Paychex's Founder Has Given Away $860 Million. Here's Where His Latest Donations Are Going. -- Barrons.com

Abby Schultz

Two months after giving away $360 million to 82 nonprofits in upstate New York, Tom Golisano, founder of payroll services company Paychex, is donating another $85 million to 41 nonprofits in southwest Florida.

The gifts bring the billionaire's lifetime donations to more than $860 million.

"One of my favorite sayings is 'the only wealth you keep is that which you give away,' and this year I've decided to act on that saying," Golisano said on Tuesday in a statement shortly after making the announcement at Artis-Naples, a museum in North Naples, Fla.

The gifts -- which range from $150,000 to $10 million -- were a surprise to the recipients, although they may have had some inkling when they received an invitation that Golisano would "make a major announcement impacting Southwest Florida." A similar missive went out ahead of the philanthropist's Sept. 17 announcement in New York.

All the gifts are unrestricted and will flow to the designated organizations over four to five years -- an approach that provides nonprofits with flexibility and longer term financial certainty.

The gifts include: $10 million given to dozens of animal welfare groups; $13 million to educational institutions including $10 million for Ave Maria University -- a private Catholic University in Ave Maria, Fla. There's also $32 million to 12 groups supporting people with intellectual and developmental disabilities; and $15 million to five community organizations including $3 million to American Red Cross Southwest Florida.

"I hope this unexpected funding helps them broaden their impact and strengthen their organizations so they can expand their services and those they serve," he said in the statement.

Golisano -- whose net worth totals about $6.5 billion, according to Forbes -- lives in southwest Florida now. His earlier gift to nonprofits in Rochester, Buffalo, and Syracuse, N.Y., reflected his years living and working in the region. Paychex is based in Rochester.

Since 1985, Golisano has granted $41 million through his personal foundation, mainly to organizations supporting people with intellectual and developmental disabilities. He has also provided longstanding support to animal welfare groups through Bailey and Friends, a foundation initiative created in honor of his two dogs (both named Bailey).

The upstate New York grants included $52 million awarded to the Golisano Foundation, increasing the organization's assets to $120 million. According to a statement, that funding will boost the foundation's annual giving to $5 million from $3 million.

Write to Abby Schultz at abby.schultz@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

November 19, 2024 14:15 ET (19:15 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.