Ned Johnson's charity
is not as big as it once was, but that is not holding back the Fidelity chairman's generosity.
The Boston Globe
looked at the largest donors in the Boston area during 2013 (the most recent year available) and found that Ned's charity spent more cash on causes than any of the other ten largest charities in the city.
In all, Ned's Edward C. Johnson Fund
(which is separate from the Fidelity Foundation
) spent $82.4 million on causes.
That was despite the foundation's endowment shrinking to just $300.6 million. In short, it spent roughly a quarter of its base on causes, well more than the 5 percent required by the Internal Revenue Service.
Meanwhile, Boston's largest foundation -- the Barr Foundation -- donated near the minimum from its $1.5 billion endowment. (The Barr's dontated $52.1 million.
Interestingly, Fidelity's Charitable Gift Fund was one of the recipient's of the Barr's giving. The Barr's earmarked $5.4 million for the charity-focused mutual fund.
Sean Hanna, Editor in Chief
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