Assets of Casey Fund Sent Soaring

The Baltimore foundation established by United Parcel Service founder Jim Casey in 1948 was one of the largest beneficiaries when the company went public last month.

Thanks to the rapid rise in the value of United Parcel Service stock in the wake of the initial public offering, the Annie E. Casey Foundation saw its assets nearly double overnight, from $1.7-billion to $3.3-billion.

With that shift, the foundation is likely to move from being among the 30 wealthiest foundations in the nation to the top 15 if the stock remains at about its current price.

The Casey Foundation owns 41.6 million shares of UPS stock, which make up 80 per cent of its assets.