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
74 700

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
BEFORE THE

SUBCOMMITTEE ON TAXATION AND DEBT MANAGEMENT
COMMITTEEE ON FINANCE
U.S. SENATE

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.
HIS FOUNDATION WAS PURE PHILANTHROPY.
NON-PROFIT CORPORATION WITH AN OFFICE IN NEW YORK CITY, CARRIES
OUT ITS CHARITABLE PURPOSES THROUGH GRANTS TO CULTURAL,
EDUCATIONAL AND RELIGIOUS ORGANIZATIONS.

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,
CATHOLIC CHARITIES OF THE ARCHDIOCESE OF NEW YORK, FEDERATION OF
PROTESTANT WELFARE AGENCIES, INC., NEW YORK UNIVERSITY, FORDHAM
UNIVERSITY, ST. LUKE'S HOSPITAL, ST. VINCENT'S HOSPITAL, THE
URBAN LEAGUE, THE SALVATION ARMY, THE BOY SCOUTS AND GIRL SCOUTS,
THE LENOX HILL NEIGHBORHOOD ASSOCIATION, THE NEW YORK URBAN
COALITION, CASITA MARIA, INC., AND THE NEW YORK PUBLIC LIBRARY.
GRANTS FROM THE FOUNDATION HAVE BEEN AS SMALL AS $5
(PRIMARILY IN ITS EARLIEST YEARS OF OPERATION) AND AS LARGE AS
$100,000. IN 1982 WE DISTRIBUTED OUR ENTIRE NET INCOME OF
$790,500. FOR YEARS WE HAVE ATTEMPTED TO BE CONSISTENT
SUPPORTERS OF A RANGE OF RECOGNIZED AND EFFECTIVE CHARITABLE
ORGANIZATIONS SINCE WE KNOW THEY MUST BUDGET IN ADVANCE IN ORDER

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.