5/07/2020
Donated funds to be managed by the Jewish Community Foundation of San Diego
The University of California’s Rady School of Management alumni are passionate about the school and giving back to their alma mater. Rady School alumni are innovators and entrepreneurs and it is in this spirit they have established one of the only giving opportunities of its kind: venture philanthropy funds to donate illiquid stocks that will provide a long-term investment in the Rady School.
This new illiquid stock donation program, named the Robert S. Sullivan Endowment and Restricted Funds after the school’s founding dean, will be managed by the Jewish Community Foundation of San Diego (JCF). The funds’ creation was the idea of Sergey Sikora (MBA ’06), President and CEO of CardioCell. Sikora recognized that because many Rady School alumni are startup founders, with nearly 190 operational companies founded to date, a different type of investment in the Rady School was needed. Instead of donating cash, the donation of illiquid, private company stock, will empower alumni who have startup ventures or invest in startups to give back.
“By establishing the Sullivan Funds, we’re giving Rady School alumni the flexibility to invest in the school that mirrors the way the school invested in them,” Sikora said. “It’s making the school a partner in our success and providing an ongoing investment in the mission and vision of the Rady School.
“The dedication and commitment our alumni have demonstrated with the creation of these funds is remarkable,” said Rady School Dean Lisa Ordóñez. “The desire to find creative ways to give to the school reflects how strongly they feel about the school and what an integral role their education played in their success.”
The funds will be managed by the JCF and proceeds from stock liquidations—“exits”—will build an endowment that will benefit the Rady School in perpetuity. JCF created two funds to enable donations; one for endowment gifts, and one for current gifts when a company has an exit. Alternatively, at the donor’s discretion, proceeds from stock liquidations may be granted to the UC San Diego Foundation and earmarked for the Rady School.
Beth Sirull, CEO of the Jewish Community Foundation of San Diego, explained how managing the Sullivan Funds is part of the organization’s objective of enabling philanthropic investment in San Diego.
“The Jewish Community Foundation of San Diego is honored to be selected to manage the Sullivan Funds,” Sirull said. “This is precisely our mission—to facilitate San Diegans giving back to San Diego, through traditional philanthropy as well as through innovative vehicles such as the Sullivan Funds.”
More information on the Sullivan Funds can be found at: https://rady.ucsd.edu/invest/sullivan-fund/
About the Jewish Community Foundation of San Diego
The Jewish Community Foundation of San Diego (JCF) believes in the power of every individual to make a difference and that together we can change the world. JCF partners with individuals, families, and community organizations to help them achieve their social impact goals through a variety of philanthropic and investment vehicles. During fiscal year 2019-2020, the Foundation awarded and facilitated $83 million in 6,900 grants to more than 1,800 Jewish and general organizations in San Diego, across the United States and around the world. Since its inception over 50 years ago, the Foundation has granted more than $1.5 billion. Visit the Jewish Community Foundation at www.jcfsandiego.org or call 858-279-2740.