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<title>The O�Neill Foundation: Embracing the Investor Model </title>
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<p class=MsoNormal align=center style='text-align:center'><img width=300
height=444 id="_x0000_i1025" src=oneil.jpg border=0></p>
<p class=MsoNormal align=center style='text-align:center'> </p>
<p class=MsoNormal align=center style='text-align:center'> </p>
<p class=MsoNormal align=center style='text-align:center'><i><span
style='font-size:18.0pt;mso-bidi-font-size:12.0pt'>The O�Neill Foundation:
Embracing the Investor Model <o:p></o:p></span></i></p>
<p class=MsoNormal><span style='font-size:11.0pt;mso-bidi-font-size:12.0pt'><span
style="mso-spacerun: yes">��� </span><o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>Learn how one family applied methods and practices used in the business<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>world to its foundation and work. This case study on the O'Neill
Foundation<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>examines the importance of grant evaluation and personal family<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>involvement in their grantmaking program. <o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><![if !supportEmptyParas]> <![endif]><o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><b><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>About the Author: <o:p></o:p></span></b></p>
<p class=MsoNormal style='margin-left:1.2in;text-indent:.5in'><span
style='font-size:11.0pt;mso-bidi-font-size:12.0pt'><span style="mso-spacerun:
yes">����� </span><span style='mso-tab-count:1'> </span>Susan Crites Price is a
Washington, D.C.-based freelance writer. Her<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>articles have appeared in numerous newspapers and magazines. She is<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">���������� </span><span
style="mso-spacerun: yes">��������</span>the coauthor, with her husband Tom, of
The Working Parents Help<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>Book (Peterson�s, 1996), winner of a Parents Choice Award. <o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������ </span><o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in;text-indent:.5in'><b><span
style='font-size:11.0pt;mso-bidi-font-size:12.0pt'><span style="mso-spacerun:
yes">����� </span>Executive Summary<o:p></o:p></span></b></p>
<p class=MsoNormal style='margin-left:1.2in;text-indent:.5in'><span
style='font-size:11.0pt;mso-bidi-font-size:12.0pt'><span style="mso-spacerun:
yes">������������� </span>The O�Neill Foundation: Embracing the Investor Model is
part of the<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>Voices from the Field series, which describes family foundation<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>challenges and experiences so that others may learn from example. This<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>monograph illustrates the transformation of the William J. and Dorothy<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>K. O�Neill Foundation from a passive foundation to an engaged, active<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>grantmaker. It details the O�Neill family�s belief in and use of the<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>investor model of philanthropy, and how the family applied methods<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>and practices it used in the business world to its foundation work. <o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style='mso-tab-count:2'>������������������ </span><span
style="mso-spacerun: yes">�� </span><span style="mso-spacerun:
yes">�����</span>As you will see, grant evaluation and personal involvement of
family<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>members are issues of great importance to the O�Neill Foundation�s<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>grantmaking program. Involving the next generation�how to maintain,<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>or expand, family participation�in the work of the foundation is of<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>equal importance to the O�Neill family. Here, the O�Neills share their<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>experiences on how they selected a funding focus and how they now<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>face the foundation�s future using their investor model of philanthropy.
<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style='mso-tab-count:2'>������������������ </span><span
style="mso-spacerun: yes">������ </span>We are very grateful to the O�Neill
family members for graciously and<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>openly sharing their experiences and investor approach to philanthropy.<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>We hope, as does the O�Neill family, that their example may offer<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>assistance to other family foundations that are interested in being<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>venture capitalists in philanthropy. <o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style='mso-tab-count:3'>������������������������������ </span>Dorothy
S. Ridings <o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style='mso-tab-count:3'>������������������������������ </span>President
and CEO <o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style='mso-tab-count:3'>������������������������������ </span>Council
on Foundations <o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style='mso-tab-count:3'>������������������������������ </span>April
1999 <o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><![if !supportEmptyParas]> <![endif]><o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><![if !supportEmptyParas]> <![endif]><o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><b><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">�����������������
</span><span style="mso-spacerun: yes">�</span>From <span style="mso-spacerun:
yes">�</span>the Introduction <o:p></o:p></span></b></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style='mso-tab-count:2'>������������������ </span><o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.7in;text-indent:.3in'><span
style='font-size:11.0pt;mso-bidi-font-size:12.0pt'>Reporting on a new breed of
philanthropists, the New York Times<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>(November 18, 1998) described a "get-in-the-trenches approach"
to<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>grantmaking modeled on the methods of venture capitalists. Although<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>this investor model already was known in the foundation community,<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>articles like the one in the Times have called widespread attention to
the<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>notion that effective grantmaking today involves much more than writing<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">����������� </span><span
style="mso-spacerun: yes">�������</span>a check. <o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style='mso-tab-count:2'>������������������ </span><o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.7in;text-indent:.3in'><span
style='font-size:11.0pt;mso-bidi-font-size:12.0pt'>Among the foundations cited
by the Times as striving to advance the<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>investor model was the William J. and Dorothy K. O�Neill Foundation<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>of Cleveland. Established just over a decade ago, this family foundation<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>has borrowed and adapted management and investment methods of the<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>business world in an attempt to maximize its impact. <o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style='mso-tab-count:2'>������������������ </span><o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.7in;text-indent:.3in'><span
style='font-size:11.0pt;mso-bidi-font-size:12.0pt'>Central to the family�s
approach is forming partnerships with its<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>grantees, sharing its time and talents as well as providing funding. Its<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>focus is on start-up projects, helping them build organizational
capacity<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>and providing multiyear support until the programs are established<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">���� </span><span
style="mso-spacerun: yes">��������������</span>enough to attract funding from
other donors. The O�Neill foundation<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>also emphasizes accountability and measurement of outcomes. <o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style='mso-tab-count:2'>������������������ </span><o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.7in;text-indent:.3in'><span
style='font-size:11.0pt;mso-bidi-font-size:12.0pt'>The foundation�s unusually
high level of involvement with a recipient<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>agency led Harvard University�s Kennedy School of Government to<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>prepare a case study about the project in 1998. Students learning about<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>nonprofit organizations are examining the ramifications of the O�Neill<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">�������������
</span><span style="mso-spacerun: yes">�����</span>model in their coursework.
The case was designed in part to prompt<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>students to question whether the foundation should have such intense<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>hands-on involvement with its grantees. The O�Neills believe such<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">���������� </span><span
style="mso-spacerun: yes">��������</span>relationships can work well when based
on mutual trust. <o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style='mso-tab-count:2'>������������������ </span><o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.7in;text-indent:.3in'><span
style='font-size:11.0pt;mso-bidi-font-size:12.0pt'>The family members also
believe personal involvement allows them to<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>leverage what they view as their foundation�s relatively modest<o:p></o:p></span></p>
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mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>endowment. The foundation employs one full-time staff person, had<o:p></o:p></span></p>
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mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>assets of approximately $6.6 million in 1998 and made grants totaling<o:p></o:p></span></p>
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</span>about $625,870 to approximately 80 organizations in 1998. Although<o:p></o:p></span></p>
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mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>the foundation�s grants span a wide range of program areas such as<o:p></o:p></span></p>
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mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>education, employment, arts, health, religion and human services, one<o:p></o:p></span></p>
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mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>area�families�has received a special focus. <o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style='mso-tab-count:2'>������������������ </span><o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.7in;text-indent:.3in'><span
style='font-size:11.0pt;mso-bidi-font-size:12.0pt'>A strong grantor-grantee
relationship meets two of the foundation�s<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>central goals: helping to solve societal problems and enabling the<o:p></o:p></span></p>
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mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>members of the large O�Neill clan to work together in public service. <o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style='mso-tab-count:2'>������������������ </span>By
necessity, they�re investigating innovative techniques for keeping all<o:p></o:p></span></p>
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mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>family members enthusiastic and involved. <o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style='mso-tab-count:2'>������������������ </span><o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.7in;text-indent:.3in'><span
style='font-size:11.0pt;mso-bidi-font-size:12.0pt'>In doing so, they are
confronting a challenge that faces many family<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>foundations: how to keep third-generation family members engaged as<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>they scatter across the country, busy with the time-consuming demands<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>of family, educational pursuits and careers. For the O�Neills, meeting<o:p></o:p></span></p>
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mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>the challenge is crucial because a high level of family involvement is
at<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">���� </span><span
style="mso-spacerun: yes">��������������</span>the core of their foundation�s
strategy. <o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style='mso-tab-count:2'>������������������ </span><o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.7in;text-indent:.3in'><span
style='font-size:11.0pt;mso-bidi-font-size:12.0pt'>In striving to apply the
venture capitalist model to philanthropy, the<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>O�Neills have learned important lessons about what works, what<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>doesn�t and what adjustments may be required in the foundation�s<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>operation to ensure that the third generation will preserve the model.<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span><o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.7in;text-indent:.3in'><span
style='font-size:11.0pt;mso-bidi-font-size:12.0pt'>The willingness of the
O�Neill family members to candidly share their<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>explorations, setbacks and successes will assist other family
foundations<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>interested in pursuing an investor approach to philanthropy. <o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">�</span><o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>Council on Foundations<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>1828 L Street, NW<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun: yes">������������������
</span>Washington, DC 20036<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style='font-size:11.0pt;
mso-bidi-font-size:12.0pt'><span style="mso-spacerun:
yes">�������������������������������������� </span><o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in;text-indent:.5in'><span
style='font-size:11.0pt;mso-bidi-font-size:12.0pt'><span style="mso-spacerun:
yes">����� </span>If you prefer to order publications by phone, call toll-free
888-239-5221<o:p></o:p></span></p>
<p class=MsoNormal style='margin-left:1.2in'><span style="mso-spacerun:
yes">����������������� </span>between 9 a.m. and 5 p.m. Eastern Time (ET). </p>
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