Beatrice Joyce Kean, the last surviving heir of the great lumber baron David Joyce, first established a rather humble family foundation in 1948. Modestly endowed, the Chicago-based foundation served mostly as a vehicle for her particular philanthropic projects, which usually distributed grants totaling less than $100,000 a year.
That changed upon her death in 1972, with her bequest of nearly $100 million—90 percent of the Joyce estate. By 1974, yearly grants rose to $500,000, and by 1976 they soared to $10 million. A professional staff was retained, the foundation’s mission was more clearly defined, and its charitable work began in earnest.
With an asset base today of $935 million, the Joyce Foundation devotes more than $45 million annually, through a diverse array of projects, to what foundation president Ellen S. Alberding describes as “the quality of life of everyday people in the Midwest,” one which “should include a clean environment, a good education, decent jobs, protection from violence, and access to rich cultural experiences.” The foundation pursues its goal chiefly through innovation. “A turtle never moves forward without sticking its neck out,” remarks Alberding. Taking risks with bold, original ideas and “accepting . . . the inevitable missteps that come with taking chances” ultimately prove far more rewarding.
Jady Hsin is a graduate student at the University of Chicago.
