Koret Foundation

The Koret Foundation, along with the Koret Fund, is a private foundation based in San Francisco, California. Its mission is to strengthen the Bay Area and support the Jewish community in the U.S. and Israel through grantmaking to organizations involved with education, arts and culture, the Jewish community, and the Bay Area community. The foundation takes an approach of testing new ideas and bringing people and organizations together to help solve societal and systemic problems of common concern.[1]

Leadership

The Koret Foundation is led by a four-member board of directors: Michael Boskin, president; Anita Friedman, president; Richard Greene; and Abraham Sofaer. Its professional staff is led by chief executive officer Jeffrey Farber.[2]

Grantmaking

The Koret Foundation’s grantmaking is grounded in Jewish principles and traditions and dedicated to serving the general Bay Area community and Jewish community. It supports organizations and initiatives in education (K-12 and higher education), arts and culture, Jewish peoplehood, U.S.-Israel bridge-building, and special projects.[3]

Education

A key goal of Koret’s education grantmaking is to increase access to education and to implement new ways of optimizing student success, improving completion rates, and bolstering career advancement opportunities.[4]

Jewish Community and Israel

Koret’s Jewish community grantmaking seeks to inspire Jewish identification and increase participation in Jewish life; strengthen ties between Israel and the Bay Area; combat anti-Semitism; and develop a flourishing Jewish community in the Bay Area, Israel, Poland, and globally.[5]

Bay Area Community

As part of Koret’s work to create a dynamic, diverse, and livable Bay Area, the Foundation supports organizations that address the region’s needs, strengthen its social fabric, and improve the quality of life for its residents.

History

The foundation was organized in 1978 by Stephanie and Joseph Koret, along with Tad Taube, their family friend and Chief Executive Officer of their women's sportswear company, Koret of California, Inc. The foundation, endowed initially with the Korets' clothing fortune, primarily supports education, arts, hunger and nutrition and culture, and Jewish causes in the San Francisco Bay Area, and economic development in the state of Israel. Stephanie passed away in 1978, and Joseph passed away in 1982. Tad Taube was instrumental in leading the Foundation and growing its assets from around $35 million to nearly $500 million today.

In 2016, a settlement was reached in a lawsuit brought against the Koret Foundation by Susan Koret, the widow of its founder. Per the terms of the settlement, both Koret and Tad Taube—the former board president—retired from the board.[6]

The foundation's assets grew from $172 million in 1990[7] to approximately $400 million in 2008. After Joseph Koret's death in 1982, Susan Koret was named chairperson and director for life due to the wishes of her husband who had written: "I have given much thought to the future of the Koret Foundation and it is my desire, as well as Susan’s, that she prepare herself to become a director and moving force in the foundation."[8] In 1986, Susan Koret sued Tad Taube and board member Richard Greene who she believed had centralized decision making in themselves.[8] Despite the appointment of an independent legal counsel to implement changes to prevent any director from wielding too much power, Susan continued with her lawsuit alleging that the Polish-born Taube had a personal agenda to promote his homeland to the detriment of other causes[8] and that he had replaced outgoing board members with people who also served on his foundation, the Taube Foundation for Jewish Life & Culture. The board countersued stating that Susan Koret is "incompetent, unproductive and disruptive to the organization" and that her "only contribution is opening and adjourning each board meeting."[8] In April 2016, after an acrimonious trial,[9] a settlement was reached and both Koret and Taube were forced to retire from their duties.[10]

See also

References
  1. "Koret Foundation - Priorities".
  2. "Koret Foundation - Leadership".
  3. "Koret Foundation - Priorities".
  4. "Koret Foundation - Priorities".
  5. "Koret Foundation - Priorities".
  6. "Koret Taube Settle Feud Between Dueling Bay Area Philanthropists".
  7. Daniel Judah Elazar (1995). Community and Polity: The Organizational Dynamics of American Jewry. Jewish Publication Society. ISBN 978-0-8276-0565-7.
  8. Seipel, Tracy (October 11, 2014). "Koret Foundation's 'chairwoman for life' fighting for control". The Mercury News.
  9. "Tad Taube, Susan Koret clash in S.F. trial". J. The Jewish News of Northern California. April 28, 2016.
  10. Pine, Dan (September 29, 2016). "Settlement reached in Koret lawsuit: Susan Koret, Tad Taube both to leave board". J. The Jewish News of Northern California.
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