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The Bay & Paul Foundations
The Bay & Paul Foundations took its current form in 2005 through the merger of The Bay Foundation, originally established in 1950, and the Josephine Bay Paul...
The Bay & Paul Foundations
The Bay & Paul Foundations took its current form in 2005 through the merger of The Bay Foundation, originally established in 1950, and the Josephine Bay Paul and C. Michael Paul Foundation, created in 1962. The underlying wealth traces to Josephine Perfect Bay and her husband C. Michael Paul, born Paul Michael Iogolevitch, whose fortune derived from petroleum. David Bury serves as Chairman, and Marilyn Resnick chairs the Board of Directors, stewarding what the foundation describes as a dual mandate in pre-collegiate educational restructuring and sustaining earth's biodiversity. The foundation's grantmaking is structurally bifurcated. K-12 math, science, and arts-in-education grants are restricted to the New York, NY metropolitan area. Biodiversity and ecological sustainability grants operate on a broader geographic canvas, reflecting the foundation's historical commitment to conservation. The endowment's investment strategy, while not publicly detailed, tags across late-stage venture capital allocations. The foundation also holds a commercial real asset in the form of The Cole Center, a visitor center in Catskill, NY. The Bay & Paul Foundations supported the launch of the Sustainable Indigenous Finance investor guide through its membership in the US Sustainable Investment Forum. The foundation maintains a deliberately lean operational footprint from its Wilmington, Delaware headquarters. Public records place the endowment's assets at approximately $20 million, positioning it as a smaller institutional allocator compared to major private foundations but one with a defined and enduring programmatic focus. The foundation's network includes collaborator David 'Tiger' Williams, founder of Williams Trading, and Caroline Williams, both noted as philanthropic partners. The foundation also sponsors the Vermont Directory of Foundations, signaling engagement with regional philanthropic infrastructure. Structurally, the foundation departs from the perpetual-endowment model by concentrating its educational funding in a single metropolitan area, creating a dense, place-based grantmaking footprint rare among national foundations. Its origin—a mid-2000s merger of two mid-century foundations seeded by a single petroleum fortune—creates a consolidated vehicle with a narrower aperture than its predecessor entities, now focused on a small number of program areas rather than general charitable giving.
General information
Firm type
Endowment / Foundation
Year founded
2005
Location
Region
North America
Country
United States
City
Wilmington
Corporate office
Wilmington, DE, United States
Principals
David Bury
Chairman
Marilyn Resnick
Chair of the Board of Directors
Marianne Lockwood
Arts Advisor and Director
Sector focus
Frequently asked questions
What is the relationship between The Bay & Paul Foundations and the original Bay Foundation?
The Bay & Paul Foundations is the 2005 merger of two predecessors: The Bay Foundation, established in 1950, and the Josephine Bay Paul and C. Michael Paul Foundation, formed in 1962. The combined entity continues the grantmaking legacy of both, operating under a single board and unified investment pool. David Bury, a descendant of the founding Bay family, chairs the merged foundation.
Where does the foundation's wealth originate?
The foundation's endowment derives from the personal fortune of Josephine Perfect Bay and C. Michael Paul, built in the petroleum industry. C. Michael Paul's birth name was Paul Michael Iogolevitch; the couple's combined wealth funded the original foundations that later merged. The exact composition of the current endowment is not publicly disclosed.
What geographic areas does The Bay & Paul Foundations focus on?
The foundation's K-12 educational grantmaking is explicitly limited to the New York, NY metropolitan area, a restriction that applies to both its math and science initiatives and its arts-in-education programs. Its biodiversity and ecosystem conservation grants, however, are not geographically restricted and support work globally.
Does The Bay & Paul Foundations accept unsolicited grant proposals?
The foundation's website does not indicate an open application process. Given its small, family-linked board structure and concentrated program areas, grantmaking is likely directed at pre-identified organizations, a common posture for private foundations of this scale. Direct inquiry through official channels is the recommended approach for prospective grantees.
Who makes grantmaking decisions at The Bay & Paul Foundations?
David Bury, as Chairman, and Marilyn Resnick, as Chair of the Board of Directors, are the senior decision-makers. Arts Advisor and Director Marianne Lockwood brings family-member perspective and arts-program expertise to the board. The foundation's small board suggests grant approval rests with this core group rather than a larger committee structure.
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