Tannenbaum-Sternberger Foundation, Inc.

The Tannenbaum-Sternberger Foundation, Inc. is a private nonprofit organization based in Greensboro, North Carolina, established in 1955 by Sigmund Sternberger. Originally known as the Sigmund Sternberger Foundation, it was created to honor his parents, Herman and Elizabeth Sternberger. The Foundation's primary mission is to enhance the quality of life for residents of Guilford County, North Carolina.

History

Sigmund Sternberger, born on May 8, 1887, in Darlington, South Carolina, moved to Greensboro with his family in 1899. He became actively involved in his family's business, Revolution Cotton Mill, from a young age, ultimately serving as Treasurer and Director after the mill merged with Cone Mills Corporation in 1948. Sternberger was deeply committed to civic and religious activities, serving as Treasurer of Temple Emanuel for nearly five decades and participating in the local Masonic Lodge.

Upon his death in 1964, Sternberger was survived by family members who continued his legacy of philanthropy through the Foundation. Their leadership, coupled with that of other Directors, has ensured that the Foundation remains committed to its philanthropic goals.

Mission and Activities

The mission of the Tannenbaum-Sternberger Foundation is to support programs and initiatives that improve the welfare of individuals and families in Guilford County. The Foundation provides funding primarily through grants to qualified 501(c)(3) organizations, focusing on various areas, including:

• Education: Supporting higher education initiatives and scholarship programs, particularly for the children and grandchildren of members of the Revolution Masonic Lodge.

• Human Services: Funding programs that address social needs and enhance community well-being.

• Cultural Arts: Supporting projects that promote cultural enrichment and the arts within the community.

• Economic Development: Fostering programs that contribute to the economic growth and sustainability of Guilford County.

The Foundation is known for its significant charitable disbursements, which constituted a substantial portion of its annual expenses. For example, in 2024, charitable disbursements accounted for approximately 80.1% of the Foundation's total expenses.

Financial Overview

As of the fiscal year ending March 2024, the Tannenbaum-Sternberger Foundation reported total assets of approximately $20.6 million, with total liabilities of around $400,000. The Foundation's revenue sources are diverse, including dividends, sales of assets, and interest revenue.

Leadership

The Foundation's governance is managed by a Board of Directors, which includes family members and community leaders dedicated to continuing Sigmund Sternberger's legacy of philanthropy. Key officers include:

• Robert O. Klepfer Jr. (Executive Director)
• Michael L. Diamond (Director/Secretary)
• Nancy B. Tannenbaum (Director/Chair)

Conclusion

The Tannenbaum-Sternberger Foundation, Inc. plays a vital role in enhancing the quality of life for residents of Guilford County, North Carolina. Through its targeted charitable initiatives and commitment to community service, the Foundation continues to fulfill the philanthropic vision of its founder, Sigmund Sternberger.