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Koret Foundation

Profile

Last profile update: 04/12/2017
Last grant data update: 08/24/2017

At A Glance

Koret Foundation

611 Front St.

San Francisco, CA United States 94111-1963

Telephone: (415) 882-7740

URL: www.koretfoundation.org

Type of Grantmaker

Independent foundation

EIN

941624987

BRIDGE Number

4308882803

Background

Grantmaking commenced in 1979 - In 1938, Mr. Koret, together with his wife Stephanie, started an apparel firm that became known as Koret of California, one of the major manufacturers of coordinated sportswear in the country. In 1979, the company was sold to Levi Strauss & Co. for $71 million. Stephanie Koret died in 1978, and her entire estate was left to the foundation. At the encouragement of Tad Taube, a trusted family friend and current Pres., Joseph Koret activated a philanthropic foundation, with Stephanie's portion of the family wealth to benefit the Bay Area communities and Israel In 1987, the foundation received final funding of $83 million from the Joseph Koret 1980 Irrevocable Trust. In addition, the foundation is the ultimate beneficiary of the various Charitable Remainder Unitrusts established by the Joseph Koret 1980 Irrevocable Trust. With a real estate portfolio wisely invested by Tad Taube, today Koret has grown into a philanthropy of more than $400 million

Purpose and Activities

Koret seeks to address societal challenges and to strengthen Bay Area life. The foundation seeks to invest in strategic, local solutions to help to inspire a multiplier effect- encouraging collaborative funding and developing model initiatives. Koret promotes educational opportunity, the community of Israel, and free market expansion. Areas of focus include arts/culture and civic institutions, K-12 education reform, Israel advocacy (including education and economic development), as well as Jewish community organizations.