Billionaire Michael F. Price, 63, is the president of MFP Investors, a New York-based hedge fund. He's worth $1.3 billion as of this writing. Price was born into a Jewish family in Glen Cove, New York, where his father ran a chain of clothing stores. Price attended University of Oklahoma and began his finance career in 1975 under legendary wall streeter Max Heine, working as a research assistant at Heine Securities. By 1988, he was the sole owner of the company.
Price has also been involved in philanthropy, and in 1997, established the Price Family Foundation. Through his foundation, Price has focused on support for children and youth, as well as health and education causes. Large sums have also gone to biomedical research. Unfortunately for grantseekers, the Price Family Foundation doesn't have much of a web presence or a clear way to get in touch. However, the foundation's executive director, Joanne Duhl, is accessible through Linkedin. Here are some other things to know about Price's philanthropy:
1. The Foundation Strongly Supports Education
In 1997, Price gave his alma mater, 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. More recently, 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."
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, received around $1 million in the 2012 fiscal year.
2. Supporting Children and Youth is Another Priority
Recent money has gone to places such as Boys & Girls Clubs of Newark, Children's Institute, Hunts Point Alliance for Children, Children's Aid Society, and Friends of the Children New York, which received more than $312,000 in the 2014 fiscal year. Friends of the Children of New York "serves high-risk youth in New York and provides them a professional role-model from kindergarten to graduation - no matter what." Good Shepherd Services also recently received more than $450,000 in the 2014 fiscal year. Good Shepherd Services "leads in the development of innovative programs that make a difference in the lives of children, youth and families today."
3. Sums Have Also Gone to Health Outfits and Towards Scientific Research
Price has also given huge sums to New York-Presbyterian Hospital, including at least $14 million in the three most recent tax years available. Sums have also recently gone to outfits such as Johns Hopkins Hospital, National Institute of Reproductive Health, and Montefiore Medical Center. In the 2014 fiscal year, around $150,000 went to Salk Institute for Biological Studies. Money has also gone to Johns Hopkins Berman Institute of Bioethics, and the Broad Institute of MIT and Harvard, which received close to $340,000 in the 2014 fiscal year.
Grants have gone to arts outfits in New York, such as Jazz at Lincoln Center and 2nd Stage Theatre. Support has also gone to Central Park Conservancy and New York City Police Foundation.
Related: Michael F. Price