Moody Foundation
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| Founded | August 22, 1942 |
|---|---|
| Founder |
William Lewis Moody, Jr. Libbie Shearn Rice Moody |
| Type |
Grant making private foundation (IRS exemption status): 501(c)(3) |
| Focus | Education, Children’s health projects, Historic preservation |
| Location |
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Area served
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Texas |
| Method | Endowment |
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Key people
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Chairman - Robert L. Moody |
| Endowment | $1.197 billion USD |
| Slogan | "To benefit, in perpetuity, present and future generations of Texans." |
| Website | www.moodyf.org |
The Moody Foundation is a charitable foundation incorporated in Texas and based in the island city of Galveston. It was chartered in 1942 by William Lewis Moody, Jr. and his wife Libbie Shearn Rice Moody "to benefit, in perpetuity, present and future generations of Texans." The foundation focuses the majority of its funding on programs involving education, social services, children’s needs, and community development.
The foundation makes grants through its Galveston, Texas headquarters and through a field office located in Dallas. In fiscal year 2006, it reported assets of $1.197 billion and approved $33 million in grants for projects that focused on education, social services, children’s needs, and community development. In terms of assets, it is one of the largest foundations in Texas, and among the top 100 largest charitable foundations in the United States.
The foundation's main source of revenue consists of dividends from held in the American National Insurance Company, the majority of which is controlled by both the Moody Foundation and the Libbie Shearn Moody Trust. The trust department of the Moody National Bank administers the finances of both the Foundation and the Trust.
The foundation commits the majority of its grants and funding to the foundation-initiated projects of Moody Gardens and the Transitional Learning Center, both located in its home city of Galveston. However over the past decade, it has begun expanding the scope of its grants to include projects across Texas, as long as they fall within its field of charitable focus.
Moody Gardens is an educational & tourist complex located in the foundation's home city of Galveston, Texas. It is owned, through a complex agreement, by the City of Galveston but funded, operated, and supported by the foundation. As of 2005, the foundation had expended almost $300 million USD towards the construction, expansion, and maintainace of the facility.
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