Three New Half-Billion-Dollar Foundations Reshape US Philanthropy
March 15, 2026 · 2 min read
Arthur Griffin
Three foundations have quietly crossed the half-billion-dollar threshold, each bringing distinct priorities to a philanthropic landscape increasingly shaped by newly concentrated wealth. Inside Philanthropy's latest analysis profiles the Elisabeth C. Deluca Foundation, Puffin Bay Foundation, and George and Beverly Rawlings Endowment Foundation — collectively holding nearly $1.9 billion in assets.
Deluca Foundation: $644 Million for Healthcare Workforce
The largest of the three, the Elisabeth C. Deluca Foundation — funded by the widow of Subway co-founder Frederick Deluca — has zeroed in on nursing education and healthcare careers. The University of Connecticut has been its primary beneficiary, receiving $18 million for nursing school expansion, scholarships, and research. Recent grants to Futuro Health ($1.6 million), Careervillage ($1.1 million), and Western Governors University ($1 million) signal a broadening geographic reach beyond Connecticut into Indiana, Mississippi, and Texas.
Puffin Bay: $679 Million from the Internet Archive Founder
Internet Archive founder Brewster Kahle's Puffin Bay Foundation rocketed to $679 million and distributed a remarkable $90 million in its first year — an unusually aggressive 10% payout rate. However, all grants flowed through a Morgan Stanley donor-advised fund, limiting visibility into actual recipients. Grant seekers should watch for direct grantmaking as the foundation matures and its priorities become clearer.
Rawlings Endowment: $530 Million for Animal Welfare and Faith
The George and Beverly Rawlings Endowment Foundation, established from the estate of medical claims processing entrepreneur George Robert Rawlings, holds $530 million and has made its first two awards: $1 million to Crab Orchard Animal Sanctuary and $23 million to The Rawlings Foundation for Christian philanthropy in La Grange, Kentucky. The foundation received its full $530 million in 2024 following the sale of the founder's company.
Nonprofits tracking emerging funders can find profiles and grantmaking analysis on the Granted blog.