DJB Foundation
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The DJB Foundation, a progressive social change philanthropy, was founded in 1948 by Daniel J. Bernstein (1918-1970). With his death in 1970 almost five-million dollars came to the foundation. Its most active period began in 1971 when the Board of Directors decided that all assets would be given away within ten years. The grants concentrated on groups and programs generally ignored by conventional foundations because they were "controversial" -- to Clergy & Laity Opposed to the War in Vietnam, the poor, GIs, deserters and draft resisters, ethnic groups, African liberation groups, convicts and ex-convicts. The DJB Foundation exhausted the majority of its funds by the end of 1974. It officially closed in December 2008.[1]
History
The DJB Foundation was created in 1948 by Daniel Bernstein as a holding operation for the inheritance received from his father. He continued to work in the stock market to earn a living but he used the Foundation funds and his own funds when limited by the tax laws to give to his causes and beliefs.
When Bernstein died in 1970 at the age of 51, approximately $5 million of his estate went to the DJB Foundation. This sum was substantially all of the Foundation's capital, as at his death it had about $100,000. The Foundation began its most active period. The Board of the Foundation consisted of four members: Carol Bernstein, his widow; Stephen R. Abrams, Robert S. Browne, and W. H. Ferry, who became Carol's husband in 1973. Vincent F. McGee, Jr., joined the Foundation as its executive staff member in the beginning of 1973.
With its funds virtually exhausted by 1975, the board members of the DJB Foundation more than achieved its ten-year goal of depleting its resources in only four years. The Foundation existed on a much smaller scale until 2008, when it officially closed.