EL POMAR FOUNDATION Grants 1937 to January 1, 1983 Education: Higher Education: The Colorado College- The Colorado College (Minority and Handicapped scholarships) Air Force Academy Foundation- Colorado Women's College----- University of Denver-- Other Private and State Colleges Secondary Education: Colorado Outward Bound- Chicano Education Project Fountain Valley School Miscellaneous as a group--- Health: Penrose Hospital and Cancer Research Other Hospitals------- Miscellaneous as a group----- Humanities: --$ 9,546,312 1,212,850 1,030,000 652,735 4,706,195 624,691 610,000 115,000 3,560,215 2,151,685 12,823,580 1,315,882 414,865 EL POMAR FOUNDATION - Summary of Income and grants from December 31, 1937 through December 31, 1988 Federal Excise Excess of rev. 7 137 55 254 Balance (19 831) (61 318) ( 67 563) 257 997 ( 86 570) 86 416 181 $29 68 858 175 793 (50 483) 54 842 ( 11 735) (251 719) 45 067 (80 190) STATEMENT OF WILLIAM MORRIS, ESQ., REID & DRIEST, WASHINGTON, D.C., APPEARING ON BEHALF OF THE ALTMAN FOUNDATION Mr. MORRIS. That is correct, Mr. Chairman. My name is William Morris. I am an attorney with the law firm of Reid and Driest, with offices in Washington and New York City, and I am appearing this afternoon on behalf of the Altman Foundation. With your position, I would like to submit a full statement for the record, which details our entire presentation. Senator ARMSTRONG. Of course. It will be included in its entirety in the record. [The prepared statement of John S. Burke follows:] TESTIMONY OF JOHN S. BURKE, PRESIDENT OF THE ALTMAN FOUNDATION SUBCOMMITTEE ON TAXATION AND DEBT MANAGEMENT AUGUST 1, 1983 MY NAME IS JOHN S. BURKE. I AM THE PRESIDENT OF THE ALTMAN FOUNDATION AND CHAIRMAN OF THE BOARD OF B. ALTMAN & CO., THE NEW YORK BASED RETAIL DEPARTMENT STORE GROUP. I HAVE BEEN EMPLOYED BY B. ALTMAN & CO. SINCE 1946 AND HAVE BEEN ASSOCIATED WITH THE ALTMAN FOUNDATION SINCE 1948. THE ALTMAN FOUNDATION WAS FORMED IN 1913 BY BENJAMIN THE FOUNDATION, A NEW YORK ALTMAN WITHOUT ANY INCOME TAX OR ESTATE TAX ADVANTAGE TO HIM. THESE GRANTS HAVE BEEN MADE, IN THE MAIN, TO SOCIAL WELFARE ORGANIZATIONS, HOSPITALS, UNIVERSITIES AND LIBRARIES, YOUTH GROUPS AND NEIGHBORHOOD ASSOCIATIONS. WHEN MR. ALTMAN DIED IN 1913 WITHOUT A FAMILY HE LEFT TWO IMPORTANT LEGACIES TO THE PEOPLE OF NEW YORK-- HIS FAMOUS ART COLLECTION WENT TO THE METROPOLITAN MUSEUM OF ART. HIS ENTIRE INTEREST IN THE STORE WENT TO THE ALTMAN FOUNDATION FOR THE BENEFIT OF THE PEOPLE OF NEW YORK AND FOR THE BENEFIT OF HIS EMPLOYEES. FOR MORE THAN THREE GENERATIONS, THE FOUNDATION HAS TOUCHED THE LIVES OF MILLIONS OF NEW YORKERS. IT HAS GIVEN MORE THAN $24 MILLION TO NEARLY 1,000 DIFFERENT CHARITABLE ORGANIZATIONS OPERATING IN NEW YORK. SOME OF THE MAJOR BENEFICIARIES INCLUDE THE FEDERATION OF JEWISH PHILANTHROPIES, TO PLAN THEIR ACTIVITIES. THE FOUNDATION, OPERATED BY A BOARD OF SIX TRUSTEES, INCURS MINIMAL OPERATING COSTS. THE TOTAL EXPENSES OF THE FOUNDATION (INCLUDING FEDERAL EXCISE TAX) AMOUNT TO ABOUT $70,000 PER YEAR INCLUDING $20,000 CONNECTED WITH THE PREPARATION OF ANNUAL FINANCIAL STATEMENTS AND FORMS FILED WITH THE IRS. ALL FUNDS RECEIVED ARE DISTRIBUTED EACH YEAR TO CHARITIES. PAST DECADE WE HAVE DISTRIBUTED FUNDS IN EXCESS OF NET INVESTMENT IN THE INCOME IN SIX SEPARATE YEARS. |