Book claims Foundation row over grant policy
Howard Lake | 26 August 2013 | News
A new chapter added to a book on Chuck Feeney, who established Atlantic Philanthropies, claims that he nearly lost control of the foundation in a row over how the money was spent.
‘The Billionaire Who Wasn’t’ was first published in 2007 and now in its latest edition, the author, Conor O’Cleary, says Mr Feeney had a dispute with the Foundation’s independent board and its former CEO Gara LaMarche who wanted more emphasis on social justice projects, including links with the Obama administration.
In an article in the Irish Times, O’Leary said Mr Feeney, while still supporting social justice, wanted more money spent on bricks and mortar which was the main focus of Atlantic’s grant giving in its early years.
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Mr Feeney was also said to be uneasy with the high profile that Atlantic and its leadership were gaining in the political and social justice arena and raised his concerns about this, and the rising costs involved, according to the Irish Times.
When Mr Feeney brought his concerns to the Foundation board in 2009 he was rebuffed and this led to a bitter dispute which affected Mr Feeney’s health. Ultimately, Mr Feeney’s views prevailed and Gara La Marche and three Atlantic board members resigned.
Atlantic, which recently announced grants totalling $11 million in Ireland, will make its last grant in 2016 before closing down in 2020. Just over $1 billion of the Foundation’s endowment remains to be spent.
About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.