We spend a lot of time at Inside Philanthropy looking at where billionaires are going with their philanthropy, and for good reason: These people have the most to give. Of course, there are a huge number of Americans who aren't billionaires but are still plenty rich, with fortunes in the hundreds of millions of dollars. And these people, have serious giving capacity, too.
People like Michael Walrath.
That name won't ring a bell for 99 percent of readers, because while Walrath scored big in the Internet sector, back in 2007, he didn't score so big that he became well known. Indeed, to the extent that his name does ring bells, it may be because he owns the Surf Lodge in Montauk and was profiled in the New York Times not so long ago as a "tech and night-life mogul." In fact, Walrath is not a mogul in either realm; just a pretty successful entrepreneur in both spaces. In addition, he's a film producer of socially conscious films.
And he's a philanthropist, too. Walrath made a few hundred million dollars when he and his partners sold their Internet advertising company, Right Media, to Yahoo. He's subsequently made money from other investments. But more importantly, for our purposes, he and his wife Michelle have been steadily giving money away through the Walrath Family Foundation.
It's not big money. We're not talking millions a year. But it is significant, and there's plenty more where that came from.
Which is why our Tech and Finance Editor, Michael Gentilucci, put together a background profile of Michael Walrath which is now live on the site and walks readers through the basics about this philanthropist.