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Koret Foundation

Profile

Last Updated: 2016-05-11

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

Financial Data

(yr. ended 2014-12-31)

Assets: $602,895,227

Total giving: $33,415,753

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.

Program Area(s)

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

Bay Area General Community

Focuses on development and support of K-12 education reform, higher education, arts, culture and civic institutions.

Education

Supports promising efforts for reform of K-12 public education through public policy change and support of programs that provide models of excellence.

Higher Education

The foundation funds Jewish studies, public policy development, science, and legal education.

Israel

The foundation primarily supports economic reform/development.

Israel and International Jewish Organizations

Supports economic development and free market initiatives in Israel.

Israel Economic Development Funds

Provides guarantees for small business loans to stimulate job creation.

Jewish Peoplehood

Funding to strengthen Jewish communal organizations and Jewish identity.

Koret Prize

Recognizes outstanding achievements by individuals working in areas of special interest to the foundation.

Program-Related Investment

The foundation has made a PRI in the form of a loan for the construction a building.

Public Policy

This funding interest includes support of development, research and community projects that advance the public agenda.

Fields of Interest

Subjects
  • Arts and culture
  • Community and economic development
  • Elementary and secondary education
  • Higher education
  • Nonprofits
  • Reform Judaism
International Interests
  • Israel
Population Groups
  • Academics
  • Children and youth
  • Economically disadvantaged people
  • Low-income and poor people
  • Students
Organizations
  • Judaic institutions
  • Public charities

Financial Data

Year ended 2014-12-31

Assets: $602,895,227 (market value)

Gifts received: $263,739

Expenditures: $52,706,746

Total giving: $33,415,753

Qualifying distributions: $39,957,954

Giving activities include:

$33,415,753 for grants