SOURCE OF WEALTH: Reich & Tang
FUNDING AREAS: Education & Youth, Arts & Culture (Music), Humanitarian & Human Services
OVERVIEW: Joseph and Carol Reich established Beginning with Children (BwC) in 1990 to advocate for public education reform and to start a high-quality school in Brooklyn. According to available tax filings, BwC awarded The couple also conducts philanthropy through the Pumpkin Foundation, which prioritizes education and the arts, particularly music. Available tax filings indicate that the Pumpkin Foundation awarded $980,000 in grants in 2018.
BACKGROUND: Joseph H. Reich worked at Donaldson, Lufkin & Jenrette, where he created the firm’s investment banking operation and directed its investment research activities. In 1967, he founded Reich & Tang, a leading investment management firm in equity management and mutual funds. Reich retired from the firm following its IPO and became managing general partner of Centennial Associates, L.P.
ISSUES:
EDUCATION & YOUTH: Reich and Carol’s Beginning with Children (BwC) opened its first school in 1992 and has since added several other charters in Brooklyn. The couple continue to support BwC via their Pumpkin Foundation.
The couple played a key role in establishing New York State’s first charter school law and founded the New York City Charter School Center, which has created more than 150 charter schools. The Reichs have also supported Bard College (where Carol is on the board), Children’s Aid Society, Columbia University, and George Jackson Academy.
ARTS & CULTURE: The Reichs are particularly interested in music and Carol has had a lifelong passion for classical music. They have supported Cedille Chicago since its founding and are long-time patrons of Tanglewood, the summer home of Boston Symphony Orchestra (BSO), where Carol serves on the board. Other grantees include Miami Music Project, Music in Common, and Terezin Music Foundation.
HUMANITARIAN/HUMAN SERVICES: Grantees include Habitat for Humanity, Good Shepard Services, Robin Hood Foundation, and Omprakash, which “facilitates relationships, dialogue and learning between social change agents around the world.”
OTHER: The couple has also supported places like Manhattan Institute and New York Civil Rights Coalition.
LOOKING FORWARD: Expect the Reichs to continue their steady patronage of education and music.
CONTACT:
The Pumpkin Foundation
1441 Broadway No. 6059
New York City, NY 10018
LINK:
