Mario J. Gabelli

SOURCE OF WEALTH: GAMCO Investors

FUNDING AREAS: Education, Youth, Health

OVERVIEW: Mario Gabelli conducts his philanthropy through the Gabelli Foundation, which according to available tax filings, gave out about $4.3 million in grants from 2017 to 2018. Gabelli has been laser-focused on education with his philanthropy, including millions to his alma mater Fordham University, which named its business school for him. He has also given millions to Columbia, University of Nevada, and Boston College, among others. Gabelli also supports K-12 education, including Catholic schools, and another of his interests is health. Gabelli's philanthropy tends to follow places where he and/or his company have ties, including New York, Connecticut, and Nevada. He signed the Giving Pledge in 2018.

BACKGROUND: Raised in the Bronx by Italian immigrant parents, Mario J. Gabelli received a bachelor's degree from Fordham and an MBA from Columbia Business School. In the 1970s, he founded GAMCO Investors, which currently holds close to $40 billion in assets. Gabelli lives in Greenwich, Conn.

ISSUES:

EDUCATION: Gabelli's philanthropy has heavily featured education, particularly higher education. He gave $25 million to his alma mater Fordham in 2010, which renamed its business college the Gabelli School of Business. In each of the three most recent tax years available, moreover, the Gabelli Foundation has given at least $1 million to Fordham, including $35 million in 2020. The university recently launched a Ph. D. program at the Gabelli School of Business as a result of his philanthropy.

In 2013, Gabelli pledged $15 million to Columbia Business School towards its new Manhattanville facilities. Gabelli has also given more than $1 million to Roger Williams University, Rowan University, University of Nevada-Reno, and Boston College, where his daughter graduated. Gabelli's foundation has also supported Teachers College, Pace University, UConn Foundation, NYU School of Sports Management, American University, Ithaca College, and the Gregorian University Foundation.

At the K-12 level, the Gabelli Foundation has recently funded outfits such as Ursuline School in New Rochelle, where a library at the school bears the family's name. Other gifts have gone to Bishop Manogue Catholic High School in Reno, Bishop Gorman High School in Las Vegas, Iona Prep School, Fordham Preparatory School, Greenwich Country Day School, and Holy Trinity RC School in Myrtle Beach, South Carolina.

HEALTH: Gabelli also earmarks funds for health organizations. Recent grantees include Breast Cancer Alliance, Autism Speaks, St. Jude Children’s Hospital, and For The Kids Foundation in Reno, a "nonprofit dedicated to providing financial aid and assistance to children in Northern Nevada with specific unmet needs such as medical, dental, mental health, or educational services for which other resources are insufficient or nonexistent."

LOOKING FORWARD: Gabelli is in his 70s and has made education his philanthropic priority. Expect this to hold. It is worth mentioning that Gabelli's daughter Elisa is the president of his foundation. Elisa has been involved with Gamco, and should be watched closely down the line. This family has over a billion dollars waiting in the wings, so continued giving can be expected.

CONTACT:

The Gabelli Foundation does not provide a clear avenue of contact, but below is an address:

Gabelli Foundation, Inc.

165 W. Liberty St.

Reno, NV 89501