US Pew Foundation Changes to a Charity
Monday, 24th November 2003 at 12:11 pm
One of America’s largest foundations, The Pew Charitable Trusts (PCT), is transforming itself into an independent Not for Profit that it says will give it greater ability to fulfil its core mission supporting America’s civic life and communities.
Under its new governing structure the Trusts will become one of the nation’s largest independent public charities, with almost $US4 billion in assets and more than $200 million in 2004 revenues, dedicated to serving the public interest.
As a public charity, PCT says it will have expanded opportunities and flexibility to operate programs, raise funds for charitable initiatives, advocate public policy change and better achieve its public service mission.
The Pew Charitable Trusts will continue the philanthropic activities that have been carried out for more than 50 years. PCT will also preserve its close working relationship with, but no longer be a division of, The Glenmede Trust Company (GTC). GTC will remain the sole trustee and provide investment expertise for the seven Pew family trusts that make up The Pew Charitable Trusts.
Rebecca Rimel, President and CEO of The Pew Charitable Trusts says much of its work will remain unchanged in this new structure. But over the longer-term, the new flexibility will open up tremendous opportunities for The Trusts to better serve the public interest.
Specifically, Rimel says that PCT’s new legal status will provide innovative opportunities to engage in new initiatives and operate its own programs.
It will also be able to raise money from other sources–just as universities, think tanks and other Not for Profits do–and partner with other donors to create joint ventures and pooled funds that can magnify the impact of what individual donors could accomplish on their own.
For more information go to www.pewtrusts.com.