Warren Buffett increases contributions to his children's foundations
September 05, 2012
In celebration of his 82nd birthday, Warren Buffett increased his annual contributions to his children's charitable foundations from $64 million per year to approximately $100 million.
Since 2006, Buffett has contributed $13.3 billion, according to the Omaha World-Herald. With this additional funding, the total is expected to hit $40 billion within the next few years. In all, the gift provides his children's philanthropic programs with an estimated $600 million in stocks.
The funds are being split between his daughter, Susan Buffett's Sherwood Foundation, his son Peter Buffett's Novo Foundation and the Howard G. Buffett Foundation, as well as the Bill & Melinda Gates Foundation and the Susan Thompson Buffett Foundation. The Sherwood Foundation works in early childhood education initiatives and teen pregnancy prevention. The Novo Foundation focuses its efforts on empowering women to end violence and boost economic stability, and the Howard G. Buffett Foundation works in impoverished countries to reduce hunger.
"The money is an unbelievable gift, and we will work hard to use it well, but the confidence my dad has placed in us means more than the money," said Howard Buffett.
Foundations that receive large contributions can demonstrate their success with nonprofit financial management
software, which can help to secure future fundraising opportunities.