October 19, 2005
Rockefeller Philanthropy:
Traditionalists or Revolutionaries
William Dietel
Former President Rockefeller Foundation
Minutes of the Sixth Meeting of the 64th Year
President Haynes opened the meeting and Charlie Dennison led the Invocation. There were 98 persons present.
Joe Bolster read the minutes for the prior meeting when Michael Lemonick, Science Editor of Time Magazine was the speaker.
Henry King introduced his guests, his wife Lonnie, and Scott and Hella McVey. J.B. Smith presented his #1 son, Brett. Mark Branon introduced Eugene Kern.
Don Dickason referred to the list of seven candidates for membership placed at each seat and indicated that votes on them would take place next week. He also mentioned that he would take the names of members needing nametags.
Tom Cawley stated that twenty members had not yet paid their dues.
Henry King introduced our speaker, William Dietel, former President of the Rockefeller Foundation.
Bill Dietel described the Rockefellers as the first family of philanthropy. He divided the development of their giving program into three periods: the first being the revolutionary period of 1880- 1920, when John D. Senior was the leader; the second from 1920-1940, when John D. Jr. ran things; and then the period from 1940 to the present, when the five sons of John D. Jr. and their descendants became the driving forces. They have compiled a remarkable record of giving and concerns for others and have been considered the first family of philanthropy. J.D. Sr., having been very successful in business, brought his business experience to bear in running the Rockefeller Foundation, which was started in 1913, with the mandate to advance the "well-being of mankind throughout the world." As his sons became more active and the Rockefeller Brothers Fund was established ideas for support were encouraged and more risky grants were entertained. Bill Deitel described their giving as money plus style representing human leadership. By 1919, Sr. had distributed $350 million and, before his death, another $180 million. Attacking causes not symptoms was the objective of giving.
The Rockefeller Brothers Fund was more entrepreneurial being like venture capital in investing their capital in new areas. In 1975 the Brothers Fund distributed one half of its assets to 12 institutions to help them through a difficult period for their operations.
Turning to the present time, Bill Dietel pointed to several challenges. In recent years, government has given up some areas of support leaving philanthropy with more of a roll. While the total of foundation assets is estimated at a half-trillion dollars, they have not grown to keep up with needs. He suggested that ways to close this gap would include foundations investing more capital in donee organizations and increased giving by individuals.
Bill Dietel allowed a half hour for questions and they covered many areas. He indicated that:
Respectfully submitted,
Moore Gates, Jr.
Joe Bolster read the minutes for the prior meeting when Michael Lemonick, Science Editor of Time Magazine was the speaker.
Henry King introduced his guests, his wife Lonnie, and Scott and Hella McVey. J.B. Smith presented his #1 son, Brett. Mark Branon introduced Eugene Kern.
Don Dickason referred to the list of seven candidates for membership placed at each seat and indicated that votes on them would take place next week. He also mentioned that he would take the names of members needing nametags.
Tom Cawley stated that twenty members had not yet paid their dues.
Henry King introduced our speaker, William Dietel, former President of the Rockefeller Foundation.
Bill Dietel described the Rockefellers as the first family of philanthropy. He divided the development of their giving program into three periods: the first being the revolutionary period of 1880- 1920, when John D. Senior was the leader; the second from 1920-1940, when John D. Jr. ran things; and then the period from 1940 to the present, when the five sons of John D. Jr. and their descendants became the driving forces. They have compiled a remarkable record of giving and concerns for others and have been considered the first family of philanthropy. J.D. Sr., having been very successful in business, brought his business experience to bear in running the Rockefeller Foundation, which was started in 1913, with the mandate to advance the "well-being of mankind throughout the world." As his sons became more active and the Rockefeller Brothers Fund was established ideas for support were encouraged and more risky grants were entertained. Bill Deitel described their giving as money plus style representing human leadership. By 1919, Sr. had distributed $350 million and, before his death, another $180 million. Attacking causes not symptoms was the objective of giving.
The Rockefeller Brothers Fund was more entrepreneurial being like venture capital in investing their capital in new areas. In 1975 the Brothers Fund distributed one half of its assets to 12 institutions to help them through a difficult period for their operations.
Turning to the present time, Bill Dietel pointed to several challenges. In recent years, government has given up some areas of support leaving philanthropy with more of a roll. While the total of foundation assets is estimated at a half-trillion dollars, they have not grown to keep up with needs. He suggested that ways to close this gap would include foundations investing more capital in donee organizations and increased giving by individuals.
Bill Dietel allowed a half hour for questions and they covered many areas. He indicated that:
- Bill Gates comes closest to filling the Rockefeller role in philanthropy at the present time.
- Important developments to watch include estate tax changes and new regulations pending.
- He emphasized that foundation executives must serve in fund raising roles, and it will be important for them to take risks by pursuing some outrageous ideas.
Respectfully submitted,
Moore Gates, Jr.