NET WORTH: $1.23 billion
SOURCE OF WEALTH: MFP Investors
FUNDING AREAS: Education, Children & Youth, Health & Science Research, NYC Community.
OVERVIEW: Michael Price moves his philanthropy through the Price Family Foundation. Price has given large sums to New York-Presbyterian Hospital, and has also supported health and biomedical research at Yeshiva University. Other interests include support for children and youth. Large sums have gone to Price's alma mater, University of Oklahoma, as well.
BACKGROUND: Michael F. Price was born into a Jewish family in Glen Cove, New York, where his father ran a chain of clothing stores. Price attended the University of Oklahoma and later trained with the late Max Heine, a legendary Wall Streeter known for his investments in distressed companies. Price currently runs MFP Investors, a New York-based hedge fund, and lives in Far Hills, NJ.
EDUCATION: Price, through his Price Family Foundation, has heavily focused on education. In 1997, Price gave his alma mater, the University of Oklahoma, $18 million to form the Price College of Business. Last decade, Price gave $25 million to Yeshiva University for a biomedical research center in his name. In 2014, Price gave $3 million to Albert Einstein College of Medicine of Yeshiva University and the University of Oklahoma to fund a "research collaboration to investigate the structural biology of the key proteins of anaerobic microorganisms." Millions have flowed to each of these schools. Apart from this work, recent support has gone to outfits including City Year New York, East Harlem Tutorial Program, Georgetown University, Bottom Line, which works in college access and college success, Harlem Education Activities Fund, John Jay College Foundation, Saint David's School, Rutgers University Foundation, Stephen Gaynor School, and Boston College. Convent of the Sacred Heart, an independent school on the Upper East Side, has also received strong support.
CHILDREN & YOUTH: Recent money has gone to such organzations as Boys & Girls Clubs of Newark, Children's Institute, Hunts Point Alliance for Children, Children's Aid Society, Harlem RBI, and Friends of the Children New York, which "serves high-risk youth in New York and provides them a professional role model from kindergarten to graduation—no matter what." Other grantees have included Good Shepherd Services "leads in the development of innovative programs that make a difference in the lives of children, youth and families today;" Selfhelp Community Services; and Brooklyn Workforce Innovations.
HEALTH & SCIENCE RESEARCH: In addition to Price's support of health through higher education funding, he's given huge sums to New York-Presbyterian Hospital, including at least $14 million in the three most recent tax years for which records are available. Recent sums have also gone to Johns Hopkins Hospital, National Institute of Reproductive Health, Salk Institute for Biological Studies, and Montefiore Medical Center. Money has also gone to Johns Hopkins Berman Institute of Bioethics and the Broad Institute of MIT and Harvard.
NYC COMMUNITY: Grants have gone to arts outfits in New York, such as Jazz at Lincoln Center and 2nd Stage Theatre. Central Park Conservancy and New York City Police Foundation have also received grants.
LOOKING FORWARD: Now in his 60s, Price has mainly supported children and youth, education and hospitals. Biomedical research is one area to watch, with a possibility of more money going to this cause in the coming years.
The Price Family Foundation does not provide a clear avenue for contact, but below is an address. The foundation also has an Executive Director.
The Price Family Foundation, Inc.
667 Madison Ave., 25th Fl.
New York, NY 10065
Contact: Joanne Duhl, Executive Director