Heckscher Foundation for Children

Incorporated in 1921 in NY - The history of the Heckscher Foundation for Children is a multifaceted story with three principal participants. Charles August Heckscher, a visionary who achieved great financial success, believed that wealth should be shared with others less fortunate, and thus as one of his many benefactions started the Foundation. Arthur Smadbeck, a friend of August Heckscher and fellow philanthropist, reluctantly took over a shattered financial and management structure and made possible the survival and emergence of The Heckscher Foundation for Children as a major benefactor. Ruth Smadbeck, who ran the Foundation for more than 50 years brought to its philanthropic activities a lifelong dedication to and love for children. The Heckscher Foundation was founded in 1921. The assets consisted of land at Fifth Avenue between 104th and 105th Streets in New York City and securities intended to provide funds for the construction of a building on the site and for its operations. The original Foundation building opened in 1922 but not long thereafter was far exceeding its operating costs. As the Depression deepened, the Foundation assets were in default, and the Foundation itself was on the verge of collapse. August Heckscher turned to Arthur Smadbeck and Ruth Smadbeck, financial equals who shared his deep dedication to public service. Arthur Smadbeck was one of the first and most prolific suburban real estate developers of the era. Until his death in 1977, Arthur Smadbeck donated his time and efforts to building an endowment and creating a profitable platform on which he positioned the Foundation to support major outside charitable efforts, while at the same time running his own successful businesses and extensive philanthropic endeavors. Ruth Smadbeck began as a volunteer several years after the Foundation's building opened and ran the Foundation for over 50 years, including its multifaceted programs of dance, orchestra, exercise, swimming, the purchase and distribution of necessities for indigent children, a kindergarten, a theater, a craft room, a senior lounge, a photography group, a library, and a thrift shop, while at the same time broadcasting two radio programs a week offering advice and guidance on child care. At Ruth Smadbeck’ s death in 1986 distributions to charity had grown to $1,169,219 and assets had grown to $22,072,773. Louis Smadbeck, a renowned real estate entrepreneur and civic leader in his own right, became Chairman of the Heckscher Foundation in 1986 and continued in this capacity until his death in 1992. Virginia Sloane was elected President in 1986 and President Emeritus in 2012. A new generation assumed leadership roles in 1997. Howard G. (Peter) Sloane became Chairman and CEO and continues to preside over the Foundation's many philanthropic projects. Today, the Foundation’s assets have grown to well over $300 million and distributions to charity have dramatically increased.

The foundation defines its mission as "leveling the playing field for underserved youth." Its goal is to foster venture philanthropy using three principal funding strategies: 1) Catalytic Giving identifies approaches that have the potential for wide application but which have not reached a scale broad enough to attract investment by larger private foundations or government; 2) Strategic Partnerships promotes collaborations between not for profits, for profits and the public sector toward a common goal; 3) Targeted Problem Solving defines a specific challenge that has a practical solution attainable within a reasonable time and budget, and that encourages creative problem solvers to test that solution. The challenge often addresses barriers to equal opportunity either overlooked or under appreciated. .