Carl Victor Page Memorial Foundation is the private family foundation of Google co-founder Larry Page and his wife Lucinda Southworth.

In 2021, the Foundation’s disbursements were exclusively directed to the National Philanthropic Trust (NPT), a donor-advised fund (DAF) provider that redirects grants to among other programs left-of-center social advocacy groups. The Foundation has also previously given to New Venture Fund, a left-of-center grantmaking and incubation group managed by Arabella Advisors.

Background

Carl Victor Page Memorial Foundation is the private family foundation of Google co-founder Larry Page and his wife Lucinda Southworth. Its primary funding areas include education, medicine, welfare, and maternity care, but it also funds left-of-center political causes. ¹

It is named after Larry Page’s father. ²

Finances

In 2021, the Foundation reported total revenue of $1,087,074,441. About half, or $546,454,642, of its revenue came from investments. It made $195,981,039 in disbursements and spent $22,225,096 on operating and administrative costs, combined for total expenses of $218,206,135. Finally, that year Carl Victor Page Memorial Foundation reported total assets of $6.7 billion at fair market value. ³

Grantmaking

The entirety of the organization’s $195,981,039 in disbursements was made out to National Philanthropic Trust (NPT), in two payments. ⁴ NPT is a donor-advised fund (DAF) provider that can redirect grants to left-of-center social impact programs. ^{5 6}

This is typical activity for the organization according to a May 2023 Inside Philanthropy article. The piece claims that the Foundation quickly became one of the largest grantmakers in the United States after Alphabet, the parent company of Google, had a surge in share prices. It compared the size of the Foundation’s endowment to that of the Ford Foundation, one of the largest philanthropies in the world. It also noted that unlike the Ford Foundation, Carl Victor Page’s tax filings are virtually opaque because it gives to a donor-advised fund which by nature is not required to disclose where it directed Page’s grants. ⁷

Inside Philanthropy reported that Carl Victor Page Memorial Foundation has given to New Venture Fund, a left-of-center grantmaking and incubation group managed by Arabella Advisors. ⁸ This is confirmed by the Foundation’s 2019 tax returns. ⁹

Leadership

According to the Foundation’s 2021 tax returns, Lawrence (Larry) Page was the director, chairman, and president of the organization, while his wife Lucinda (Lucy) Southworth was co-director and chief financial officer. P. Wayne Osborne was the secretary. ¹⁰

1. “Carl Victor Page Memorial Foundation.” Bloomberg. Accessed September 9, 2023. https://www.bloomberg.com/profile/company/0208884D:US.
2. “Larry Page’s $6.7 billion foundation directs almost all grants to DAFs.” Philanthropy News Digest, May 15, 2023. Accessed September 9, 2023. https://philanthropynewsdigest.org/news/larry-page-s-6.7-billion-foundation-directs-almost-all-grants-to-dafs.
3. Return of Organization Exempt from Income Tax (Form 990). Carl Victor Page Memorial Foundation. 2021. Part I, lines 12, 24, 25, 26; Part II, 16.
4. Return of Organization Exempt from Income Tax (Form 990). Carl Victor Page Memorial Foundation. 2021. Part XIV, 3.
5. “Leadership & Mission.” National Philanthropic Trust. Accessed September 9, 2023. https://www.nptrust.org/about-us/leadership/.
6. “The Intersection of Gender Equity and the Climate Crisis is at the Forefront of WECAN’s Work.” National Philanthropic Trust, March 21, 2023. Accessed September 9, 2023. https://www.nptrust.org/philanthropic-resources/philanthropist/the-intersection-of-gender-equity-and-the-climate-crisis-is-at-the-forefront-of-wecans-work/.
7. Kavate, Michael. “Larry Page’s Foundation Doubled in Size to Hit $6.7 Billion in Assets—Nearly All Giving Goes to DAFs.” Inside Philanthropy, May 10, 2023. Accessed September 9, 2023. https://www.insidephilanthropy.com/home/2023/5/10/larry-pages-foundation-doubled-in-size-to-hit-67-billion-in-assets-98-of-giving-goes-to-dafs.
8.  Kavate, Michael. “Larry Page’s Foundation Doubled in Size to Hit $6.7 Billion in Assets—Nearly All Giving Goes to DAFs.” Inside Philanthropy, May 10, 2023. Accessed September 9, 2023. https://www.insidephilanthropy.com/home/2023/5/10/larry-pages-foundation-doubled-in-size-to-hit-67-billion-in-assets-98-of-giving-goes-to-dafs.
9. Return of Organization Exempt from Income Tax (Form 990). Carl Victor Page Memorial Foundation. 2019. Part XV, 3.
10. Return of Organization Exempt from Income Tax (Form 990). Carl Victor Page Memorial Foundation. 2021. Part VII, 1.