Southern Nevada will miss Lincy Foundation’s generosity

Las Vegas’ nonprofit world is in a state of unease over news the Lincy Foundation, Kirk Kerkorian’s charitable foundation, which gives out hundreds of millions each year, is going to give all its assets to UCLA to create the Dream Fund.

The Lincy Foundation has an estimated $200 million in assets and, pending government approval, all that will be transferred to the UCLA Foundation. While that’s great news for UCLA, the ripple effect on Las Vegas charities and nonprofits may not be so cheery.

The Lincy Foundation has been generous with our city. In 2008, the foundation donated more than $29 million to local nonprofits and charities. Those operations, already struggling with reduced donations because of the economy, cannot count on that generosity being sustained in the future.

That doesn’t necessarily mean Las Vegas charities will be entirely sliced out of the pie, because, according to UCLA Chancellor Gene Block, while the Dream Fund will be used for student support, research and academic programs at UCLA, “the Dream Fund also will support charitable causes beyond our campus, particularly those that address large societal concerns.”

Of the $200 million in assets, the Dream Fund will commit half to UCLA and half to other charitable causes, so Las Vegas nonprofits will have a crack at obtaining grants. But there will be scads of competition.

I first wrote about Kerkorian’s style of giving for a Thanksgiving column in 2003, when he was majority stockholder of what is now MGM Resorts International. He gave away $350 million in 2002.

What was surprising was the diversity of his giving. Sure, his homeland, Armenia, received plenty — $39 million with another $106 million pledged. But his donations were wide-ranging, crossing racial and religious lines and heading all over the world.

Since its founding in 1989, the foundation has donated more than $1.1 billion to various causes.

Even for a billionaire, his generosity was impressive.

Then-foundation President James Aljian said Kerkorian requested that his name not be used on anything his money built. He even named his foundation after his daughters, Linda and Tracy, not himself.

The Internal Revenue Service 990 Forms showed that in 2008, the most recent year available on Guidestar, the foundation’s contributions to Las Vegas charities and nonprofits were: After-School All Stars Las Vegas, $100,000; Andre Agassi Charitable Foundation, $1.1 million; Big Brothers/Big Sisters of Southern Nevada, $100,000; Catholic Charities of Southern Nevada, $10,000; Clark County Public Education Foundation, $50,000; Habitat for Humanity Las Vegas, $100,000; Injured Police Officers Fund, $10,000; Nathan Adelson Hospice, $600,000; Nevada Cancer Institute, $14.9 million; Opportunity Village, $200,000; Salvation Army Clark County, $60,000; Teach for America, $1 million; Three Square, $2 million; United Way of Southern Nevada, $1 million; UNLV Foundation, $8 million; and VT Marty Hennessy Jr. Tennis Foundation, $10,000. He pledged another $9 million to the Clark County School District.

The Lincy Foundation will no longer exist, but the Lincy Institute at the University of Nevada, Las Vegas, will remain.

The Lincy Institute was created with a $14 million gift from the foundation and addresses issues that impact Nevada through coordinated research and social outreach programs, particularly in education and health.

Kerkorian was a strong supporter of the Nevada Cancer Institute from the very beginning, said Hilarie Grey, vice president of communications. “They’ve been a tremendous partner — not just to us, but for so many nonprofits and educational institutions. Their generosity and support will be deeply missed throughout the community.”

Perhaps the UCLA Foundation will continue to send some of that Dream Fund money to Las Vegas.

But it probably won’t be any $29 million a year. That really would be a dream.

Jane Ann Morrison’s column appears Monday, Thursday and Saturday. E-mail her at Jane@reviewjournal.com or call 702- 383-0275. She also blogs at lvrj.com/blogs/morrison.