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New digs – Incubator in works

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The Communities Foundation of Texas will have a new home, thanks to a $34 million gift from a prominent Dallas family, the Dallas Morning News reported Nov. 17.

The Caruth family’s bequest includes the family homestead, eight acres of land, building and design funds and money for charitable gifts.

The foundation has agreed to indefinitely maintain the homestead, where one member of the family lives.

Groundbreaking for the foundation’s new building, which will house foundation offices and meeting rooms, is scheduled for next spring.

The remaining space will serve as a “philanthropic incubator” that will house other charitable groups.  

The foundation, which manages charitable funds for donors, reported $700 million in assets and approximately $42 million in grants during the 1999-2000 fiscal year.

For full story, go to the Dallas Morning News.

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