March 24, 2011
For immediate release
Contact: Mukul Verma, email@example.com, 225-387-6126
Foundation Reports Record Year
Generous donations push assets to $620 million
The Baton Rouge Area Foundation reported its best year in history, with $140 million in donations helping to boost total assets to an estimated $640 million at year-end 2010. The Foundation granted $18.3 million in 2010, up from $12.7 million the year before.
The Foundation reviewed 2010 at its annual meeting of members at the Manship Theatre in the Shaw Center for the Arts on Wednesday.
Members of the Foundation elected several board directors to second terms of three years apiece. They are Donald H. Daigle, retired from Exxon; G. Lee Griffin, retired from Bank One; C. Kris Kirkpatrick of Long Law Firm; Matthew G. McKay of All Star Automotive; and Leonard C. Wyatt of Whitney Bank. The directors choose McKay as board chair, John M. Steitz of Albemarle Corp. as vice chair, Wyatt as secretary and Candace E. Wright of Postlethwaite and Netterville as treasurer.
The Foundation helps philanthropists make grants to nonprofits and conducts civic leadership initiatives, such as reclaiming inner city neighborhoods, guiding education and health care reform and investing in real estate that turns a profit while also providing social returns, including sparking redevelopment of neglected communities.
Contributions of $140 million from donors in 2010 included $100 million from BP to assist deepwater workers affected by the federal drilling moratorium. The Gulf Coast Restoration and Protection Foundation was created as a supporting nonprofit to make hardship grants from the $100 million fund. The GCRPF is in a second round of grants from that fund, taking applications from workers who directly supported deepwater rigs affected by the moratorium.