Read Our Most Recent Annual Report
Total Page：16
File Type：pdf, Size：1020Kb
DOLFINGER-McMAHON FOUNDATION Fifty-Sixth Report on Operations January 1, 2020 ─ December 31, 2020 PART I HISTORY OF THE DOLFINGER-McMAHON FOUNDATION The assets of the Dolfinger-McMahon Foundation were provided by Henry Dolfinger, who died in June 1939, and in part from his son-in-law, J. Edward McMahon, who died in July 1951. The source of a majority of those assets was the Dolfinger Dairy, which was sold by Henry Dolfinger to Abbotts Dairies. The creators of the Foundation and donors of the funds now comprising the Foundation were Mrs. J. Edward McMahon (Caroline D. McMahon), the only child of Henry Dolfinger, and Mary M. McMahon, the only child of Mrs. J. Edward McMahon. During most of their lives the families received legal counsel from Maurice Heckscher, Esquire and Sanford D. Beecher, Esquire, partners practicing law with Duane, Morris & Heckscher. By the mid 1950s, both Caroline D. McMahon and her only child Mary M. McMahon concluded that they would have no direct descendants and determined to leave large portions of their money to their lawyers, Messrs. Beecher and Heckscher. Those lawyers concluded that they could not ethically accept such legacies, having been close family advisors for many years. Both Caroline D. and Mary M. McMahon at first resisted this conclusion, but eventually became quite enthusiastic about establishing a perpetual foundation to be administered by Duane, Morris & Heckscher partners as trustees to benefit charitable purposes and memorialize to some extent the Dolfinger and McMahon names. The Trustees who have succeeded Messrs. Beecher and Heckscher note with pride the integrity they exhibited in refusing to accept substantial legacies and applaud the spirit of the goals established by these men as the original trustees of this Foundation. Mary M. McMahon died in August 1956, leaving her estate to her mother. By her Will she also exercised a power given her by her grandfather to appoint the residue of his estate, subject to the right of her mother to receive the income for the rest of her life. By exercising this power, Mary McMahon created a fund of the residue of the Henry Dolfinger testamentary trust to be known as the “Dolfinger-McMahon Foundation,” the income from which should be used, without limit, for those charitable and educational purposes provided for in the Federal Internal Revenue Code and for the expenditure of principal in certain limited circumstances. The testatrix named certain charitable agencies which she hoped, but did not require, would receive the consideration of the Trustees of the Foundation in disbursing its funds and appointed partners Heckscher and Beecher as the first Trustees of the fund. In September 1956, Caroline D. McMahon died, leaving a Will in which she exercised a power given her by her father, Henry Dolfinger, by appointing a living trust created by him in November 1935, for the same purposes, generally speaking, as those outlined in the Will of her daughter, and she created a trust of the residue of her own estate for these same purposes – the residue of her estate to be subject, however, to the payment of certain annual sums to an individual, and, following his death, to his wife for life. Since both of the foregoing individuals are now deceased, the assets from the Deed of Trust of Henry Dolfinger, as modified by the Will 1 of Caroline D. McMahon, deceased, have, by the terms of the Will of Caroline D. McMahon, deceased, been merged into the Residuary Trust under Will of said Caroline D. McMahon. Mrs. McMahon, like her daughter, named certain institutions which she requested should receive the consideration of the Trustees in their disbursement of funds of the Foundation, but she did not require that they receive any grants. She named the same Trustees as her daughter. As a consequence of the foregoing, the “Dolfinger-McMahon Foundation” is presently comprised of trusts with total assets having grown to a market value of $17,388,443 as of September 30, 2020. The investments held by the Trustees comprising the Foundation are administered by the present Trustees with the advice of investment counsel. Securities are held by PNC Advisors, as custodian, or in accounts with Fidelity Investments and J.P. Morgan. Since the inception of Foundation operations a total of $30,983,436 of grants have been made to charitable institutions and agencies. During the fiscal calendar year January 1, 2020 through December 31, 2020, 256 grant checks were distributed, disbursing $751,000. On July 15, 1969, Sanford D. Beecher, Trustee, died; in accordance with the provisions of the applicable instruments, Roland Morris was designated succeeding Co-Trustee of the trusts. On December 26, 1989, Maurice Heckscher resigned his trusteeship; in accordance with the provisions of the applicable instruments, Martin A. Heckscher was designated succeeding Co- Trustee of the trusts. On June 30, 1996, Martin A. Heckscher resigned his Trusteeship; in accordance with the provisions of the applicable instruments, David E. Loder was designated succeeding Trustee of the trusts. On October 16, 2003, Roland Morris resigned his trusteeship, in accordance with the provisions of the applicable instruments; Sheldon M. Bonovitz was designated succeeding Co-Trustee of the trusts. In PART II of this report, there are set forth the “Guidelines” at present in effect, which the Trustees have established to govern the form of presentation of applications to the Foundation for grants, and in the light of which the Trustees consider such applications. These “Guidelines” may, of course, be revised from time to time. In PART III of this report are set forth the various projects supported by grants from the Foundation during the past year. Included are grants to institutions for which the Wills of Mary M. McMahon and Caroline D. McMahon suggested special consideration. Many grants were also made to other institutions. 2 PART II GUIDELINES FOR PREPARATION OF ON-LINE APPLICATION FOR GRANTS FROM THE DOLFINGER-McMAHON FOUNDATION Generally speaking, the Trustees of the Dolfinger-McMahon Foundation make discretionary grants for the initiation or support of the following: a. A project which can reasonably be expected to be accomplished by a single grant in a relatively brief period of time. b. New proposal requests are accepted once per calendar year. In the case of an ongoing multi-yr. grant, a successful applicant must wait until the multi-yr. grant has been completed. c. An emergency grant to an agency or particular project of an agency. An emergency is defined as a need, other than loss of promised or expected funding, so urgent (i) that it cannot wait for consideration until the trustees’ next regular meeting, and (ii) that threatens the existence of the agency or the continuation of a specific program already underway. Emergency grants will be rarely made and, once made, will disqualify the agency from receiving any additional funding for the succeeding three years. THE FOUNDATION DOES NOT, EXCEPT IN THE RAREST INSTANCES, MAKE GRANTS FOR: a. Projects beyond the limits of the Greater Philadelphia area. b. Ordinary operating expenses. c. Creation of or additions to endowment. d. Medical or scientific research. e. Projects for the construction, renovation or acquisition of physical facilities (real estate or buildings; or equipment or supplies, except in cases where the equipment or supplies are merely incidental to the primary purposes of the project). f. Projects which will likely entail grants from the Foundation beyond a period of three years or which may not reasonably be expected to be self-supporting thereafter. g. To applicants respectively year after year. h. To individuals for scholarship or research purposes. i. For special interest advocacy through legislative lobbying, focused litigation or solicitation of governmental agencies. 3 APPLICATIONS TO THE FOUNDATION FOR GRANTS FOR SPECIFIC PROJECTS SHOULD INCLUDE IN DETAIL THE POINTS DESCRIBED AS FOLLOWS: On-line applications are now being accepted. It is requested that any applicant for a grant provide the following information: a. NAME AND ADDRESS OF APPLICANT b. IRS TAX I.D. # c. PROJECT TITLE d. STATEMENT CONTAINING PROJECT DESCRIPTION AS WELL AS THE FOLLOWING: 1. the need to be met; 2. method by which program will be carried out; 3. will project be completed at the end of the term of the grant period; or will it then be self-supporting, or supported from other sources? e. AMOUNT OF THE GRANT REQUESTED AND THE TERM (MONTHS) f. CLASSIFICATIONS (geographical area/program area) ATTACHMENTS: a. LIST OF OFFICERS AND BOARD MEMBERS b. ITEMIZED BUDGET c. TAX CERTIFICATIONS AS FOLLOWS: 1. copy of Ruling from the Internal Revenue Service stating that the applicant as named is tax-exempt from federal income tax under section 501(c)(3) and noting the tax I.D. number; 2. copy of Ruling from the Internal Revenue Service stating agency is not a private foundation. d. CERTIFIED FINANCIAL STATEMENT. Please supply a certified financial statement unless your organization is newly formed, in which event there is a grace period of three (3) years. If your organization is not able to supply a certified financial statement, please explain why. e. ADDITIONAL SUPPORT. Whether support has been, or is being, requested of other foundations or sources, and if so, the source and amount of any commitments. 4 PART III SUMMARY OF GRANTS (Alphabetical) JANUARY 1, 2020 ─ DECEMBER 31, 2020 Grantee Organization and Address Project Title 2020 Grant Amount Abington Friends School Now