Giving back to the community
The 25-year-old foundation Nevada Community Foundation, established with a contribution from local gaming pioneer Moe Dalitz a year before his 1989 death, supports more than 150 funds underwriting dozens of local causes, from scholarships and music education to bullying prevention and animal conservation.
The foundation serves as a middleman for philanthropists, handling paperwork and other administrative details to establish charitable funds, increase endowments and direct charitable contributions. And it just got a lot bigger.
Alfred Mann, 88, a Las Vegas entrepreneur who made a fortune in medical devices, has given the foundation $70 million, the charity announced last week. Mr. Mann’s gift takes the foundation from an endowment of $35 million to $105 million.
“A gift of this significance has the ability to catalyze philanthropy within our community and beyond,” said Gian Brosco, the foundation’s president. “For a businessman and philanthropist of Al Mann’s stature to invest in us is a huge endorsement of the community foundation, and we couldn’t be more pleased.”
Foundation representatives wouldn’t say where Mann’s donation would be directed, but they said they will work with him in coming months to “strategize his philanthropic interests.”
Mr. Mann, an Oregon native, took his Masters in Physics from UCLA, and founded more than a dozen science and aerospace companies. A recent Forbes report listed his 2011 net worth at $1 billion, and noted that his companies have dominated the market for pacemakers, insulin pumps and cochlear implants.
Nevada’s greatness doesn’t lie in her scenery or her strategic location, but in the entrepreneurial spirit that has long been fostered here. Some would say businessmen like Mr. Mann deserve to be punished for their success. Instead, success is encouraged here, and nourished, and it’s gratifying when those who have prospered decide to voluntarily give back to this community, so that others may enjoy similar opportunities.
