SOURCE OF WEALTH: Morningstar Inc.
FUNDING AREAS: Education, higher education, libraries, arts & culture
OVERVIEW: Joe and Rika Mansueto established the Mansueto Foundation in 2009 and signed the Giving Pledge shortly thereafter. Although Mansueto Foundation grantmaking has been limited so far—available tax filings show that the foundation gave away about $660,000 in 2018—Mansueto has made sizable personal donations to education, libraries and politics.
BACKGROUND: With $80,000 in savings, Joe Mansueto, a Northwest Indiana native, started Morningstar, Inc. at his kitchen table. Morningstar is a Chicago-based mutual fund rating service and provider of financial data on investment offerings. He took the company from a quarterly publication to a giant financial data firm and is also actively involved in Chicago media. He owns Inc. and Fast Company magazines, and is an investor in Wrapports, the Chicago media company that purchased the Chicago Sun-Times.
ISSUES:
EDUCATION: So far, Joe and Rika Mansueto have kept their education grantmaking focused within Chicago city limits. Grantees have included After School Matters, Chicago Public Education Fund, Francis W. Parker School, Teach for America, Munster Education Foundation, Junior Achievement of Chicago, and Art Institute Chicago.
HIGHER EDUCATION: Mansueto and his wife, Rika, made headlines by donating $25 million to their alma mater, the University of Chicago, in 2008, which led to a new glass-domed library in their name. The couple recently gave another $35 million to the university, this time to establish the Mansueto Institute for Urban Innovation.
ARTS & CULTURE: Although we have yet to see a large number of arts & culture grants from Mansueto, the couple does have interests in this area. In 2007, the Mansuetos awarded $2,000 to Marwen Inspiration Art Opportunity, which provides free visual arts classes to underserved Chicago youth in grades 6-12, along with free college and career counseling to high school students who are interested in visual arts careers. They have also supported Lincoln Park Zoological Society and local public media.
LOOKING FORWARD: Although Mansueto has signed the Giving Pledge, the Mansueto Foundation’s grantmaking does not appear to have kicked into high gear yet. However, he has been making donations individually, outside of the Mansueto Foundation. This is definitely one billionaire philanthropist to keep an eye on as he reaches retirement years.
CONTACT:
Mansueto Foundation
231 S. LaSalle St., Ste. 1332
Chicago, IL 60697
