Prospect Hill Foundation Inc.

Overview

The Prospect Hill Foundation Inc. is a private family foundation established in New York in 1959 by William S. Beinecke and his wife, Elizabeth G. Beinecke. The foundation, recognized by its Employer Identification Number (EIN) 13-6075567, aims to advance the human experience while ensuring the well-being of the earth.

History

The foundation was initially created to continue the philanthropic legacy of the Beinecke family. In 1983, it merged with the Frederick W. Beinecke Fund, which had been established by William S. Beinecke’s father and further enhanced by his mother, Carrie Sperry Beinecke. This merger expanded the foundation's capacity to support various social and environmental causes.

Mission and Objectives

The primary mission of the Prospect Hill Foundation is to promote human welfare and protect the environment. The foundation focuses on four main program areas:

• Nuclear Disarmament and Nonproliferation: Supporting policies and initiatives aimed at reducing nuclear weapons and promoting arms control.

• Youth Programs: Developing programs that empower young people and address systemic challenges such as racism and gender-based oppression.

• Sponsored Grants: Initiatives that reflect the personal philanthropic interests of the foundation's directors and their families, supporting diverse causes in arts, education, and social change.

• Environmental Conservation: Encouraging strategies that protect natural systems and promote ecological health.

Grantmaking

The foundation employs a three-fold grantmaking approach:

1. Program Grants: Direct support for its established program areas, including Nuclear Disarmament and Nonproliferation and Youth.

2. Sponsored Grants: Initiatives that reflect the philanthropic interests of the Beinecke family members, aimed at supporting various social causes.

3. Matching Gifts: Offering a 2:1 match for donations made by staff and directors, thus encouraging greater community engagement and support for charitable activities.

In recent years, the Prospect Hill Foundation has refined its focus. Following a "Year of Reflection" in 2017-2018, it decided to concentrate more on youth initiatives while phasing out three of its previous program areas, including environment and reproductive health.

Financials

As of the latest reports, the Prospect Hill Foundation holds significant assets, which have allowed it to issue substantial grants to various organizations across its focus areas. The foundation's financial strategy involves maximizing its impact through carefully selected philanthropic endeavors while maintaining operational viability.

Governance

The foundation is governed by a ten-member board of directors, all descendants of the founding couple, William S. and Elizabeth G. Beinecke. Governance also includes committees composed of directors and non-director experts to oversee its program areas, as well as management committees for finance and audit functions.

The Prospect Hill Foundation continues to play a vital role in philanthropic activities, particularly within the northeastern United States, and is committed to fostering a positive impact through its strategic grantmaking efforts.