George Lucas expected to give majority of Lucasfilm sale proceeds to philanthropy
November 06, 2012
George Lucas recently announced he would be selling his company Lucasfilm to Disney for an estimated $4.05 billion. A spokesperson for the enterprise told The Hollywood Reporter that Lucas will likely contribute the bulk of the sale's proceeds to foundations or other philanthropic causes that support education.
It's still uncertain whether the filmmaker, who is responsible for the Star Wars films and is worth more than $3 billion before the sale of the company, will contribute through his own foundation, the George Lucas Educational Foundation or other outlets. In 2006, Lucas made a $175 million donation through his foundation to the University of Southern California.
This move might also be the fulfillment of Lucas' participation in The Giving Pledge, a commitment by the wealthiest families in the United States to give at least half of their fortunes away to philanthropies of their choosing.
"For 41 years, the majority of my time and money has been put into the company," Lucas said in a statement Wednesday. "As I start a new chapter in my life, it is gratifying that I have the opportunity to devote more time and resources to philanthropy."
Organizations that are providing funds for multiple nonprofit programs might find it easier to manage their large-scale efforts with fundraising management
programs that can account for funds as they are disbursed to recipients.