NET WORTH: NA
SOURCE OF WEALTH: Bloomberg, L.P.
FUNDING AREAS: Health, Education, Arts & Culture
OVERVIEW: While MacMillan’s total net worth is unknown, his ownership stake in Bloomberg, L.P. makes him worth at least $300 million. He and his wife Nancy were early signatories of the Giving Pledge. The MacMillan Family Foundation's grantmaking focuses mostly on health and higher education institutions.
BACKGROUND: MacMillan joined the Marine Corps out of high school, serving four years, and then attended Rutgers University, where he studied math. He began his career at Bankers Trust, and eventually landed at Salomon Brothers, where he met Michael Bloomberg, Thomas Secunda, and Charles Zegar. When Bloomberg was fired for opposing the takeover of the company by Phibro, a metals trading company, he invited MacMillan and the others to join him in starting a financial data company. After securing a $30 million investment from their first customer, Merrill Lynch, the company quickly took off.
EDUCATION: MacMillan is a member of the board of the Rutgers University Foundation, where he has endowed a Professorship of Genetics, and has given millions. He’s also given to Johns Hopkins, Institute for Advanced Study, where his wife Nancy is a trustee, and Connecticut College, Nancy's alma mater. The Peddie School has also received significant contributions, presumably because one or more of his children attends, and Princeton has gotten small contributions as well. Outside of this, his family foundation makes the rare grant to educational non-profits, such as Room to Read in San Francisco, or Learning Leaders in New York, though these grants are typically for $10,000 or less.
HEALTH: Much of the couple’s giving to Rutgers and Johns Hopkins has been related to educating health professionals; additionally, they have given to Princeton Healthcare System Foundation. Aside from this, they make a lot of smaller contributions in the $10,000-$20,000 range to places like Memorial Sloan Kettering, the Michael J. Fox Foundation, the Robert Packard Center for ALS Research, St. Jude’s Children’s Research Hospital, the Hazelden Foundation for drug and alcohol treatment.
ARTS & CULTURE: MacMillan and Nancy give to a number of arts and cultural institutions in the New York and New Jersey area. Grants, usually in the $10,000-$20,000 range, have gone to the Metropolitan Museum of Art and the Central Park Conservancy, but the biggest winners are theatre and ballet. Nancy is a trustee of the American Repertory Ballet, and they’ve also made grants to the Princeton Ballet Society, Princeton’s McCarter Theatre, Broadway Community, Inc., and Career Transitions for Dancers.
NYC POVERTY: Perhaps influenced by Bloomberg and other financiers, the MacMillans have made smaller contributions to the NYC food bank, and the Robin Hood Foundation.
LOOKING FORWARD: The MacMillan Family Foundation held some $121 million assets in a recently reported tax year, which could mean that we will soon see an increase in their annual grants awarded. So far, they have been content to make major gifts to a select few institutions, and spread their wealth around to a few dozen others in smaller amounts, so it's unclear if they’re getting ready for another major push, if we’ll see the smaller grant amounts inch upward, or if they’ll simply increase the number of grantees. Local theaters and arts organizations stand to gain, particularly if they include educational programs. Health research also seems like another likely avenue, as does funding for medical schools.
The MacMillan Family Foundation
℅ Geller Fos
909 3rd Avenue, 16th Floor
New York, NY 10022