Terry Foundation: $142 million but small change for High Point
The wealthiest charitable entity in Guilford County is not the Joseph M. Bryan Foundation of Greensboro.
In the most recent 990 filing with the IRS, the R.B. Terry Charitable Foundation Inc. of High Point reported its "fair market value of all assets" at a staggering $142.6 million at the end of 2006.
The Bryan Foundation reported $132.9 million.
The Terry Foundation reported only $83.1 million at the end of 2005, meaning its assets increased by nearly 72 percent in a year. Bryan Foundation assets were listed as $128.1 million at the end of 2005.
Randall B. Terry Jr. was part owner of the High Point Enterprise (and therefore my former employer) and a major stockholder in the International Home Furnishings Center. He died in 2004. His half of the HPE was purchased by Paxton Media, which already owned the other half. I'm guessing that proceeds from the sale contributed to the increase in foundation assets. It reported a gain of $48.7 million from the Terry estate.
So, why do you hear so much more about the Bryan Foundation than the Terry Foundation? Let's say there were striking differences in the desires of the founders of those organizations.
The Bryan Foundation uses its assets primarily to benefit Greensboro and Guilford County. The Terry Foundation does next to nothing for High Point, even though Terry himself lived in High Point and derived his income there.
The Bryan Foundation reported making dozens of charitable contributions totaling $5.9 million in 2006, almost all supporting local entities including the United Way, Elon Law School, Guilford County Schools, N.C. A&T and Greensboro College, to name a few.
The Terry Foundation reported $6,210,000 in charitable contributions to just five organizations, only one of them in High Point: It gave $100,000 to Youth Unlimited.
It also gave $10,000 to the United Animal Coalition in Greensboro.
The big gifts were $3 million to Woodberry Forest School in Woodberry Forest, Va., where Terry prepped; and $3 million to the N.C. Veterinary Medical Foundation in Raleigh. Terry supported the Vet School at N.C. State after it treated one or more of his golden retrievers (he left more money in his will to their care than to any individual person or family).
The foundation also gave $100,000 to the Montpelier Foundation in Montpelier Station, Va.
I've written about the Terry Foundation before and check up on its activities about once a year. It operates under the guidelines established by its founder, who unfortunately was never very charitable toward his hometown.
It's a shame, because the Terry Foundation now has the assets to do even more for High Point than the Bryan Foundation does for Greensboro. But it never will.
Comments (2)
To report abuse of the comment feature on this site, please use the feedback form at the bottom of any page.
Doug,
Thanks for the update it always amazed when you first reported on the subject. I think the people in High Point who subscribe to the HPE should really know where their money went to. Randall "Leona Helmsley mentor"Terry family members, friends, or close associates should be ashamed of themselves to see a foundation like that give such a miniscule amnount back to the city that gave him those millions.
Who ever is in charge of the foundation needs to get a clue and a conscience soon.
Posted on April 30, 2008 9:20 PM
The Terry Foundation trustees are following Terry's instructions. But it is interesting to note that, of the four trustees, one is a representative of Woodberry Forest School and another of the Veterinary foundation.
Terry made plenty of money from the HPE but maybe more from the IHFC. I'm aware that in some years, he was paid IHFC dividends of as much as $10 million.
Posted on May 1, 2008 8:21 AM