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The Clara Abbott Foundation

Profile

Last Updated: 2016-05-29

At A Glance

The Clara Abbott Foundation

1175 Tri-State Pkwy., Ste. 200

Gurnee, IL United States 60031-9141

Telephone: (800) 972-3859

URL: clara.abbott.com

Type of Grantmaker

Independent foundation

Financial Data

(yr. ended 2014-12-31)

Assets: $260,803,327

Total giving: $3,980,692

EIN

366069632

Bridge Number

6764703814

Additional Contact Information

Additional tel.: (847) 937-1090

Background

Established in 1940 in IL - In the 1920s, Clara Abbott, wife of Dr. Wallace Abbott, founder of Abbott Laboratories, added to her will a provision that a portion of her estate "shall be used for the benefit of employees in need..." Clara Abbott died in 1924, three years after her husband, but according to her wishes as expressed in her will, distribution of that portion of her estate destined to "charity" was delayed until their only child, Eleanor, reached the age of 40 in 1939. It was the judgment of the trustees of Clara's estate that the formation of a foundation would be an appropriate means to provide for the needs of Abbott employees envisioned by Clara Abbott

Purpose and Activities

The mission of the foundation is to efficiently and responsibly provide needed assistance to Abbott families worldwide. Grants, loans, financial education and counseling services are made to Abbott Laboratories employees and retirees for financial aid due to financial hardships. Educational grants are made only to dependents of Abbott Laboratories employees (of at least one year) and retirees based on a financial need criteria.

Program Area(s)

The grantmaker has identified the following area(s) of interest:

Clara Abbott Financial Education (CAFE)

The mission of the program is to promote sound financial habits by providing a series of personal financial education courses. All courses are free of charge for Abbott employees, retirees, spouses and dependents. The personal financial education courses offered through CAFE have been developed to promote healthy financial habits. These courses are only for Abbott employees, retirees, spouses and dependents. All courses are funded by The Clara Abbott Foundation. For more information about CAFE, please call (847) 937-1090.

Financial Assistance Program

The program provides need-based grants to help eligible Abbott employees and retirees in times of financial difficulty if unable to pay for basic living needs. The following criteria must be met in order to receive a grant: current employee with at least two years of service (or two years from date of Abbott acquisition) and eligible for employee benefits; retiree of Abbott (at least 50 years of age, with a minimum of 10 years of Abbott service); spouse of deceased employee/retiree (until remarried); dependent child of deceased employee/retiree until age 23 for full-time students, age 19 otherwise; special-needs children will not lose eligibility based on age; and an employee who is under a disability program (sponsored by Abbott). All applicants must be enrolled in a health plan. .

Grants to Individuals Program

Scholarships to dependents of employees and retirees of Abbott Laboratories. Special relief grants and loans, and aid for the aged and economically disadvantaged, only to children of employees and retirees who have worked at Abbott Laboratories for at least two years.

Scholarship Program

The program offers need-based scholarships to help the dependent children of Abbott employees and retirees attend accredited colleges or universities, community colleges, vocational and trade schools. Awards are offered to students enrolled in full- or part-time studies to obtain their undergraduate degree. The student must meet the following eligibility requirements: be a dependent child of a full-time, part-time or retired Abbott employee (must be financially supported by and/or living with the Abbott employee). The Abbott employee must have at least 24 months of service (or two years from date of Abbott acquisition) for the student to be eligible; be 17 to 24 years of age as of the deadline date; be a high-school senior, high-school graduate, or current undergraduate student; plan to enroll in a full or part-time undergraduate course of study at an accredited school during the upcoming school year; plan to obtain their first undergraduate degree. If the applicant has already obtained their undergraduate degree or is pursuing a graduate degree, they are not eligible to apply. Applicant must reapply each year and maintain a 2.0 GPA on a 4.0 scale (or equivalent.) Abbott employees and their spouses are not eligible.

Fields of Interest

Subjects
  • Education
  • Human services
Population Groups
  • Low-income and poor people
  • Retired people
  • Seniors

Financial Data

Year ended 2014-12-31

Assets: $260,803,327 (market value)

Gifts received: $128,247

Expenditures: $8,011,467

Total giving: $3,980,692

Qualifying distributions: $6,988,383