| During 1938,
Houston Endowment's first full year of operation, the foundation donated
$14,687, of which $11,285 went to schools and colleges. Soon after
World War II, Mr. Jones began transferring his businesses and buildings
to Houston Endowment and by 1948, the foundation was contributing
more than $200,000 each year to a variety of charitable organizations.
At the time of Mr. Jones's death in 1956, Houston Endowment's Chairman
Fred Heyne reported to a colleague, "Since its inception...we
have assisted more than 4,000 students with their education through
scholarships established in 57 colleges and universities. We have
made total grants for all purposes in excess of $7,600,000."
By the mid 1950s, Houston Endowment owned many prominent buildings
and businesses in Houston, Fort Worth and New York City. In response
to the Tax Reform Act of 1969, the foundation began selling its
businesses and buildings and investing the proceeds in securities.
The sale of the Houston Chronicle to the Hearst Corporation
in 1987 completed this process. Over the years, Houston Endowment's
assets have grown to approximately $1.4 billion, enabling the foundation
to donate more than $70 million annually to help fulfill the Joneses'
vision of a healthy, vibrant community.
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