Gondas Have Less Wealth To Share

Los Angeles Times, by W.J. Hennigan

Hospitals, theaters and museums have long enjoyed their generosity. But as AIG shares fell, the father and son’s fortunes shriveled.

Sunday, November 8, 2009
Driving around Los Angeles, particularly around the UCLA campus, it’s hard not to notice the hospitals and research centers that bear their name.

The father-and-son team of Leslie and Louis Gonda made a fortune from the sale of their aircraft leasing business, and they weren’t shy about spreading their wealth around, giving to charities and medical research throughout the city.

“For years, they’ve given away a great deal of money,” said Bob Safai of Madison Partners, a Los Angeles commercial real estate firm.

But now the highflying pair may be falling back to Earth, hit hard by the financial crisis that has left them scrambling to sell personal property and tighten their purse strings.

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Philanthropists Set Spending Deadlines

The Wall Street Journal
May 21, 2009
By Shelly Banjo

A growing number of philanthropists are adopting spending deadlines and sunset provisions to ensure urgent global needs are addressed in a timely way.

By granting the entirety of funds within a certain period of time, these charitable efforts are looking to have a bigger immediate impact than traditional foundations, which are typically set up to last forever and pay out roughly 5% of assets a year.

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