Cullman, who is 88, and his wife Dorothy are very involved in a handful of New York organizations, including The New York Public Library, The Museum of Modern Art, The American Museum of Natural History, The Metropolitan Museum of Art, The New York Botanical Garden and Chess-in-the-Schools. The bulk of their giving has gone to those institutions. Cullman does his own investigating and grantmaking; his foundation operates with the aid of two secretaries. The Cullmans have given away $250 million to date; the rest of the money in the foundation (still over $40 million at the end of 2005) is pledged to the organizations that he supports. Some organizations will receive the principal after his death; some will receive income on that principal during his lifetime and some will receive the income only until his death. "I can't possibly fine-tune it, so that it's gone the day of my death, but I believe it should not persist much after I'm gone," he says.

Cullman has no target amount to give away each year. "It depends what the needs are. Sometimes I'll pre-pay something. I've loaned money to charities, when they need it for something right away; they can raise the money and pay me back later. I want to use every conceivable business practice with charity. Early in my career, I ran a fund to buy unrecognized securities. In giving money away, I like to do the same thing. I like to be imaginative. Anyone can give to organizations like the Red Cross - that's no fun." Cullman says he likes interesting programs, such as one that involved a collaboration between The American Museum of Natural History and The New York Botanical Garden. The educational plans of the Museum of Modern Art persuaded him to finance a building, something he doesn't normally do. He's deeply committed to the Chess-in-the- Schools program, to which he gives operating support. He is also participating in giving to a Capital Reserve Fund for that organization, which will survive after he is gone.

Cullman expects to be involved with any institution to which he gives substantial funds - he's on the MoMA board, and several of its committees, for example. He also wants reports on what the institution is doing with the money, and he feels that putting his name on programs encourages other philanthropists to give. Giving away money has become his late-life career. "I don't have a business any more, so I like to feel I've done a good job with charities," he says. "There are guys that love to count their money - that's not my style. I've done well, so why not get some joy out of it, beyond your everyday pleasures?"

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  Resources

• Executive Summary
• Full Report
• Order Print Copies

  Report Contents

• Introduction
• Focus: The Whitaker Foundation and the Helen F. Whitaker Fund
• The Learning Curve: The Beldon Fund
• Retooling for Spend Down: The Atlantic Philanthropies
• Giving While Living: The Richard and Rhoda Goldman Fund and the Lewis B. and Dorothy Cullman Foundation
• Quick Spend Down: The Haigh-Scatena Foundation
• Raising the Payout: Evelyn and Walter Haas, Jr. Fund
• Giving 5.5%: The Lynde and Harry Bradley Foundation
• More than Investment Returns: The Needmor Fund
• Ramping Up: The HKH Foundation
• Using All the Models: Endswell Foundation / Renewal Partners
• A Different Strategy: Omidyar Network
• Conclusion
• Selected Bibliography
• Resources
• List of Profiled Foundations
• Acknowledgements

  Upcoming Events

• November 29
  10am - Noon
  NCG Family Philanthropy Exchange and the Stanford Center on Philanthropy and Civil Society are hosting a discussion of Beyond Five Percent: The New Foundation Pay out Menu. This funders only event is free for members.
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  Supporters of
  “Beyond 5%”

• Beldon Fund
• French American Charitable Trust (FACT)
• Quixote Foundation

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