Giving it all away . . .

By Nancy Hawkes

Throughout the world, in education, health programmes, poverty alleviation and in conflict zone reconciliation, The Atlantic Philanthropies has made an outstanding contribution by means of vast swathes of financial support. Ireland has been a major beneficiary too and UCC in particular has much to be grateful for. Everywhere one looks on campus, the generous giving of The Atlantic Philanthropies has left a lasting mark on our built environment. The Mardyke Arena, the BioSciences Institute, the Environmental Research Institute, the Postgraduate Library Extension, strategic appointments and targeted research projects – all have become a reality because of the unique vision of an organisation that exists for the sole purpose of giving away the considerable fortune of a remarkable man. Until now, most of the giving has been done anonymously and the founder of The Atlantic Philanthropies, Chuck Feeney, has remained steadfastly in the background, neither courting publicity nor welcoming it. However, the philosophy of the organisation has changed and Chuck Feeney now believes that The Atlantic Philanthropies could become a role model for other wealthy people if its achievements became more widely known. Thus it was that he allowed former Irish Times journalist, Conor O’Cleary, access to The Atlantic Philanthropies and to the private life of a very private man. The resulting book (The Billionaire WhoWasn’t: How Chuck Feeney Secretly Madeand Gave Away a Fortune) has just been published and recently, Nancy Hawkes, for UCC News, spoke with the author.

The imposing glass and marble surroundings of the Mutual of America building on New York’s Park Avenue was the opulent venue recently for a party to celebrate the publication of a book describing the life of Charles ‘Chuck’ Feeney. Although the launch was attended by the great and the good of New York City, the two coach loads of his family and old friends from New Jersey were the real guests of honour. They knew him as a loyal and enduring friend, a modest, frugal man, who preferred to wear off-the-peg suits, a cheap wristwatch and to travel economy. His friends were, therefore, astounded when, in 1988, Forbes magazine revealed details of his enormous wealth, listing him as the twenty-third richest American in the world. Forbes magazine was in fact unaware of the most intriguing part of the story. By 1988, Chuck Feeney had already secretly transferred his entire fortune, permanently and irrevocably, to one of the most enigmatic and generous organisations of modern times - his charitable foundation, The Atlantic Philanthropies.

Chuck Feeney was born in 1931 as the grip of the Great Depression was tightening on America. His parents fared better than most of their neighbours in the blue-collar Elizabeth district of New Jersey where they set up home. They were a hard-working couple of Irish-American descent, who both lived by the precepts of philanthropy in their own lives. His father, an insurance underwriter, was a Knight of Columbus. His mother, a nurse, regularly performed small acts of anonymous kindness for neighbours and strangers. Chuck Feeney’s entrepreneurial talent was modest to begin with. As a young boy, he made extra money by sweeping snow off driveways and selling greeting cards door-to-door. After a period in the American Air Force he took advantage of the GI scholarship scheme to enroll in the School of Hotel Management in Cornell University. Here, he subsidised his scholarship fund by selling sandwiches around the sorority and fraternity houses on campus.

After graduating (the first in his family to do so) he set off for Europe. On his travels, he realised the huge financial potential in duty-free sales to American servicemen. He developed a network of companies across Europe and the Far East, selling everything from alcohol to new cars, items that could also be shipped to addressees across America. He was helped by contacts in the services. Friends from Cornell became business partners, complementing his own remarkable and growing business acumen. The companies blossomed into a global business empire, Duty Free Shoppers (DFS), which would earn him a multi-billion dollar fortune.

The Atlantic Philanthropies’ stated mission is to ‘bring about lasting changes in the lives of disadvantaged and vulnerable people.’ The organisation focuses its activities on four distinct areas: ageing, children and youth, population health and human rights. It does not accept proposals but chooses instead to hand-pick projects. The strict proviso for donations has been the same from the very beginning. The recipients were never told the source, but if they did discover the identity of the anonymous donor, it was stipulated that the secret must be kept – or the funding lost. The foundation has already financed schemes across the world from Vietnam to South Africa. More than $1 billion has been allocated to Ireland alone, in the areas of education, research and political reconciliation.

Author and journalist, Conor O’Clery, shared Chuck Feeney’s life and travels for nearly four years, witnessing the work of the foundation at first-hand. He was given unprecedented access to the Feeney archives as well as to Feeney’s family, friends and business colleagues, who helped to piece together the jigsaw of his life, and guided his understanding of what prompted a multi-billionaire, middle-aged, family man to give away his entire fortune - anonymously.

O’Clery learned that Chuck Feeney goes against the grain. The book begins with a quote from Andrew Carnegie, one of the most powerful philanthropists of the past century, whose writings had a great influence on Feeney. Carnegie, who was a ruthless capitalist, made a fortune, but exploited his workers in the process. O’Clery discovered that Feeney, on the other hand, is held in the highest regard by those who know him. Details of his principled business dealings and generosity emerge at every turn – even in his vast empire he knew his employees by name, provided scholarships for their children, and when, in 1997 he decided to sell his shares in DFS to concentrate on his charitable work, devoted a huge sum to shop assistants throughout the chain, who still speak of him with great fondness.

While Carnegie’s name is known throughout the world, anonymity has been the keystone of Feeney’s approach. He chooses to work without acknowledgement. He has never had a building named after him or received an honorary award of any kind. He eschews publicity, and when, on one occasion the Limerick Leader published a photograph depicting him, all available copies were immediately purchased and destroyed.

So why go public now?

O’Clery met Chuck Feeney while working as International Business Editor for the Irish Times. During a rare interview, Feeney revealed that he wished to actively promote the idea of ‘giving while living’. By choosing to go public and collaborating in the writing of the book, he would make a strategic change in his approach and break the habit of a lifetime. Secrecy and anonymity have, he feels, become counterproductive and unsustainable. By telling the story of his extraordinary life now, he hopes to act as a role model for potential givers. Atlantic Philanthropies is committed to ‘spend down’ its remaining assets over the next 10 years. By the time he dies, Chuck Feeney’s entire fortune will have been donated to good causes. “If one was cynical about the world, Chuck Feeney is the antidote.” O’Clery concludes. “He is an American original and a good man.”

UCC (University College Cork) News