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Published in U.S. 1 Newspaper on July 19, 2000. All rights
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That First Million: How to Give It Away
Once you’ve made your first several million dollars,
and going to work every day is beginning to seem redundant, you sell
your company, set aside money to live on, and put the remainder into
a family-run foundation, where it can stay free of taxes and be given
out to good causes. You get to choose the causes.
That scenario may sound like a dream to most of us, but more than
one family in the Princeton area has gone this route. A special
umbrella
foundation (Princeton Area Community Foundation, 609-688-0300) was
established to take care of the paperwork for some of these would-be
philanthropists. Still, some small foundations rent office spaces
and employ directors.
One of these, the Infinity Foundation, has a half-time director, Susan
Vik. When Vik’s landlord vacated the office she subleased at
Research
Park, she found new quarters on Alexander Road in the Daily Plan It,
the shared office space operated by the nonprofit Community Options.
In between unpacking boxes, she answered some questions and declined
to answer others. After all, the philanthropist she works for is
trying
to remain anonymous. And no, he is not that high profile but anonymous
benefactor of unusual causes in Princeton, the Chocolate Cat.
Vik was an office manager at one of the businesses owned by the
founder
of the foundation. “I’m learning as I going along,” she says.
A Massachusetts native, she is a 1977 graduate of Our Lady of Elms,
just outside of Boston in Chicopee, Massachusetts. Her other half-time
job is in the private client technology human resources department
for Merrill Lynch, and her office is now in Somerset. Married to James
Vik, who works for Princeton Nurseries in Allentown, she does regular
volunteer services for some elderly people in Kingston and for the
ladies auxiliary of the Kingston Fire Company.
How much money do Princeton’s philanthropists have? Less than J.
Seward
Johnson Jr. but more than the average Joe. The granting budget for
the six-year-old Infinity Foundation has been as high as $300,000
per year, and Vik gives out grants of from $1,000 to $60,000. She
declines to specify the foundation’s total assets. “We do
absolutely
no fundraising and all of our funding is private funding from the
trustees, all from Princeton,” says Vik.
The New Jersey Grants Guide, published by Grant Guides Plus ($149,
www.grantseeker.com), lists several Princeton area foundations:
The James Kerney Foundation (founders of the TrentonTimes)has $4.2 million in assets and gave a total of $120,000 in grantsranging from $1,500 to $20,000.The Mills Foundation (Bradford Investment Partners at44 Nassau Street) has $2.1 million and gave grants in the $1,000 to$5,000 range.The Mary Owen Borden Memorial Foundation on Bayberry Roadgives grants to Mercer and Monmouth county organizations totaling$328,000 a year, with an average grant at $8,000.The Fruscione Foundation at Quakerbridge Plaza is givingaway about $120,000 per year, ranging from $100 to $50,000.Each foundation has its own requirements for how to apply, andthe New Jersey Grants Guide provides all that information, but theInfinity Foundation has a particularly easy process. If you representa nonprofit, just send a letter. Your group might not get fundingif you submit an application, but you won’t get funded if you don’t.Past grants have gone to non-profits all over the world plus toWomanspace,HomeFront, Trenton Soup Kitchen, Mercer Street Friends, TrentonRescue Mission, Isles, and the now defunct Holistic HealthAssociation.”We’re very mindful of organizations in our neighborhood,”says Vik.To decide who gets what money, she and other board members do sitevisits to see the physical spaces and meet the executive directorsof the different organizations. “We’re great believers ineducation,”says Vik. Grants have gone to the University of Santa Barbara,Rutgers,Columbia University, and the University of Hawaii. “A good wayto describe us is that we give for educational and spiritualdevelopment,body, mind and spirit grants, and caring and sharing grants.””Cornell University is sponsoring a big event that has to do withharmony with religion that definitely intrigues our board,” shesays. The foundation is also supporting an event staged by Rutgers’philosophy department.Why the name Infinity? Because, says Vik, “hopefully it stayson forever and ever.”The Infinity Foundation, 707 Alexander Road,Building2 Suite 208, Princeton 08540. Susan Vik, director. 609-419-1664; fax,609-419-1665. Home page: www.infinityfoundation.com.Top Of PageGetting GrantsSeptember 15 is the deadline for nonprofit organizationsto request grants from the Princeton Area Community Foundation’sunrestrictedendowment funds. Call Joan Burkholtz at 609-688-0300 for guidelinesand submission materials. Decisions will be announced in earlyDecember.PACF did research on how to better serve local agencies and hasdevisedthree categories. Try to propose something in one of the three.Up to $50,000 for community-building efforts that willdevelop existing and potential strengths and encourage leadershipin the region. Priority will be given to Trenton projects as wellas to those that enhance regional partnerships across municipalboundaries.Up to $10,000 for ways to build and strengthen the selfsufficiencyof at-risk populations. Priority will be given to programs that canmake a permanent difference in people’s lives by improving health,economic stability, living conditions, and learning opportunities.Up to $5,000 for efforts to build organizationalcapacityand heighten productivity. Support for staff and volunteer training,strategic planning, fundraising, improved use of technology,addressingissues of diversity, and measuring outcomes will be provided toorganizationswith a documented track record of successful and effectiveprogramming.PACF administers 76 individual funds valued at more than $11 million.To contribute to PACF’s community endowment, call Nancy Kieling,executive director, or send tax-deductible gifts to PACF, 188 TamarackCircle, Skillman 08558. Last year PACF granted more than $834,000in areas ranging from education to the environment.Top Of PageCorporate AngelsMercedes-Benz of Princeton and its owner, RobertGreces, donated the $46,000 Mercedes-Benz SLK car for the JuneFete raffle conducted by the Auxiliary of the Medical Center atPrinceton.The winner was Lawrence Levy, a New York resident who boughtthe ticket in Lambertville, says Betty Greber, raffle chair.Proceeds will benefit cancer programs at the Medical Center. Forinformationon programs and volunteer opportunities at the Medical Center, call609-497-4069.United Parcel Service donated $75,000 worth ofOlympics-relatedsports equipment to the Trenton Area YMCA, one of 20 organizationsworldwide to participate in the UPS Olympic Sports Legacy Program.Sal Triolo , a UPS driver and a member of the Y, was instrumentalin obtaining the donation. The tennis, badminton, canoeing,basketball,hockey, boxing, and other equipment will benefit 300 youngsters insummer camps (such as Camp Meta), after school programs, and otheractivities. The YMCA is on Pennington Avenue.Quick Chek New Jersey Festival of Ballooning is donatingpart of its proceeds to Canine Companions for Independence (CCI).Set for Friday through Sunday, July 28 to 30, at Solberg Airport inReadington, the festival features 125 balloons, ascending twice daily,plus twice-daily air shows, fireworks on Friday and the Beach Boyson Saturday night.Tickets are available at a discounted rate through CCI, the nonprofitorganization that enhances the lives of people with disabilities byproviding highly trained assistance dogs at no cost to the receivingchild or adult. Ticket payment should be sent to CCI NJ Chapter,attentionNJFOB Tkts, 33 Sleepy Hollow Road, Andover NJ 07821-3326. Ticketsare $12 for adults and $5 for children plus $3 per order for postageand handling. Tickets will be mailed requiring a signature. Forinformationcall 973-786-5656.P.J.’s Pancake House on Nassau Street is raising moneyto help find a cure to Parkinson’s Disease. It is donating the profitsfrom online sale of its gift items, such as the buttermilk pancakemix and maple syrup, to finance scientific research(www.pancakes.com).Items include a gift basket with syrup, mix, kitchen towel, whisk,apron, spatula, oven mitt, and biscotti, for $39.95. Many of theseitems are also on sale at the restaurant. P.J.s is owned by the MartinTuchmans; he is CEO of Interpool, the publicly traded company onCollegeRoad.The Mercer County Bar Association collected children’sbooks for the Children’s Home Society, Martin House, and Mt. CarmelGuild. “The lawyers of Mercer County are continuously developingprojects to improve the quality of life to those fortunate,” saysFrancine Kowalczyk , executive director of the association. Thegoal was 600 books. For information call 609-585-6200.Participating members of the committee included those from the firmsof Stark & Stark, Fox Rothschild et al, Sterns & Weinroth, PellettieriRabstein & Altman, Drinker, Biddle & Shanley, Hill Wallack, Rothenberg& Rubinstein, Courter Kobert Laufer & Cohen, Teich Groh Frost &Zindler,Staub & Sumners, Lenox Socey et al, Kessler Tutek et al, Legal AidSociety of Mercer County, and Sovereign Bank.Individual participants included Ryan H. Lilienthal, Ivy Minely,Joseph Bocchini, Maria Rocco, Joseph Eustace, Elaine D. Dietrich,Leilani Malamug-Holgado, and D.G. Sarsfield.Comcast Cable Communications Inc. is sponsoring publicservice announcements and print materials to promote computer literacyin communities of color. The project involves cable companies,programmingnetworks, and high tech companies. Through September 30 announcementsworth more than $2.5 million will air in 10 markets, includingPhiladelphia,and will raise awareness of the benefits of computer literacy. Inthe second phase, Comcast will work with the Digital Bridge Allianceto make computer technology available at a community center inDetroit.Governor Christine Whitman announced a grant of $145,000to assist in the development of the Park Place West Intercept Parkingproject in Cranbury under the New Jersey Department ofTransportation’sLocal Aid for Centers of Places Program. This program grants awardsto non-traditional transportation, and provides towns with the moneyand assistance to create biking and walking paths, restore historicstructures or begin downtown beautification projects.The Local Aid for Centers program is administered through the NJDOT’sLocal Aide Program and supported by the New Jersey TransportationTrust Fund.Top Of PagePicnic PrecautionsThe more exotic your location for the company picnic,the riskier it is, says Regina Spratt, risk control strategiespractice leader of Marsh, a Morristown-based risk advisor andinsurancebroker. Hold the outing during non-work hours, make attendancevoluntary,and take precautions.Choose venues prudently. Be particularly careful aboutamusement parks, water parks, or other theme of public parks, to besure they are safe for families of employees.Check locations thoroughly. Before booking, do a thoroughwalk through to check for level playing surfaces and well-maintainedequipment. Ask about safety history and, if renting equipment, doa background check on the provider.Control the environment. If alcohol will be served,considera “two free-drink ticket” policy.Avoid high-risk activities. Think twice about recreationalboating or paint ball games.Monitor catering and food preparation. Hire a licensedcaterer or, if employees are handling food preparation, be sure foodis properly cooked and refrigerated.Have a proper first aid kit available.In addition to other obvious precautions, such as checkingaccessibilityof the site and ensuring child supervision, remember to briefsupervisorson the potential for sexual harassment, discrimination, or violenceat the event and remind them how to deal with potential problems.”A company picnic gone awry could do more harm than good,”says Spratt. “However, an appropriate amount of planning can makesure these activities go a long way to build employee morale andpromoteteamwork.”Top Of PageExporters OnlineIf your company is among the 2,000 companies in thestate to export goods or services, you can have a free online listingat www.njexport.com. The state commerce and economic growth commissionis funding this site, and the Regional Business Partnership(a Newark-based membership group is organizing it. IBS Interactiveis designing the site, and Business News New Jersey will collect andupdate the data.Listings will include types of exports, contact names, and locations,particularly for small and mid-size companies. Last year the six topimporters (Canada, Japan, United Kingdom, Mexico, the Netherlands,and Israel) bought more than $1 billion in products and services fromNew Jersey firms, and the state’s overall exports totaled $22.7billion,making it the ninth largest exporter in the nation. For questionsabout the project, call Barbara E. Kauffman of the RegionalBusiness Partnership at 973-242-4219.Top Of PagePolice GrantsThanks to a $1 surcharge on every motor vehicle andtraffic fine or penalty, more than $3.5 million is available to buyprotective vests for law enforcement officers. Attorney General JohnJ. Farmer Jr. and Kathryn Flicker, director of the criminaljustice division, announced that this program could equip 20 percentof each department’s eligible officers with new protective vests.About 580 agencies, with about 37,000 officers, can submitapplicationsby September 15. Each agency that applies before this deadline isguaranteed to receive a minimum of $500. But the agency must apply.For help, call 609-292-1492.Top Of PagePSE&G AwardsPublic Service Electric & Gas has an award program fornew construction that recognizes commitment to energy efficiency.Din Attarwala is being recognized for a home, currently underconstruction in Princeton Greens, and Michael A. Giori for ahome on Dublin Road in Hopewell.EEH 5 Star homes can include such upgrades as extra levels ofinsulation,high efficiency HVAC systems, insulated or storm windows and doors,sealed and insulated ductwork, and energy-efficient controls. Buyersof these homes may be eligible for special mortgage programs withstretched qualifying ratios, reduced interest rates, or reducedmortgageclosing fees. For information on this program call 800-220-8090.Top Of PageFlood ReliefAugust 31 is the new deadline for victims of TropicalStorm Floyd to apply for assistance under the state’s disaster reliefprogram. “I want to be sure every victim has the time they needto request assistance,” says Governor Christie Whitman.The program offers grants of up to $15,000 to storm victims whoseneeds are not covered by assistance from federal government orinsuranceclaims.Funds can also help reduce the payoff amounts of disaster assistanceloans from the Small Business Administration. Loan balances can bereduced by 20 percent, to a maximum of $15,000. For SBA informationcall 800-659-2955, and for the Disaster Relief Program call609-292-2636.Grant recipients must certify losses.Top Of PageNJ BankingThe summer, 2000, edition of the NJBA New JerseyFinancialDirectory is available. Published by Thomson Financial Publishing,the directory includes the latest alphabetical listings, addresses,and phone numbers and 1999 year-end financials of all New Jerseyfinancialinstitutions, correspondents, and holding companies. Banks andbranchesare listed by town, along with the town’s population and the nameof the county and Federal Reserve District in which they are located.The NJBA is offering directories for as little as $27, depending onthe quantity ordered.Previous StoryCorrections or additions?This page is published by PrincetonInfo.com— the web site for U.S. 1 Newspaper in Princeton, New Jersey.
