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Anschutz's $23 million tops donors in Colorado

CU prof Caruthers second on charitable giving list

By Joanne Kelley, Rocky Mountain News (Contact)

Published February 23, 2008 at 12:05 a.m.

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It takes giving more than $1 billion to charity to be named among the most generous philanthropists in the country these days.

In Colorado, it takes $23 million.

Denver financier Phil Anschutz tops the Rocky Mountain News' first list of the state's biggest living charitable donors, narrowly edging out University of Colorado professor Marvin Caruthers' $20 million gift for a new biotechnology laboratory on the school's Boulder campus.

It required a donation of $1.2 billion for William Barron Hilton to lead the Chronicle of Philanthropy's top 50 list for 2007. Another hotel baron, Leona Helmsley, would have leapfrogged that with a $4 billion bequest had her estate been settled in time.

Unlike in past years, no Coloradan made the Chronicle's annual cut because it took parting with $38 million to gain a spot.

Still, the state's biggest donors help set an example, especially in a state with such a high proportion of newcomers and a lack of generations of Carnegies and large corporations, according to Denver Foundation President David Miller.

"Our community is fortunate to have many generous philanthropists," Miller said. "Nobody has to do this, and it can inspire others who aren't doing it yet to do the same."

Software entrepreneur Tim Gill, with his foundation's annual grants of $11.5 million, ranks third on the Rocky's Philanthropic Five list. Carrie and John Morgridge's $10 million gift to the University of Denver and cable magnate John Malone's foundation grants of $9.9 million round out the rankings.

Not that inclusion on a list necessarily counts among the chief motivations of these givers. None of them agreed to an interview request for this article. Tax filings and information published in the past year provided the basis for the Rocky's list, which attempts to include the biggest donations but might have missed some nonetheless.

Some observers say that, despite apparently generous giving to various causes, the affluent - particularly those worth billions of dollars - give away far less than they can afford.

"Society is wrong to praise wealthy people who give away money unless they give away substantial amounts of money," said Gregg Easterbrook, author of the Progress Paradox and a visiting fellow at the Brookings Institution think tank. "The wealthy's main attitude toward money continues to be greed."

Easterbrook contends that Microsoft Corp. founder Bill Gates, who has given billions to charity already, doesn't need to keep tens of billions of dollars for himself. Even someone with a mere $1 billion in net worth "couldn't get rid of all his money even if he did nothing but spend it all day long."

Studies consistently show that lower-income people give away a much bigger percentage of their income than the rich do. But the bulk of charitable giving still comes from well-off donors.

"Wealthy people have the wealth, and, if it weren't for their giving, the charitable sector would be scrambling more for resources," said Rick Cohen, who writes for the Nonprofit Quarterly and formerly headed the National Committee for Responsive Philanthropy.

"But the question still remains: Are the wealthy people as generous as they might be? Not by a long shot," Cohen said.

kelleyj@RockyMountainNews.com or 303-954-5068

Colorado's top five philanthropists

When philanthropy score cards come out each year, at least one wealthy Coloradan typically lands on a national list ranking big givers. But with 20 individuals from around the country each parting with at least $100 million last year, there were no local residents to be found among 2007's top 50 donors. The Rocky compiled its own list of living residents who gave away the most, using tax filings by the foundations set up by wealthy individuals and publicly announced gifts.

* Phil Anschutz

$23 million

Where the money comes from: With a current net worth of $7.6 billion, Anschutz makes gifts through a foundation that holds $645 million in assets. He amassed his fortune in oil, railroad, real estate and communications industries, founding Qwest and taking it public.

Where the money goes: His foundation lists dozens of grant recipients, from the University of Colorado to local charitable organizations.

* Marvin Caruthers

$20 million

Where the money comes from: The professor at the University of Colorado at Boulder co-founded biotechnology giant Amgen Inc.

Where the money goes: His $20 million gift to CU will pay for part of a new biotechnology and biomedical research building on the Boulder campus to be named for his late wife, Jennie Smoly Caruthers.

* Tim Gill

$11.5 million

Where the money comes from: The entrepreneur started Quark with a $2,000 loan from his parents and built it into a leading software developer. He established a foundation holding $196 million in assets at the end of 2006.

Where the money goes: Since its formation in 1994, the Gill Foundation has given away more than $110 million. Money goes to programs and nonprofit organizations that serve lesbian, gay, bisexual and transgender Americans, and people with HIV/AIDS.

* Carrie and John Morgridge

$10 million

Where the money comes from: The couple, who recently relocated to the Denver area from Florida, has invested in real estate. He is the son of John P. Morgridge, former CEO and chairman of technology company Cisco Systems and a self-made billionaire twice over (Forbes 400 has pegged the elder Morgridge's net worth at $2.1 billion.)

Where the money goes: A $10 million gift last year will help build a new education building and create the Institute for Early Learning and Literacy.

* John Malone

$9.9 million

Where the money comes from: The former engineer turned cable mogul took over for the founder of the TCI empire. He established a foundation that had about $135 million in assets at the end of 2006.

Where the money goes: Malone's main thrust: education, including scholarships for independent high schools and university research centers.

How the Rocky compiled the list

The Rocky relied on information it published last year to find large gifts made by Colorado residents. It also contacted a variety of organizations to determine whether they had received gifts of $10 million or more from Colorado residents in 2007.

The list might not include all large donations made by Coloradans, in part because some donors do not disclose such information. The dollar amount on the list reflects publicly available data and might not reflect the total amount each individual donated.

For gifts that came through an individual's foundation, the list relied on 2006 tax filings; 2007 data has yet to be made public. Because private foundations must donate at least 5 percent of assets each year, the groups likely gave a similar amount of money each year.

Because this is the first time the Rocky has published a list of top Colorado philanthropists, it included annual grants made by individuals' foundations as a measure of their giving.

Comments

  • February 23, 2008

    12:44 a.m.

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