THE MISSION OF THE WEINGART FOUNDATION is to offer constructive assistance to people in need and thereby assist them in leading more rewarding, responsible lives. In a very difficult time, post September 11, Weingart Foundation continued its commitment to this goal and the Southern California community by approving 442 grants that totaled $36,252,338 during the fiscal year ending June 30, 2002.
Of this amount, 194 grants totaling $15,236,860 were for programs that are meeting the needs of children and youth in areas such as elementary and secondary education, physical and mental health services, recreation and the arts. In addition, a number of grants were made to increase the availability and quality of early learning programs.
Universities, vocational training programs, and health centers received grants totaling $7,991,114. These included capital grants for needed facility improvements and equipment needs, funding to expand direct health care for the poor and disadvantaged, and employment training in critical occupational areas.
Another 151 grants totaling $13,024,364 were approved for programs that benefit the entire Southern California community, with a focus on meeting the needs of the general population regardless of age or circumstance. Examples in this broad category included grants to strengthen the administrative capacity of non-profit organizations, and support for cultural institutions to provide greater access to programs and services for the general populace. Other grants went to expand food distribution programs and to fund capital improvements at homeless shelters and drug treatment facilities. The agencies highlighted in this annual report are representative of the range of important activities supported in Southern California by the Weingart Foundation. A list of grants of $25,000 or more awarded during the year begins on page 20.
At the end of our fiscal year, Dennis C. Stanfill retired from the Board of Directors after having served for fifteen years, including the last three and one-half years as Chairman of the Investment Committee. On behalf of the Board, I would like to thank Dennis for his outstanding service.
Prominent businessman and community leader, Steven L. Soboroff was elected a Director effective December 1, 2001. Deborah M. Ives, former chief financial officer for Prototypes and past President of the Greater Los Angeles Zoo Association, was named Director of Finance and Controller, effective April 8, 2002.
Assets of the Foundation at June 30, 2002 were $675 million, after payment of $36 million in grants. The year was another difficult one in the financial markets and, as a result, the Foundation's financial results were negatively impacted. The Foundation remains committed to an investment program that over time will both assure the safety of principal and maximize return, to the extent consistent with prudent management. Financial highlights are on page 27.
I extend my thanks to the members of our Board of Directors for their dedicated work during the year and acknowledge the excellent support of our entire staff. Their work has benefited thousands of children and adults throughout Southern California.
Steven D. Broidy, Chairman
