Penney Fund Creates Two New Entities

After nearly a half-century of grant making, the James C. Penney Foundation, in New York, is closing its doors and transferring its $26-million in assets equally to two new grant-making foundations: the Partnership Foundation, in Dallas, and the Penney Family Fund, in San Francisco.

The restructuring was made “to allow the third-generation family members to have more of a role in the grant-making process,” said Anne Romasco, who oversaw the James C. Penney Foundation for more than 12 years.

The Penney Foundation was created by the retail magnate James Cash Penney and his wife Caroline in 1954. It gave about $1-million a year to charities that focus on the environment and on family and children issues, and that encourage the creation of new jobs.

The Penney Foundation’s offices will close on April 30, but it is not yet clear when the new foundations will be ready for business. The Penney Family Fund is still waiting for non-profit status from the Internal Revenue Service.

Neither of the new funds have announced their missions or grant-making areas yet.

For more information, contact Anne Romasco, Managing Director, James C. Penney Foundation, 148 W. 24th Street, Seventh Floor, New York 10011. Or send e-mail to: aromasco@compuserve.com.