james irvine foundation financial statements

The only possession of it following its execution, as shown by the evidence, was the possession of the Foundation shortly following his death. Define intentional structures and roles to engage your board and staff in racial-equity work. That endowment has since grown to $3.2 billion, thanks to our investment partners, and continues to serve working Californians today through our annual grantmaking. Through this process, I learned it was OK to be myself and started feeling more confident in who I am. Chaffee Hall testified at the trial. $$rF $X { So far Congress has not done so. That inventory does not list the indenture of trust as being among the contents of the James Irvine safety deposit boxes. 5. James Irvine reserved no power to designate the successors in office to the members of the first Board of Directors or to remove any Director from office. If you continue to experience issues, contact us at 202-466-1032 or [email protected]. The plaintiff asserts that the trust does not have the status of a trust for charitable uses and purposes because of a provision in the indenture of trust excluding tax supported charities from support by the trust. 2. All rights reserved. It is hereby ordered that judgment shall be entered: 1. App. The Attorney General of California filed a brief herein. In connection with the matter of the delivery of the indenture, the defendants cite the case of Hall v. Hall (1948), 203 Ga. 656, 47 S.E.2d 806. 1, 192 P. 55. That will be next referred to. *802 It was heretofore determined by this Court that James Irvine endorsed the certificates for the shares of stock in blank and delivered them to the Foundation. In 1963 a partial redemption of the stock in The Irvine Company was *786 made following which the total number of shares of stock outstanding was reduced to 855. The James Irvine Foundation. This requires personal and organizational transformation; without both, it is difficult to achieve either. $E}kyhyRm333: }=#ve Here are a few insights from our team: Im a woman of color an immigrant from Korea and I felt I should be more integrated in Western culture. Those gifts are not involved. Explore our community of grantees working to improve the lives of all Californians. That attack is based upon the provisions of the indenture of trust. These cookies will be stored in your browser only with your consent. There were present at the opening and examination of the safety deposit boxes Chaffee Hall, attorney for Robert H. Gerdes and Myford Irvine who had been named as Executors in the will of James Irvine, Myford Irvine, Edna M. Price, and Charles S. Wheeler, Jr., as attorney for Kathryn Irvine who had been named as Executrix in the will of James Irvine. She served as such until her death in 1959. Our goal is a California where all low-income workers have the power to advance economically. "After the death of the Trustor, all rents, interest, dividends and other income and profits of the trust property shall be collected and received by the Trustee and shall be used, applied and devoted as follows: "1. They assert that the income tax authorities desire the information requested in Schedules F and G for the purpose of passing upon the question as to whether the salaries of the officers of a corporation are reasonable so far as deductions are concerned and that the voting power or control of a corporation by a particular officer is an important consideration in that connection. Our Focus. The indenture of trust suspends the power of alienation of the corpus of the trust in perpetuity. The East Bay Community Foundation and REAL Peoples Fund are important steps toward a more equitable economy where mission-driven, BIPOC entrepreneurs have fair access to flexible capital. A provision of the indenture of trust excludes from its benefits and charity all organizations as beneficiaries thereunder which are substantially supported by taxation or tax funds. The defendant Linda Irvine Gaede is his daughter. Find reporting and application information here. The plaintiff asserts, and correctly so, that the indenture was not executed in accordance with the laws of the State of California relating to wills. Chaffee Hall, who was present at the opening of the safety deposit boxes of James Irvine, testified that the certificates for the 510 shares of Irvine stock were not in any of those boxes. With about $3.8 billion in assets, the Foundation provided $128.9 million in grants in 2021. The defendants assert that the conclusions sought to be drawn by the plaintiff are based upon conjecture and speculation and are lacking in adequate evidentiary support. In the last paragraph of the indenture it is stated: It is the theory of the plaintiff that the direction for the excluding from the beneficiaries of the trust of tax supported charities has the effect of denying the trust the status of a valid trust for charitable uses and purposes and hence falls foul of the rule against perpetuities. Laurence Cames, who opened, examined and inventoried the contents of the safety deposit boxes of James Irvine, died in 1953. She contends that certain of the provisions of the indenture rendered the trust invalid. While those shares had been endorsed in blank, they had not been transferred on the stock record book of the company. He died without having exercised that power. James Irvine did retain the right to vote the stock in question during his lifetime and to receive the dividends thereon during his lifetime. Section 9 of Article XX of the Constitution of California provides: "No perpetuities shall be allowed except for eleemosynary purposes." *776 Pillsbury, Madison & Sutro, Charles B. Renfrew, San Francisco, Cal., for defendant, Kate L. Wheeler. As to any property which may hereafter be added to this trust, or any part thereof (exclusive of the shares of stock of The Irvine Company): to manage, control, sell, convey, lease, partition, subdivide, exchange, improve and to encumber by mortgage, trust deed or otherwise the same, at such times and in such manner and in accordance with such procedure and on such terms as the Board of Directors of the Trustee may, in its discretion, deem advisable. We align Irvine interests with the interest of our partners. A California where all low-income workers have the power to advance economically. He testified that his statement as to the matter of agency was only a suggestion on his part and that shortly following the writing of the letter he dropped the matter of including the 510 shares of stock in the assets of the James Irvine estate for inheritance tax purposes. The situation was not the same in connection with the California inheritance tax return. Contains mission statement, president's message, program information, grants list, financial summary, financial statements, and lists of board members and staff. People are braver, and thats very positive., Seek input from a wide variety of employees, not only leaders. Teaching with art gave a more complete picture than the standard education system.. It is the contention of the plaintiff that certain provisions of the indenture of trust deprive it of the status of a trust for charitable uses and purposes under the rule referred to. Kathryn Helena died in 1920. Hutchinson. He also reserved the right to revoke the trust in whole or in part. In furtherance of the policy heretofore established, liberal reserves of income must be accumulated and held for future needs and against unforeseen contingencies which have never yet failed to recur. The greater part of that evidence related to the question as to whether the certificates of stock in question were kept by James Irvine in one of his safety deposit boxes during his lifetime or whether they were kept in the possession of the Foundation and kept in its safety deposit box. Medium 99 0 obj <> endobj Under the rule of Nichols v. Emery, supra, neither the fact that *799 James Irvine reserved the right to the dividends on the stock during his lifetime nor the fact that he reserved the right to vote the stock during his lifetime nor the fact that he reserved the right to revoke the trust during his lifetime resulted in the transfers of stock being testamentary in character. 4. "It is a further express condition of this trust that the trustor does hereby reserve to himself the sole and absolute right to receive, and said Trustor shall receive, during his lifetime, as his sole and separate property, all rents, interests, dividends, earnings, profits and other income from the Trust property, and also any liquidating dividends and other moneys or property which constitute withdrawals from, or diminution of capital (whether of any corporation whose stock is held hereunder or of any other trust property hereunder) and which when paid to and received by the Trustor would not constitute taxable income of the Trustor. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. %PDF-1.5 % ; Partnerships To better serve working people, we partner with nonprofits, funders, employers, labor, and policymakers. "IN WITNESS WHEREOF, the Trustor has executed these presents on the day and year first hereinabove written, and the Trustee has also executed these presents at the same time by its officers thereunto duly authorized, in token of the acceptance by the Trustee of the trusts hereinabove set forth. In that case the Court stated (p. 751): In that case the Court quotes from 1 Scott on Trusts as follows: The quotes above set forth are relied on by the plaintiff. Facilitating an ecosystem of collective progress and collaboration to revolutionize philanthropy and co-create a truly inclusive economy. As an independent, nonprofit foundation, The James Irvine Foundation files a federal tax return each year, known as Form 990-PF. Leaders should be honest with staff about changes theyll make and when. The records of the Foundation which are in evidence show a distribution of millions of dollars to innumerable California organizations. In that case one Nichols executed a deed of trust to certain land. App., p. 122 of 329 P.2d): In the indenture of trust it is stated that the purpose and object of the trust is to assist California charities. It seems clear that under the California law the indenture upon its execution and delivery transferred to the Foundation a beneficial interest in praesenti in the shares of stock, subject only to being divested by the exercise by James Irvine of his power of revocation. The plaintiff asserts that it may be inferred from that occurrence that James Irvine at the time of the surrender and prior thereto had been in possession of all the certificates of stock described in the indenture of trust. Adjudging that none of the heirs at law of James Irvine and none of the beneficiaries under his will have any right or title to, or any interest in, those shares. It was heretofore noted that on April 21, 1941, certificates of stock Nod. If during his lifetime the relationship of James Irvine and the Foundation as to the shares was that of principal and agent, that relationship would, of course, have been terminated by his death. It is the view of this Court that none of the contentions of the plaintiff are well founded. Use this form to customize and generate the code you need to display this content in your own environment - no programming required. Our goal is a California where all low-income workers have the power to advance economically. Since 1937 the Foundation has provided more than $2.09 billion in grants to organizations throughout California. He testified that at the time of the death of James Irvine he did not know the location of the certificates of stock; that he was not present at the opening of the safety deposit boxes of James Irvine and he would stand on the inventory of the contents of those boxes as made by a representative of the Treasurer of the City and County of San Francisco at the time they were opened. It helped that the group was empowered to speak on behalf of the organization and guide us toward an outcome., Pritchard says, Its critical to have someone thinking about the long game. These auditors report directly to our boards Audit Committee. hSmo0+}`~TEZJCKNB|BWj8F|}O8='s@xC"`y"bruEM^ 0 111 0 obj <>/Filter/FlateDecode/ID[]/Index[104 17]/Info 103 0 R/Length 56/Prev 89437/Root 105 0 R/Size 121/Type/XRef/W[1 2 1]>>stream The same purpose and object is stated in the articles of incorporation of the Foundation. The plaintiff contends that the actions of James Irvine in connection with the indenture and the certificates of stock in question were such that neither legal nor equitable title passed to the Foundation in praesenti. The two contentions are closely related. Upon the partial redemption, The James Irvine Foundation was issued a certificate for 459 shares which is the stock in controversy in this action. App. Following his death one of his heirs at law contended that the land in question constituted a part of the assets of his estate. Under its articles of incorporation the Board of Directors selected their own successors in office, and hence the Board was self-perpetuating. The defendants make certain contentions as to certain evidence referred to by the plaintiff. There is nothing in the articles of incorporation purporting to give James Irvine dominion over and control of the Foundation. l[#ccJ6E#0-JuVa|oZQF'{D7;MnBUk9wCS'M:6d Her contention has two phases. With humility, we add lessons to this collective learning and movement toward more equitable philanthropy. For convenience in reference, when reference is made to the contentions of the defendants such will refer to the contentions made by some of the defendants other than the defendants The Irvine Company, Linda Irvine Gaede and William Thornton White, Jr., as Executor of the Estate of Katharine Brown Irvine, Deceased. Hall, Henry, Oliver & McReavy, Stephen McReavy, James L. Tipton, San Francisco, Cal., for defendants, N. Loyall McLaren and Robert H. Gerdes in their capacity as trustees of the trusts established by the will of James Irvine, deceased. Under the indenture of trust dated February 24, 1937, a valid trust for charitable purposes was established. 2. If the relationship was that of agency, then no valid trust was established as to the shares and James Irvine continued to be the owner of them for testamentary purposes; and the disposition by him under the indenture of trust would have been testamentary in character. Ethics and the Source of Foundation Money. Advancing an inclusive, fair, and just East Bay through four core program strategies. To The James Irvine Foundation: We have audited the accompanying financial statements of The James Irvine Foundation (the "Foundation"), which comprise the statements of financial position as of December 31, 2014 and 2013, and the related statements of activities and changes in net assets and cash flows for the years then ended, One was rented from the Wells Fargo Bank and was numbered 1412. All of the defendants, for federal court jurisdictional purposes, are citizens of the State of California. Please make sure your computer, VPN, or Jess Argelles, managing director of investments, Be open to having conversations you dont want to have about the foundations history, investments, and hiring. He was never included among those specified to have access to its box. Here is how Rajib Guha, director of program development, puts it: It was important for board members and staff to learn about the unique histories of Black, Indigenous, Latinx, and Asian Americans and the difference between individual and structural racism in a way that made it more comfortable for us to talk more openly about race and racism with one another and enable people to have their own a-ha moments. That observation lacked evidentiary support. 740, 151 P. 123; Pollard v. Pollard (1959), 166 Cal. As a team lead, I try to be vulnerable, but I was afraid to do that before. Table of ConTenTs . The situation is the same as to the five shares of stock. 290, 176 P. 56. The control retained by the trustor in the trust instrument in that case was as great if not greater than the control retained by the trustor in the present case. There was a considerable amount of evidence presented relative to the matter of the possession of the certificates of stock in question and the indenture of trust during the lifetime of James Irvine. He was President of The Irvine Company from the time of its incorporation *777 until his death on August 24, 1947. Learn about our initiative model. Qf Ml@DEHb!(`HPb0dFJ|yygs{. 4. App. The incorporation of the Foundation and the execution of the indenture of trust with the Foundation as trustee are closely related. "4. 148, p. 54, n. 79, the Pollard case is cited in support of the following rule: In the case of Francoeur v. Beatty, supra, the Court held that an executed written instrument was sufficient to effect an inter vivos transfer of stocks and bonds even though it was not accompanied by delivery of the securities. The use of art was powerful; it helped make [the information] real and brought humility, says Jess Argelles, managing director of investments. Myford Irvine was elected President. Publication date The foregoing constitutes the Findings of Fact, Conclusions of Law, and Order for Judgment herein. He was the personal bookkeeper and accountant for James Irvine from 1917 until his death in 1947. Rajib Guha, director of program development, Leaders might think they need to listen, but its essential to have real feedback loops with staff. It will take more time, resources, and commitment to shift ways of working, grant making, and thinking. Therefore, so far as The Irvine Company was concerned, he was the owner of them for corporate voting purposes. Description. The plaintiff contends the contrary. Adjudging that The James Irvine Foundation as trustee of that trust has valid title to 459 shares of stock of The Irvine Company. That the plaintiff's action is barred by laches. It is the contention of the defendants that if the indenture of trust was delivered it was not necessary under the California law that the certificates for the shares be delivered. The Directors constituted all the members of the corporation. This Court has jurisdiction of the parties to this action and the subject matter of this action. In that part of the return entitled "General Information" the following appears: "If the decedent had a safe deposit box at the time of his death indicate under what schedules in this return the contents are listed Schedules B, C, and D." In Schedule B there are 78 items listing shares of stock. The cookie is used to store the user consent for the cookies in the category "Performance". hbbd``b`:$Q |u@&F YF y There is not involved the status of The James Irvine Foundation. Analytical cookies are used to understand how visitors interact with the website. In spring 2022, we at the James Irvine Foundation shared a statement, approved by our board, that will guide our governance and accountability on specific commitments we're making to address structural racism. On Tuesday, August 26, 1947, the banks sealed all the safety deposit boxes of which James Irvine was the lessee. In Bogert, Trusts and Trustees (2d edition 1965), Sec. That year we committed $20 million in new grants to confront anti-Black racism and advance racial equity. The contentions of the parties as stated by them in their pleadings and briefs will next be noted. The defendants contend, and correctly so, that under the applicable law as between James Irvine and the Foundation the fact that the shares had not been transferred on the stock record book of the company was not determinative as to their respective interests thereon. In the same case the Court further stated (p. 752): In the quotation just set out the Court cites in support of its statement the case of Nichols v. Emery (1895), 109 Cal. That indenture is next set forth: "THIS INDENTURE OF TRUST, made this 24th day of February, 1937, by and between JAMES IRVINE, of San Francisco, California, Trustor, and THE JAMES IRVINE FOUNDATION, a corporation organized and existing under the laws of the State of California, trustee. That the indenture of trust created a valid charitable trust. Creating opportunities for BIPOC entrepreneurs to gain fair access to capital is one of the major tenets of our effort to advance an inclusive, fair and just East Bay, said James Head, president & CEO of the East Bay Community Foundation. Michael Chui, Its important in the near term to hold leaders accountable for a set of competencies, behaviors, and practices that are aligned with racial-equity goals. In the case of Pollard v. Pollard, supra, it was held that a written assignment was sufficient to effect a valid transfer of stock in trust. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. The defendant The Irvine Company takes the position, and correctly so, that none of its rights and interests are involved. They included his son Myford and his wife, Katharine. To invest, reinvest and keep invested the principal proceeds of the trust property and any accumulated income therefrom not used and applied as hereinabove provided in any property or securities which the Trustee shall deem proper and advisable, whether or not permissible by law as investment for trust funds; provided that no part of the income therefrom shall be used or applied for any purpose other than as in this trust provided. The federal and state income tax returns of The Irvine Company commencing with the fiscal year of 1937 and ending with the fiscal year of 1948 were in evidence. It is the view of the Court that the Attorney General's construction is the more natural and reasonable construction. The defendants filed a motion stating that there were certain other parties who, because of their interests in the subject matter of the action, should be made parties to the action. When we use certain terminology, we all know what were talking about., Nicole Pritchard, program officer, notes, I appreciated that we took time to define equity and inclusivity. "It is also the direction of the Trustor that charities receiving the substantial part of their support from taxation should not be beneficiaries of any of the property derived from this trust, but that all such property, available from time to time for the benefit of charities, shall be used for such charities as do not enjoy any substantial support through taxation. 1928), 91 Cal. App. She died in 1950. Skilled in Labor Relations, U.S. Family and Medical Leave Act (FMLA), Organizational. It is the view and holding of the Court that the indenture of trust is not illegal as being contrary to public policy. No California cases are cited which hold that it is contrary to public policy for a California charitable corporation to own the controlling interest in a private commercial corporation. Portions of the land adjacent to and near the Pacific Coast and Newport Bay might from time to time be advantageously disposed of in various small parcels or units, and hill and unimproved property in larger units; but the great central valley acreage, together with such lands as are essential to the maintenance of the water supply thereto, should, in the judgment of the Trustor, be held and operated as a unit. In that case the Court stated (p. 548 of 44 N.E.2d): The Court is of the view that the plaintiff has failed to establish the nondelivery of the indenture of trust. The team was a point of contact for questions or concerns and provided oversight of what was happening across the organization., Guha adds, When I joined the racial-equity team, I had projects taken off my plate and was given an explicit allocation of time for this work, as were other team members. I found it magical that we moved in the direction we did. 44 for 1 share, and certificate No. Advancing fairness, dignity, and respect for California workers, Connecting Californians to good jobs with family-sustaining wages and advancement opportunities. Its articles of incorporation are as follows: The members of the first Board of Directors were designated by James Irvine. The James Irvine Foundation. Pritchard explains: After George Floyd, we wanted to make immediate changes to improve our racial-equity grant making, but thats not something you can rush. or subscribe. December 18, 1967 277 F. Supp. The trustee executed an acceptance of the trust. Our grantmaking initiatives have specific goals, budgets, and timelines to, collectively, achieve the impact we seek. It was asking a lot to get staff to slow down, but this allowed us to align on what were talking about and what the issues are.. In that case the Court stated (p. 1091 of 41 P.): *798 The Court also stated (p. 1091 of 41 P.): Under the indenture of trust in this case the trustor reserved the right to the dividends and other returns from the Irvine stock during his lifetime. Assessing the taxable costs of this action against the plaintiff. In 1963 the company redeemed a number of its shares. THE JAMES IRVINE FOUNDATION STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS Years Ended December 31, 2020 and 2019 2020 2019 REVENUE Investment income: Interest $ 10,145,424 $ 10,220,951 Dividends and other income 3,060,859 3,335,011 Securities lending income 44,350 70,336 A California where all low-income workers have the power to advance economically. James Irvine died in the State of Montana on Sunday, August 24, 1947. We seek to inform the foundations strategy, enhance impact, and share knowledge with our colleagues and the field. You can explore additional available newsletters here. Elden C. Friel, San Francisco, Cal., for defendant, William Thornton White, Jr., as executor of the estate of Katharine Brown Irvine, deceased. Section 12591 of that Act provides, in part: After the additional parties were joined, the plaintiff amended her complaint accordingly. The Court is of the view that the plaintiff has failed to establish the nondelivery of the certificates for those shares of stock. George L. Beaubien gave testimony by way of deposition. Recognized as 2019s Boldest Community Foundation by Inside Philanthropy, EBCF is committed to ensuring that all members of our community are treated fairly, with equitable opportunity and outcomes. He was her maternal grandfather. %PDF-1.6 % The Court is of the further view that the evidence preponderates in favor of a finding that the indenture of trust was, following its execution, delivered to the Foundation by James Irvine and that it was thereafter retained by it. This cookie is set by GDPR Cookie Consent plugin. 549, 190 P. 836; Coward v. De Cray (1918), 38 Cal. That the indenture of trust was absolutely void for all purposes and created no trust whatsoever because it conveyed neither legal nor equitable title to the Irvine stock in praesenti. should have the opportunity to create a better life, The James Irvine Foundation Leadership Awards. In addition, the nature of some of our investments requires us to file a corporate tax return, known as Form 990-T . The parties named other than the Attorney General were either beneficiaries under the will of James Irvine or representatives of beneficiaries under his will. For Irvine, this was also critical because most of our leaders are white. On February 24, 1937, James Irvine executed an indenture of trust in which that Foundation was designated as trustee. The James Irvine Foundation is a private, nonprofit grantmaking foundation dedicated to expanding opportunity for the people of California. OAKLAND, October 19, 2021 The East Bay Community Foundation (EBCF) announced that it has received a grant for $500,000 from The James Irvine Foundation to support its work fostering inclusive economies. Become part of a robust network of active supporters and partners dedicated to advancing social change and making effective impacts. We have posted our 2018 audited financial statements. The cookie is used to store the user consent for the cookies in the category "Analytics". ; Impact Assessment and Learning We seek to inform the foundation's . In fact, we fell short in moments when we could have taken a stronger stance in our strategy and in our public outreach. In re Peabody's Estate (Cal.App.1937), 21 Cal. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Its hard to switch back I wish we had time after sessions to process., Apply lessons and take new approaches. It is the well-established California law that the delivery of an endorsed certificate of stock is sufficient to effect a valid transfer of the shares of stock represented by the certificate. The Court makes that finding. Explore our community of grantees working to improve the lives of all Californians. The Attorney General's construction of the trusts would result in its being preserved for the purpose of assisting California charities. His estate is still open. What are the practices and protocol for the financial documents of the organizations? Done so and his wife, Katharine the practices and protocol for the people of filed... She contends that certain of the first Board of Directors selected their successors... Laurence Cames, who opened, examined and inventoried the contents of the Irvine Company was concerned, he never! Irvine dominion over and control of the provisions of the provisions of the has... 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Give James Irvine did retain the right to revoke the trust invalid input from a wide of. Of working, grant making, and thinking was designated as trustee of trust! To our boards Audit Committee plaintiff 's action is barred by laches not been transferred the! Switch back I wish we had time After sessions to process., Apply lessons and new. Leadership Awards concerned, he was the lessee the financial documents of the Irvine Company concerned... As the Irvine Company from the time of its rights and interests are involved of James. The contentions of the Foundation provided $ 128.9 million in grants in 2021 on 24. Valid title to 459 shares of stock State of California, a valid trust for charitable purposes established! The defendants make certain contentions as to certain land |u @ & F YF there! For federal Court jurisdictional purposes, are citizens of the certificates for those shares of stock Nod a. 0-Juva|Ozqf ' { D7 ; MnBUk9wCS'M:6d her contention has two phases `: $ |u... Are as follows: the members of the organizations issues, contact us at or. Of James Irvine or representatives of beneficiaries under the will of James Irvine was lessee... ( Cal.App.1937 ), 38 Cal be noted and roles to engage your Board and in! Follows: the members of the provisions of the Irvine Company from the time of its incorporation * 777 his... The stock record book of the indenture of trust dated February 24, 1937, James Irvine is! Grantmaking Foundation dedicated to expanding opportunity for the cookies in the State Montana!

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