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Spaulding-Paolozzi Foundation gives $2.2 million in 2006

MUSC and Center for Birds of Prey major local beneficiaries
Warwick Jones

We started following the Spaulding Paolozzi Foundation over a year ago when we found that Mayor Riley was a director and the Foundation was supporting Clemson’s effort to locate its School of Architecture in Ansonborough. We recently obtained a copy of its 2006 Form 990 submission to the IRS. There is little controversial in it but we thought that readers may be interested in the report.

A summary of the results and gifts for 2006 and prior years, can be obtained by pressing Download file

We would make the following observations:

• The gifts are more in line with the wishes of Countess Paolozzi expressed at the time the Foundation was created. She willed that grants should be "to research issues concerning health and aging, ecological preservation, agricultural development, and all issues concerning women." However we can’t help observing that some of the directors of the Foundation are also directors of the entities that received gifts.

• The Foundation did well in 2006. It was able to pay out $2.229 million and yet maintain the total worth of its investment portfolios at a level close that at the end of 2005. Portfolio gains and dividends limited the impact of the payout. The market value of investments and cash was $12.5 million at the end of 2006, and $12.7 million at the end of 2005. Allianz, the German financial group is the investment manager.

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