A Gift of $50 Million

“As a company founded with a deep commitment to service, we are thrilled to give back to our community in such a historic way through this gift to the Boston Foundation.”
Rob Waldron, CEO of Curriculum Associates. 

On September 14, the Boston Foundation received the largest gift in its history—$50 million—as part of the transfer of a majority investment in the Billerica, Massachusetts-based education company Curriculum Associates. The gift, sent via the Iowa State University Foundation, increased substantially from the initial amount announced at the beginning of last year due to the company’s rapid growth in the months before the transaction was finalized.

“This is a transformative gift in the history of the Boston Foundation,” said Paul S. Grogan, President and CEO. “We are deeply honored to have been selected by Curriculum Associates as the recipient of this gift, which will be put to work in efforts to solve some of the Boston area’s biggest problems.”

“As a company founded with a deep commitment to service, we are thrilled to give back to our community in such a historic way through this gift to the Boston Foundation,” said Rob Waldron, CEO of Curriculum Associates. “This organization works tirelessly to improve the community in which we operate and the lives of the students we serve, and we are proud to support their philanthropic work.”

A substantial portion of the gift will be used to grow the Permanent Fund for Boston, the Boston Foundation’s endowment for strategic grant making, alongside the creation of a corporate Donor Advised Fund and targeted additional investments.

ACCEPTING COMPLEX ASSETS

The gift highlights the ability of the Foundation to accept and assist in the disposition of complex assets, in this case restricted shares of a business. The Foundation has in its history been able to accept a wide range of gifts, ranging from a share of ownership in a cruise ship, the Paul Gauguin (which, valued at over $31 million, was the previous record for a single largest gift), to a vast collection of pottery from world-renowned ceramic artist Brother Thomas Bezanson. (See article in this issue.)

“Many donors aren’t aware that the Boston Foundation is well-versed at quickly and effectively handling complex assets,” said Kate Guedj, Vice President and Chief Philanthropy Officer. “It provides a level of confidence knowing from the beginning of the gift conversation that the assets being used will be handled efficiently and properly, letting the donor and the advisor focus on what really matters—ensuring the funds can be used to meet the donor’s charitable goals.”

– Ted McEnroe