Non-profit

Druckenmiller Foundation

Location:

NEW YORK, NY

Tax ID:

13-3735187

Tax-Exempt Status:

501(c)(3)-PF

Budget (2015):

Revenue: $170,453,753
Expenses: $51,924,088
Assets: $1,080,129,023

Formation:

1993

Founders and Primary Funders:

Stanley Druckenmiller

Fiona Druckenmiller

Location:

New York, NY

The Druckenmiller Foundation is a grantmaking foundation created by Stanley Druckenmiller, a retired billionaire hedge fund manager who worked as the lead portfolio manager for billionaire George Soros’s Quantum Fund during the 1990s. Druckenmiller left Soros Fund Management in 2000 to manage his own hedge fund, Duquesne Capital Management.

Druckenmiller and his wife, Fiona, established the Druckenmiller Foundation to promote medical research, education, and to fight poverty, especially among youth. While Druckenmiller is known to be a political supporter of moderate Republicans. Despite this, the foundation has supported some left-of-center organizations, notably environmentalist and conservationist charities.

Founder

A retired hedge-fund manager of 30 years, Stanley Druckenmiller is worth approximately $4.8 billion, as of December 2018.[1] From 1988 through 2000, Druckenmiller worked with George Soros to oversee the Quantum Fund.[2] Whilst working for Soros, Druckenmiller says that he was “highly influenced” by Soros’s philanthropy, matching employee giving four to one.[3] Druckenmiller then went to manage Duquesne Capital Management, where he enjoyed great success, with a 30 percent average annual return and no net financial loss years.[4] Duquesne Capital Management was divested in 2010.[5]

Stanley Druckenmiller, along with his wife Fiona, established the Druckenmiller Foundation in 1993.[6] In 2009, the couple announced a personal donation of $705 million to the Foundation.[7] According to one profile, “the Chronicle of Philanthropy recognized the Druckenmillers as the most charitable couple in America for 2009.”[8]

Druckenmiller also credits Paul Tudor Jones of the Robin Hood Foundation, along with Jones’s wife, for steering him towards strategic philanthropy.[9]

Druckenmiller is known to be politically active, backing the presidential campaigns of moderate Republicans Chris Christie (NJ), Jeb Bush (FL), and John Kasich (OH).[10] During the 2018 midterm elections, Druckenmiller donated a total of $152,300 to Republican candidates and none to Democrats.[11]

Grantmaking Activity

The Druckenmiller Foundation generally funds efforts to fight poverty, promote medical research, and support education. However, the foundation has also supported left-leaning environmentalist causes.[12]

Charitable Causes

Efforts to combat poverty include $91.3 million gifted between 2011 and 2015,[13] to the Harlem Children’s Zone, of which Stanley Druckenmiller is chairman.[14] The Foundation operates the Oakmont Scholarship, which provides scholarships of $10,000 or under to 20-30 students annually, who have caddied at the Oakmont Country Club.[15] College Summit, a Washington, D.C. nonprofit, has received $3.2 million from the foundation.[16]

The Druckenmiller Foundation regularly provides grants to educational public charities and major institutions, including prominent universities. From 2011 to 2015, Stanford University received $31.1 million, Brown University received $15 million, and Bowdoin College also received $15 million from the foundation.[17] The Spence School, an all-girls private primary and secondary school in New York City, received $8.35 million in grants during the same period.[18]

Investments in medical research, include a $100 million gift to establish the Langone Medical Center at New York University.[19] The foundation provided grants totaling $5.75 million to the New York Stem Cell Foundation from 2011 through 2015,[20] and has supported the Annual Druckenmiller Neuroscience Symposium.[21] The Memorial Sloan Kettering Cancer Center received $9.3 million from the foundation between 2011 and 2015.[22]

Funding for Left-Leaning Groups

The Foundation is known to have provided funds for environmentalist and conservationist groups, including providing $7.2 million in grants to the Environmental Defense Fund over three years, $300,000 to the Cape Eleuthera Institute over two years, $100,000 to the National Fish and Wildlife Foundation, and $100,000 to the Everglades Foundation.[23]

The Foundation is also known to have supported Human Rights Watch.[24]

References

  1. “Stanley Druckenmiller.” Forbes. Accessed December 05, 2018. https://www.forbes.com/profile/stanley-druckenmiller/#7360f4f217ff. ^
  2. Reiff, Nathan. “The Greatest Investors: Stanley Druckenmiller.” Investopedia. August 30, 2018. Accessed December 05, 2018. https://www.investopedia.com/university/greatest/stanley-druckenmiller.asp. ^
  3. “Stanley Druckenmiller Places Big, Selective Bets in Philanthropy.” The Bridgespan Group. November 27, 2013. Accessed December 05, 2018. https://www.bridgespan.org/insights/library/remarkable-givers/profiles/stanley-druckenmiller. ^
  4. Reiff, Nathan. “The Greatest Investors: Stanley Druckenmiller.” Investopedia. August 30, 2018. Accessed December 05, 2018. https://www.investopedia.com/university/greatest/stanley-druckenmiller.asp. ^
  5. Stanley Druckenmiller.” Forbes. Accessed December 05, 2018. https://www.forbes.com/profile/stanley-druckenmiller/#7360f4f217ff. ^
  6. “Druckenmiller Foundation.” Devex. Accessed December 05, 2018. https://www.devex.com/organizations/druckenmiller-foundation-31063. ^
  7. Di Mento, Maria. “$705-Million Donation Announced.” The Chronical of Philanthropy. December 30, 2009. Archived from the original November 26, 2013. Accessed December 5, 2018. http://philanthropy.com/article/705-Million-Donation/63488/ ^
  8. “Stanley Druckenmiller Places Big, Selective Bets in Philanthropy.” The Bridgespan Group. November 27, 2013. Accessed December 05, 2018. https://www.bridgespan.org/insights/library/remarkable-givers/profiles/stanley-druckenmiller. ^
  9. “Two Powerful Philanthropic Influences: Why Stanley Druckenmiller Chose to Fight Poverty during His Lifetime.” The Bridgespan Group. November 27, 2013. Accessed December 05, 2018. https://www.bridgespan.org/insights/library/remarkable-givers/profiles/stanley-druckenmiller/two-powerful-philanthropic-influences-why-stanley. ^
  10. Reiff, Nathan. “The Greatest Investors: Stanley Druckenmiller.” Investopedia. August 30, 2018. Accessed December 05, 2018. https://www.investopedia.com/university/greatest/stanley-druckenmiller.asp. ^
  11. “Top Individual Contributors: Hard Money, by Individual.” Center for Responsive Politics. Accessed December 05, 2018. https://www.opensecrets.org/overview/topindivs.php?view=hi&cycle=2018. ^
  12. “Druckenmiller Foundation Announces $705 Million in Gifts From Founders.” Philanthropy News Digest (PND). January 04, 2010. Accessed December 05, 2018. https://philanthropynewsdigest.org/news/druckenmiller-foundation-announces-705-million-in-gifts-from-founders. ^
  13. Calculated from Druckenmiller Foundation. Return of Organization Exempt from Income Tax (Form 990-PF), 2011, Attachment 8; Druckenmiller Foundation. Return of Organization Exempt from Income Tax (Form 990-PF), 2012, Attachment 7; Druckenmiller Foundation. Return of Organization Exempt from Income Tax (Form 990-PF), 2013, Attachment 8; Druckenmiller Foundation. Return of Organization Exempt from Income Tax (Form 990-PF), 2014, Attachment 8; Druckenmiller Foundation. Return of Organization Exempt from Income Tax (Form 990-PF), 2015, Attachment 9 ^
  14. “Druckenmiller Foundation.” Devex. Accessed December 05, 2018. https://www.devex.com/organizations/druckenmiller-foundation-31063. ^
  15. Druckenmiller Foundation. Return of Organization Exempt from Income Tax (Form 990-PF), 2015, Statement 11 ^
  16. “Druckenmiller Foundation.” Devex. Accessed December 05, 2018. https://www.devex.com/organizations/druckenmiller-foundation-31063. ^
  17. Calculated from Druckenmiller Foundation. Return of Organization Exempt from Income Tax (Form 990-PF), 2011, Attachment 8; Druckenmiller Foundation. Return of Organization Exempt from Income Tax (Form 990-PF), 2012, Attachment 7; Druckenmiller Foundation. Return of Organization Exempt from Income Tax (Form 990-PF), 2013, Attachment 8; Druckenmiller Foundation. Return of Organization Exempt from Income Tax (Form 990-PF), 2014, Attachment 8; Druckenmiller Foundation. Return of Organization Exempt from Income Tax (Form 990-PF), 2015, Attachment 9 ^
  18. Calculated from Druckenmiller Foundation. Return of Organization Exempt from Income Tax (Form 990-PF), 2011, Attachment 8; Druckenmiller Foundation. Return of Organization Exempt from Income Tax (Form 990-PF), 2012, Attachment 7; Druckenmiller Foundation. Return of Organization Exempt from Income Tax (Form 990-PF), 2013, Attachment 8; Druckenmiller Foundation. Return of Organization Exempt from Income Tax (Form 990-PF), 2014, Attachment 8; Druckenmiller Foundation. Return of Organization Exempt from Income Tax (Form 990-PF), 2015, Attachment 9 ^
  19. “Druckenmiller Foundation Announces $705 Million in Gifts From Founders.” Philanthropy News Digest (PND). January 04, 2010. Accessed December 05, 2018. https://philanthropynewsdigest.org/news/druckenmiller-foundation-announces-705-million-in-gifts-from-founders. ^
  20. Calculated from Druckenmiller Foundation. Return of Organization Exempt from Income Tax (Form 990-PF), 2011, Attachment 8; Druckenmiller Foundation. Return of Organization Exempt from Income Tax (Form 990-PF), 2012, Attachment 7; Druckenmiller Foundation. Return of Organization Exempt from Income Tax (Form 990-PF), 2013, Attachment 8; Druckenmiller Foundation. Return of Organization Exempt from Income Tax (Form 990-PF), 2014, Attachment 8; Druckenmiller Foundation. Return of Organization Exempt from Income Tax (Form 990-PF), 2015, Attachment 9 ^
  21. “Druckenmiller Foundation.” Devex. Accessed December 05, 2018. https://www.devex.com/organizations/druckenmiller-foundation-31063. ^
  22. Calculated from Druckenmiller Foundation. Return of Organization Exempt from Income Tax (Form 990-PF), 2011, Attachment 8; Druckenmiller Foundation. Return of Organization Exempt from Income Tax (Form 990-PF), 2012, Attachment 7; Druckenmiller Foundation. Return of Organization Exempt from Income Tax (Form 990-PF), 2013, Attachment 8; Druckenmiller Foundation. Return of Organization Exempt from Income Tax (Form 990-PF), 2014, Attachment 8; Druckenmiller Foundation. Return of Organization Exempt from Income Tax (Form 990-PF), 2015, Attachment 9 ^
  23. “LittleSis: Druckenmiller Foundation.” LittleSis. Accessed December 05, 2018. https://littlesis.org/org/66886-Druckenmiller_Foundation. ^
  24. “Druckenmiller Foundation.” Devex. Accessed December 05, 2018. https://www.devex.com/organizations/druckenmiller-foundation-31063. ^

Directors, Employees & Supporters

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Nonprofit Information

  • Accounting Period: November - October
  • Tax Exemption Received: November 1, 1993

  • Available Filings

    Period Form Type Total revenue Total functional expenses Total assets (EOY) Total liabilities (EOY) Unrelated business income? Total contributions Program service revenue Investment income Comp. of current officers, directors, etc. Form 990
    2015 Nov Form PF $170,453,753 $51,924,088 $1,080,129,023 $0 $0 $0 $0 $0 PDF
    2014 Nov Form PF $252,907,759 $77,908,039 $961,588,558 $0 $0 $0 $0 $0 PDF
    2013 Nov Form PF $42,452,163 $75,433,345 $786,583,038 $0 $0 $0 $0 $0 PDF
    2012 Nov Form PF $56,958,459 $42,830,143 $819,558,892 $0 $0 $0 $0 $0 PDF
    2011 Nov Form PF $9,652,139 $53,735,015 $805,430,576 $0 $0 $0 $0 $0 PDF

    Additional Filings (PDFs)

    Druckenmiller Foundation

    40 W 57TH ST FL 24
    NEW YORK, NY 10019-4009