The Starr Foundation
Encyclopedia
The Starr Foundation was established in 1955 by Cornelius Vander Starr
, founder of the American Insurance Group
. Upon his death in 1968 his estate was passed on to the foundation
. Today, it gives between US$
100 and 200 million each year to charities and causes globally.
Although the foundation is one of the largest in the country in terms of assets, with some $3.3 billion in 2006, it maintains a low profile. It specializes in Asian arts and cultural philanthropy, but also makes grants in other areas, including education, medicine and healthcare, and public policy.
The foundation remains closely affiliated with the AIG, with several officers and directors serving both entities. With sustained gifts and investments from the company, the Foundation has become one of the largest private foundations in the United States. However, the foundation's close ties with the AIG have impacted its funding. Between 2003 and 2006, the foundation, whose assets are heavily invested in AIG stock, lost $160 million of its asset base. The foundation reduced its payout by nearly $25 million.
Cornelius Vander Starr
Cornelius Van der Starr also known as Neil Starr or CV Starr was an American businessman and Office of Strategic Services operative who founded the American International Group insurance corporation and a major philanthropic foundation.-Early life:Starr was born in Fort Bragg, California with the...
, founder of the American Insurance Group
American International Group
American International Group, Inc. or AIG is an American multinational insurance corporation. Its corporate headquarters is located in the American International Building in New York City. The British headquarters office is on Fenchurch Street in London, continental Europe operations are based in...
. Upon his death in 1968 his estate was passed on to the foundation
Private foundation
A private foundation is a legal entity set up by an individual, a family or a group of individuals, for a purpose such as philanthropy. The Bill & Melinda Gates Foundation is the largest private foundation in the U.S. with over $38 billion in assets...
. Today, it gives between US$
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
100 and 200 million each year to charities and causes globally.
Although the foundation is one of the largest in the country in terms of assets, with some $3.3 billion in 2006, it maintains a low profile. It specializes in Asian arts and cultural philanthropy, but also makes grants in other areas, including education, medicine and healthcare, and public policy.
The foundation remains closely affiliated with the AIG, with several officers and directors serving both entities. With sustained gifts and investments from the company, the Foundation has become one of the largest private foundations in the United States. However, the foundation's close ties with the AIG have impacted its funding. Between 2003 and 2006, the foundation, whose assets are heavily invested in AIG stock, lost $160 million of its asset base. The foundation reduced its payout by nearly $25 million.