Non-profit

Marty & Dorothy Silverman Foundation

Location:

NEW YORK, NY

Tax ID:

22-2777449

Tax-Exempt Status:

501(c)(3)-PF

Budget (2016):

Revenue: $22,769,811
Expenses: $17,006,553
Assets: $417,795,128

Formation:

1987

President:

Lorin Silverman

Type:

Private Foundation

The Marty and Dorothy Silverman Foundation is a private grantmaking foundation established by the late entrepreneur Morris “Marty” Silverman. The foundation disburses grants to academic, Jewish, and veterans causes, along with programs for children and the elderly. [1]  It is also a multi-million-dollar donor to the Albany Medical Center Foundation,[2] [3] [4] and was the founding sponsor of the Albany Medical Center Prize. [5]

Left-of-center advocacy organizations are also a major recipient of funding and accounted for more than $4.5 million of donations given by the foundation during the grant year ending July 2019. Examples included EarthJustice, the Natural Resource Defense CouncilCitizens for Responsibility and Ethics in Washington (CREW), the Planned Parenthood Federation of America, the Voter Participation Center, and People for the American Way. [6]

History and Leadership

Marty Silverman was the founder of National Equipment Rental and sold the leasing firm in 1984. In 1987 he used $40 million from the proceeds of the sale to start the Marty and Dorothy Silverman Foundation. Dorothy, his wife, passed away in 1985. [7]

The foundation’s education-related activities date back to at least 2000, when Silverman established the Albany Medical Center Prize with a $50 million commitment to award a $500,000 prize annually for 100 years. This prize remains one of the largest in the U.S. medical and scientific community. [8]

Marty Silverman died in 2006. [9] As of the tax reporting period that concluded July 2019, two of his children were leading the foundation and contributing to it financially. Lorin Silverman was the board chairman and contributed $260,088. Patty Lipshutz was the vice president and contributed $195,524. Allison Silverman and Seth Silverman were also listed as directors on the board. [10] [11]

Grantmaking Activity

For the reporting period ending July 2019, the Marty and Dorothy Silverman Foundation reported net assets of $457.9 million, revenues of $28,134,032, and $15,231,543 disbursed as contributions, gifts, and grants paid. [12]

The foundation disburses grants to academic, Jewish, and veterans causes, along with programs for children and the elderly. [13] Since the July 2015 tax reporting period, the foundation has disbursed at least $7.5 million to the Albany Medical Center Foundation. [14] [15] [16] Examples of other recipients have included the New York State Military Museum and Veterans Research Center, a Holocaust museum in Houston, and housing in Israel for former Soviet Jews. [17]

Left-of-center advocacy organizations are also a major recipient of funding. More than 30 left-leaning and left-of-center organizations received at least $4.5 million of the $15.2 million given during the grant year ending July 2019. [18]

Planned Parenthood and Abortion

The Marty and Dorothy Silverman Foundation disbursed several large grants to Planned Parenthood and other groups with a focus on abortion advocacy and provision during the reporting period ending July 2019. [19]

Additional Left-Leaning Donations

In addition to grants made to advocates of abortion and left-leaning environmentalism, more than a dozen additional left-of-center organizations received funding during the reporting period ending July 2019. [20] [21]

According to tax filings for the year ending March 2019, FJC held net assets of $261.9 million and issued more than $38 million in grants, primarily to medical and Jewish-related charities. The left-of-center Tides Center also received $300,000 during the reporting year. [22]

The tax filing ending March 2019 also stated that the Marty and Doris Silverman Foundation pledged a securities collateral to FJC: [23]

Lorin Silverman, is a director and president of the Marty and Doris Silverman Foundation, which has pledged to FJC a security investment in securities to be used as collateral for the repayment of principal amounts in the event of any default of FJC’s agency loan fund receivables. This agreement remained in effect until October 1, 2020, and is renewable by mutual consent. As of March 31, 2019, the fair value of the collateral held as a security under the pledge agreement was $31,462,269.

References

  1. “Morris Silverman, 93, Who Established Richest U.S. Medical Prize, Dies.” New York Times. January 28, 2006. Accessed via Web Archive. February 5, 2021. http://web.archive.org/web/20180616204227/https://www.nytimes.com/2006/01/28/nyregion/morris-silverman-93-who-established-richest-us-medical-prize-dies.html ^
  2. Marty and Dorothy Silverman Foundation, Return of a Private Foundation (Form 990-PF), 2015, Part I Line 25; Part XV Line 3a. https://pp-990.s3.amazonaws.com/2016_10_PF/22-2777449_990PF_201607.pdf?response-content-disposition=inline&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=AKIA266MJEJYTM5WAG5Y%2F20210206%2Fus-east-1%2Fs3%2Faws4_request&X-Amz-Date=20210206T215447Z&X-Amz-Expires=1800&X-Amz-SignedHeaders=host&X-Amz-Signature=f8ea37d22519b18351324ce12a854be65f853f6ce4b3449d691a50b15f2bc8b5 ^
  3. Marty and Dorothy Silverman Foundation, Return of a Private Foundation (Form 990-PF), 2018. Accessed February 11, 2021. https://projects.propublica.org/nonprofits/display_990/222777449/02_2020_prefixes_20-22%2F222777449_201907_990PF_2020022017165536. ^
  4. Marty and Dorothy Silverman Foundation, Return of a Private Foundation (Form 990-PF), 2014. Accessed February 11, 2021. https://projects.propublica.org/nonprofits/display_990/222777449/2016_02_PF%2F22-2777449_990PF_201507 ^
  5. Rogers, Megan. “Medical researchers win $500K Albany Medical Center prize.” Albany Business Review. April 20, 2015. Accessed via Web Archive. February 5, 2021. http://web.archive.org/web/20150423100511/https://www.bizjournals.com/albany/blog/health-care/2015/04/medical-researchers-awarded-500k-in-albany-medical.html. ^
  6. Marty and Dorothy Silverman Foundation, Return of a Private Foundation (Form 990-PF), 2018. https://projects.propublica.org/nonprofits/display_990/222777449/02_2020_prefixes_20-22%2F222777449_201907_990PF_2020022017165536. ^
  7. “Morris Silverman, 93, Who Established Richest U.S. Medical Prize, Dies.” New York Times. January 28, 2006. Accessed via Web Archive. February 5, 2021. http://web.archive.org/web/20180616204227/https://www.nytimes.com/2006/01/28/nyregion/morris-silverman-93-who-established-richest-us-medical-prize-dies.html ^
  8. Rogers, Megan. “Medical researchers win $500K Albany Medical Center prize.” Albany Business Review. April 20, 2015. Accessed via Web Archive. February 5, 2021. http://web.archive.org/web/20150423100511/https://www.bizjournals.com/albany/blog/health-care/2015/04/medical-researchers-awarded-500k-in-albany-medical.html. ^
  9. “Morris Silverman, 93, Who Established Richest U.S. Medical Prize, Dies.” New York Times. January 28, 2006. Accessed via Web Archive. February 5, 2021. http://web.archive.org/web/20180616204227/https://www.nytimes.com/2006/01/28/nyregion/morris-silverman-93-who-established-richest-us-medical-prize-dies.html ^
  10. “Paid Notice: Deaths   SILVERMAN, MARTY.” New York Times. January 29, 2006. Accessed February 11, 2021. https://www.nytimes.com/2006/01/29/classified/paid-notice-deaths-silverman-marty.html ^
  11. Marty and Dorothy Silverman Foundation, Return of a Private Foundation (Form 990-PF), 2018. https://projects.propublica.org/nonprofits/display_990/222777449/02_2020_prefixes_20-22%2F222777449_201907_990PF_2020022017165536. ^
  12. Marty and Dorothy Silverman Foundation, Return of a Private Foundation (Form 990-PF), 2018. https://projects.propublica.org/nonprofits/display_990/222777449/02_2020_prefixes_20-22%2F222777449_201907_990PF_2020022017165536. ^
  13. “Morris Silverman, 93, Who Established Richest U.S. Medical Prize, Dies.” New York Times. January 28, 2006. Accessed via Web Archive. February 5, 2021. http://web.archive.org/web/20180616204227/https://www.nytimes.com/2006/01/28/nyregion/morris-silverman-93-who-established-richest-us-medical-prize-dies.html ^
  14. Marty and Dorothy Silverman Foundation, Return of a Private Foundation (Form 990-PF), 2015, Part I Line 25; Part XV Line 3a. https://pp-990.s3.amazonaws.com/2016_10_PF/22-2777449_990PF_201607.pdf?response-content-disposition=inline&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=AKIA266MJEJYTM5WAG5Y%2F20210206%2Fus-east-1%2Fs3%2Faws4_request&X-Amz-Date=20210206T215447Z&X-Amz-Expires=1800&X-Amz-SignedHeaders=host&X-Amz-Signature=f8ea37d22519b18351324ce12a854be65f853f6ce4b3449d691a50b15f2bc8b5 ^
  15. Marty and Dorothy Silverman Foundation, Return of a Private Foundation (Form 990-PF), 2018. Accessed February 11, 2021. https://projects.propublica.org/nonprofits/display_990/222777449/02_2020_prefixes_20-22%2F222777449_201907_990PF_2020022017165536. ^
  16. Marty and Dorothy Silverman Foundation, Return of a Private Foundation (Form 990-PF), 2014. Accessed February 11, 2021. https://projects.propublica.org/nonprofits/display_990/222777449/2016_02_PF%2F22-2777449_990PF_201507 ^
  17. Virtanen, Michael. “Philanthropist Morris Silverman dies at 93.” MyPlainview. January 26, 2006. Accessed via Web Archive. February 5, 2021. http://web.archive.org/web/20210205141723/https://www.myplainview.com/news/article/Philanthropist-Morris-Silverman-dies-at-93-8514148.php. ^
  18. Marty and Dorothy Silverman Foundation, Return of a Private Foundation (Form 990-PF), 2018. https://projects.propublica.org/nonprofits/display_990/222777449/02_2020_prefixes_20-22%2F222777449_201907_990PF_2020022017165536. ^
  19. Marty and Dorothy Silverman Foundation, Return of a Private Foundation (Form 990-PF), 2018. https://projects.propublica.org/nonprofits/display_990/222777449/02_2020_prefixes_20-22%2F222777449_201907_990PF_2020022017165536.[/note]

    Left-leaning Environmentalist Advocacy

    The foundation made donations to several left-of-center environmentalist organizations during the reporting period ending July 2019. [note]Marty and Dorothy Silverman Foundation, Return of a Private Foundation (Form 990-PF), 2018. https://projects.propublica.org/nonprofits/display_990/222777449/02_2020_prefixes_20-22%2F222777449_201907_990PF_2020022017165536. ^

  20. Marty and Dorothy Silverman Foundation, Return of a Private Foundation (Form 990-PF), 2018. https://projects.propublica.org/nonprofits/display_990/222777449/02_2020_prefixes_20-22%2F222777449_201907_990PF_2020022017165536.[/note]

    Related Organizations

    In 1995, Marty Silverman founded FJC, A Foundation of Philanthropic Funds. This organization is a non-profit foundation of donor advised funds. Lorin Silverman, the President of the Marty and Doris Silverman Foundation, also serves as the president of FJC. [note]“Our Approach.” FJC.org. Accessed February 4, 2020. https://fjc.org/about/ ^

  21. “Lorin Silverman.” Bloomberg Profile. Accessed February 5, 2021. https://www.bloomberg.com/profile/person/17601621. ^
  22. FJC, Return of Organization Exempt from Income Tax (Form 990), 2018, Schedule I, Part II. https://fjc.org/wp-content/uploads/2020/12/2018-990-FYE-3-31-2019-External-3.pdf. ^
  23. FJC, Return of Organization Exempt from Income Tax (Form 990), 2018, Part IV, Section A, Line 2. https://fjc.org/wp-content/uploads/2020/12/2018-990-FYE-3-31-2019-External-3.pdf. ^
  See an error? Let us know!

Nonprofit Information

  • Accounting Period: July - June
  • Tax Exemption Received: March 1, 1987

  • 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
    2016 Jul Form PF $22,769,811 $17,006,553 $417,795,128 $0 $0 $0 $0 $0 PDF
    2015 Jul Form PF $34,336,488 $11,685,180 $412,031,870 $0 $0 $0 $0 $0 PDF
    2014 Jul Form PF $23,917,055 $26,142,614 $389,380,562 $0 $0 $0 $0 $0 PDF
    2013 Jul Form PF $22,801,517 $19,446,248 $391,606,121 $0 $0 $0 $0 $0 PDF
    2012 Jul Form PF $21,888,624 $10,753,033 $388,250,852 $0 $0 $0 $0 $0 PDF
    2011 Jul Form PF $16,222,803 $12,376,974 $377,115,261 $0 $0 $0 $0 $0 PDF

    Additional Filings (PDFs)

    Marty & Dorothy Silverman Foundation

    130 E 59TH ST FRNT A
    NEW YORK, NY 10022-1302