Despite being the first family in Chicago to sign the Giving Pledge, Joe Mansueto and his wife Rika haven't yet ramped up their giving. The Morningstar CEO and his wife established the Mansueto Foundation in 2009, and the end of 2013, the foundation held around $5.3 million in assets and gave away just under a million dollars that year.
Beyond that, looking at annual 990s, much of the couple's philanthropic wealth is held in the "Mansueto Family Fund," making it even more difficult to figure out exactly what's going on with the Mansuetos. Here's what we do know about this Chicago area funder, which eventually will start unloading lots of money one way or another:
1. Education is an Interest
Likely the largest gift in the couple's philanthropic history, the Mansuetos donated $25 million to their mutual alma mater University of Chicago in 2008, which led to the Joe and Rika Mansueto Library. In 2013, the couple gave modestly to the University of Illinois. The connection here might be Mansueto's father, an Italian immigrant of humble background who ended up attending University of Illinois College of Medicine before a long career in medicine.
On the K-12 front, the couple gave at least $100,000 to Teach for America in 2013, and gave similar sums in 2011. In interviews, Mansueto has been complimentary of the outfit, which draws support from billionaires like him. As well, the Mansuetos recently gave over $250,000 to the Chicago Public Education Fund. Smaller sums have gone to Ounce of Prevention Fund, a leading children's antipoverty organization, and Junior Achievement - Chicago.
2. Arts and Culture is also an interest
In the past Mansueto has said that he wasn't particularly interested in accumulating a lot of board memberships, but he does sit on the board of the Art Institute of Chicago, which has received modest funding. Mansueto has been in the process of building a large multimillion dollar megamansion in Lincoln Park. Unsurprisingly nearby outfits such as the Lincoln Park Zoological Society (a recipient of at least $25,000 annually between 2011 and 2014), and Lincoln Park Zoo have seen support.
3. Once the Mansuetos Start to Ramp Up Their Giving, Entrepreneurship Might Also Be Supported
Outside of Chicago, Network for Teaching Entrepreneurship (NFTE), which provides "entrepreneurial training to high school students, especially those from low-income communities," has seen support. Mansueto has also said to the Chicago Sun Times that entrepreneurship is an area of interest. Right now, however, the Mansuetos don't even appear to have a website for their foundation, but this is a Chicago couple that should be watched carefully when money starts inevitably moving out of the door.
Related - Mansueto Foundation: Chicago Grants