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The Ralph C. Wilson Jr. Foundation, one of an increasing number of foundations that will spend down their assets rather than plan to operate forever, is ready to start giving that money away in earnest.
And the 20-year clock to give it all away, which started when the foundation was created Jan. 1, 2015, is ticking.
The $1.17 billion foundation has spent the past nine months honing its policies and funding priorities and hiring staff. Now, it's inviting grant applications through its website.
The foundation launched last year with a bequest of more than $1 billion from Ralph C. Wilson Jr., the late owner of the Buffalo Bills and Grosse Pointe Park-based investment firm Ralph Wilson Equity Fund LLC.
The foundation's new priorities include early childhood and sports and youth development; skills training for young adults and working-class families; support for caregivers; nonprofit capacity building; and economic development.
Given its short time frame to spend down, the foundation will make grants year round over the next 18 years -- the remaining time of the 20 years its namesake benefactor gave the foundation to spend down the fund.
An increasing number of philanthropists are choosing spend-down models for a variety of reasons. Some are looking to increase the impact their grants will have, and others want to guard against the foundation's mission drifting away from their initial intent.
The Atlantic Philanthropies in New York is among foundations spending down its assets, and the Bill...