THE ALTMAN FOUNDATION CELEBRATES A CENTURY OF GIVING
Organization Pays
Tribute to Founder Benjamin Altman’s Philanthropic
Legacy
New York – The
Altman Foundation paid tribute to 100 years of service
to the people of New York City – reflecting the mission
established by its founder, “retail prince” and
revolutionary philanthropist Benjamin Altman - at a
Centennial Celebration on Thursday, October 24 at the
New York Public Library, Stephen A. Schwartzman
Building, in Manhattan.
Benjamin Altman, the visionary who founded B. Altman &
Co. department stores, established the Foundation upon
his death, directing in his will that his fortune be
used to “the benefit of charitable institutions in the
City of New York.” Since then, the Foundation has
quietly granted a quarter-billion dollars to help
hundreds of underserved communities around the five
boroughs. The Foundation today makes annual grants of 11
to 12 million dollars to organizations supporting
education, health, strengthening communities, and arts
and culture.
The evening featured a discussion among Reynold
Levy, President of Lincoln Center; Darren
Walker, President of the Ford Foundation; and Veronica
M. White, Commissioner of the NYC Department of
Parks & Recreation, on the topic of philanthropy and
New York City– past, present and future. The discussion
was moderated by Altman Foundation President, Jane
B. O’Connell. Presentations to the Altman Foundation
were made by Dennis M. Walcott,
Chancellor of the New York City Department of Education,
on behalf of Mayor Bloomberg, and Dr. Anthony Marx,
President and CEO of The New York Public Library.
“Benjamin Altman’s was an astonishing life,” said Mr.
Levy“He
was a successful and benevolent businessman and an
energetic philanthropist. More than a century before
Bill Gates and Warren Buffet even conceived of The
Giving Pledge, Altman amassed a fortune – one billion in
constant dollars – and gave it all away. His legacy is
remarkable.”
A celebratory reception followed with more than 450
guests representing Altman Foundation grantees, funding
colleagues and friends from throughout the years.
“When Benjamin Altman started this foundation, his goal
was to serve the people of New York City,” said Ms.
O’Connell. “It is a wonderful day to be celebrating
Benjamin Altman’s legacy to New York. Today we honor
this man, the City he cared for so deeply, and the
extraordinary nonprofit organizations that have been
Altman grantees over the past 100 years. His legacy
continues every day in the Altman Foundation’s work in
education, health, arts and culture, and strengthening
communities.”
The evening’s program featured musical performances from
the Brooklyn
Youth Chorus Academy and
students and alumni from the Jazz
at Lincoln Center Middle School Jazz Academy. The
Centennial Celebration was produced Ny
Whitaker of
Events by Ny.
About the Altman
Foundation
The mission of the Altman Foundation reflects much of
the personality and vision of its founder, Benjamin
Altman. Altman was a unique and generous individual
whose dry goods store, B. Altman & Co., founded in 1865
on Third Avenue and 10th Street, became a major
department store. Altman moved his store from 10th
Street to 19th Street and Sixth Avenue and finally, in
1906, to the landmark building at 34th Street and Fifth
Avenue. Altman’s reflected the commitment of its founder
to service to its customers and generosity to its
employees. Until its closing in 1989, Altman’s was
beloved by generations of New Yorkers.
The Altman Foundation was established in 1913 under
Benjamin Altman’s will “for the benefit of such
charitable and educational institutions in the City of
New York as said directors shall approve.” His will
bequeathed all his capital stock in B. Altman & Co. to
the Altman Foundation. Outright bequests in Altman’s
will presaged the areas that would become major concerns
of the Foundation. He made bequests to several
hospitals, the Educational Alliance and the National
Academy of Design. He gave his art collection, which
includes 13 Rembrandts, to the Metropolitan Museum of
Art. His dedication to the welfare of the people of New
York City and his interests in health, education and the
arts are his legacy. Since 1985, the Foundation’s assets
have increased significantly and the Trustees have
refined its guidelines in the four areas that were of
such concern to Altman, education, health, strengthening
communities, and arts and culture.