Profiles in Family Philanthropy: The Stoneman Family Foundation (November 2006 FGN)

Sidney and Miriam Stoneman created the Stoneman Family Foundation in 1957 in honor of Sidney’s immigrant father and mother. For over thirty years Sidney and Miriam shared the decision-making responsibility about where to direct the foundation’s funds. During those years the Stonemans established a tradition of giving distinguished by a spirit of extreme loyalty and kindness and one that reflected their interests and values.

The Stonemans felt strongly about the importance of passing these values on to their children and in 1990 decided to expand the foundation’s board by adding family members as well as three trusted outsiders drawn from their circle of professional advisors and family friends. The family members included grandchildren as well as children. Grants Management Associates was hired in 1989 to provide administrative and grantmaking services and to help the Stoneman family make the transition from a donor-directed foundation to a three-generation family foundation. Part of that transition involved the development of a statement of donor legacy, involving the entire family.

To read the Stonemans’ donor legacy statement and learn more about the family’s approach, download “A Family Establishes a Statement of Legacy.”

To read more about donor legacy and families like the Stonemans, orderĀ Living the Legacy: The Values of a Family’s Philanthropy Across Generations today.

To get access to more than 800 articles, issue papers, and sample documents like the Stoneman legacy statement, call the National Center for Family Philanthropy and ask about the Family Philanthropy Online Knowledge Center (FP Online), the premier information resource for family philanthropists and those that advise them.

This entry was posted in Boards and Governance, Family Dynamics and tagged , , . Bookmark the permalink.

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