Week

Rob Hale is funding endowments for grassroots nonprofit groups, the latest twist in billionaire philanthropy.

Rob Hale and his wife Karen have a reputation in New England for giving big. Hale, who is worth an estimated$5 billionfrom his controlling stake in Granite Telecommunications, has written checks in the tens of millions of dollars to prominent institutions like Boston Children’s Hospital, the Dana-Farber Cancer Institute and his alma mater, Connecticut College.

This year, the couple has a different goal: to give exactly $52 million to at least 52 different nonprofit groups–or, roughly $1 million per week. The majority of these gifts are going towards establishing endowments at grassroots organizations.Charity endowments, like those controlled by universities, are pots of money, typically invested in stocks, bonds and mutual funds. Nonprofits with endowments can tap a portion of these funds–typically 5% per year–to finance new initiatives, cover payroll and keep the lights on.

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It’s like giving pennies away for ordinary folks He is willing to give a million per week, and I willing to take it, so, if isn’t a big deal, please let him know about me. I’m poor So roughly 500k to the government a week. Smh… I wonder if that’s tax deductible for him My alumni group is trying to RE- build a school for at risk kids. I know a good cause.

I’d take 1%. What a shit title. How many weeks?

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is funding endowments for grassroots nonprofit groups, the latest twist in billionaire philanthropy.SPRING GARDEN – Young and old came together for a pre-Thanksgiving dinner celebration at Chosen 300 Ministries, in Spring Garden.,”it [literally] is rocket science.A.

R ob Hale and his wife Karen have a reputation in New England for giving big. Hale, who is worth an estimated $5 billion from his controlling stake in Granite Telecommunications, has written checks in the tens of millions of dollars to prominent institutions like Boston Children’s Hospital, the Dana-Farber Cancer Institute and his alma mater, Connecticut College. King is homeless and grateful for the outreach. This year, the couple has a different goal: to give exactly $52 million to at least 52 different nonprofit groups–or, roughly $1 million per week. Virgin Galactic’s origins “The Moon landing was a catalystic moment for me,” Richard Branson stated in a video released by Virgin Galactic. The majority of these gifts are going towards establishing endowments at grassroots organizations.” Brian Jenkins is the Executive Director of Chosen 300 and says more and more people are in need of a hand, due to the pandemic and rising prices. Charity endowments, like those controlled by universities, are pots of money, typically invested in stocks, bonds and mutual funds.” He also noted that the opening further drives home the brand’s efforts to reduce its wholesale partners and open more of its own dedicated stores.

Nonprofits with endowments can tap a portion of these funds–typically 5% per year–to finance new initiatives, cover payroll and keep the lights on. There’s people that are just dealing with the challenges of life and not having enough money to eat,” Jenkins explained. Finally, Branson set out to launch a space tourism company himself. The goal of charity endowments is to bring “financial clarity” to smaller charities, says Hale. “These are great, impactful organizations but they're on a wing and a prayer. “We have a lot of hunger in our world and we take it for granted we have a meal every night,” volunteer Adalia Sheffield remarked. They have no financial certainty. Fatal accidents delay the space tourism dream Virgin Galactic’s original plans, as space technology blog Parabolic Arc points out , were to fly 3,000 passengers aboard SpaceShipTwo vehicles during their first five years, with tickets costing $208,000 each.” Financial security is something Hale knows well. “It’s important for me to help out tonight because there are so many people that need help and I can help, so I want to be here,” Thomas Sheffield said. On offer inside the boutique is everything from a beautiful sunray light chocolate dial Little Lange 1 to a beautifully handsome 1815 Chronograph.

His first company, Network Plus, which he founded in 1990, went bankrupt during the Dot Com crash. His second company, Granite, thrived wholesaling retailers’ many landlines, but now must adapt as phone systems migrate online .” Their sister, Symphony, added, “It just makes me really happy inside and I just feel so glad I got to help them out. Virgin Galactic was officially launched only a few months later on September 27, 2004. The Hales wrote their first endowment check in March to the New England Wild Life Center, which provides veterinary care to injured and orphaned wildlife. Since then, the Hales have given (or are in the process of giving) endowment gifts to another 21 organizations; of these, 15 have net assets (what they own, minus any debt) of less than $10 million. A majority have annual revenues–essentially contributions from donors and fundraising campaigns–of under $5 million. The f irst of these was a test-stand explosion at California’s Mojave Air and Space Port in July 2007,  which resulted in the death of three Scaled Composites employees. And, for the OCD watch obsessives out there, in case you are wondering, the screw next to the numeral aperture is not straight because it is in fact a functional piece of the watch.

Recipients include the likes of the Joe Andruzzi Foundation, a provider of financial support to New England cancer patients, and Cambiando Vidas, a Connecticut-based group that builds homes in the Dominican Republic. “These are great, impactful organizations but they're on a wing and a prayer. They have no financial certainty.  Most Popular Space.”   Rob Hale Some of their grantees are especially tiny. For example, the Kerry Jon Walker Fund, which chaperones financially underprivileged Boston high school seniors on service trips to Rwanda, reported $47,515 in donations received last year. Lange & Söhne Zeitwerk A.

Its board members and employees work as volunteers. Virgin Galactic opens the doors to the ‘Gateway to Space’ More recently, things have started to look up for Virgin Galactic. With its new endowment–which effectively doubles its annual budget–the Fund plans to launch a second program: domestic service trips for high school juniors to Native American reservations. “It was a real game changer for us. It gives us perpetuity,” says Mikey Walker, who founded the nonprofit in 2010. The SpaceShipTwo VSS Unity in flight. “Before it was year-to-year.” Fittingly, an oversize date wheel is prominently featured and clients enter the new boutique.

Now we have a vision for the future.” To structure these donations, the Hale family office draws up gift agreements, which stipulate an annual drawdown limit of 5%. That’s equal to $50,000 per year–if the cash goes uninvested. The hope, of course, is for the funds to be invested and grow over time, enabling larger dollar amount drawdowns every year. The Hales are a bit behind schedule. Related Stories.

As of September 27, they’d written checks to the tune of $28.5 million, distributed among 29 organizations (including $17 million worth of non-endowment gifts). Another 11 organizations have been pledged money – most of which has been earmarked for endowments – pending paperwork completion. That leaves 12 more charities still to be identified. Hale traces his endowment initiative to a charity group started by some of his employees at Granite in 2011.

In exchange for dressing casually on Fridays, colleagues encourage one another to donate $3 to a charity selected by one of them, which the company then matches dollar for dollar. Many recipients are smaller nonprofits with community ties. Charity endowments are not a new idea, but they’re uncommon among community-focused, grassroots groups, says Tyrone Freeman, a professor of philanthropic studies at the Indiana University Lilly Family School of Philanthropy. “A lot of organizations desire to have endowments, but don't have the capacity to build them or donor bases. For your average social service agency, arts organization or health clinic, a million dollars could go a long way.

” Hale’s endowments are the latest chapter in billionaires’ evolving philanthropy playbook: distributing funds more widely. .



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