The William and Flora Hewlett Foundation stands to triple its $3 billion in assets as a result of the death at age 87 of Jan. 12 of William Hewlett, co-founder of Hewlett-Packard and of the foundation, The San Francisco Chronicle reported Jan. 14.
The foundation, based in Menlo Park, Calif., was founded in 1966 to benefit global well-being.
Funded mainly by Hewlett, the foundation last May had assets of more than $2.7 billion, at least $232 million of it in Hewlett-Packard stock.
Eventually, the foundation will hand out nearly half-a-billion dollars in grants every year, up from $120 million now, the Chronicle said.
In addition to funding the foundation, Hewlett has given millions to other causes. He and H-P co-founder David Packard together gave more than $300 million to Stanford University. And in 1974, he donated $70 million to establish the Public Policy Institute of California, a think-tank devoted to improving public policy in the state.
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