PCF’s original Endowment Builders
Though born in Michigan and educated at Cornell in New York, Louis Webb made his greatest impact in his adopted hometown of Pasadena, California. Through his work as an engineer, a real estate developer, and an investor, Webb became a millionaire, albeit a frugal one with a philanthropic heart. Behind a rough facade he maintained an idealistic, generous spirit and, specifically, liked giving to the poor, elderly, and children. With these causes in mind, Webb developed a plan to share his fortune with Pasadena forever. During a rare interview with the Pasadena STAR-NEWS in 1961, Webb outlined his dream to create a community trust: “I wanted to do some good with my money…in some manner that would continue the charitable work after I was gone.”
On December 10, 1953, Webb created the Pasadena Foundation, and he and his wife Marion named the Foundation as the beneficiary of their estate – a gift of about $2.5 million. As he hoped, Webb’s fortune and charitable influence live on.
The Power of Endowment
Endowments are the cornerstone of PCF’s mission to build hometown legacies. The corpus of each endowed fund is invested with PCF’s portfolio for long-term growth. Each year, the endowments generate the funds that support PCF’s local grantmaking, which enriches the arts community, protects our environment, provides health care and critical social services, and bolsters public education in Pasadena. Endowments are permanent legacies for our community; these funds will continue to grow and provide philanthropic support forever. Learn more about creating an endowment at PCF.