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Leon and Toby Cooperman Family Foundation

Annual Giving
$18.9M
Grant Range
$2K - $100.0M

Leon and Toby Cooperman Family Foundation

Quick Stats

  • Annual Giving: $18,939,435 (2024)
  • Foundation Assets: Over $440 million
  • Number of Awards: 82 grants in 2024
  • Grant Range: $2,000 - $100,000,000 (varies widely based on cause and recipient)
  • Geographic Focus: Primarily New York and New Jersey, with emphasis on Essex County, NJ and New York City
  • Application Process: No public application process; invitation only

Contact Details

Address: Boca Raton, FL

Note: The foundation does not maintain a public website and does not provide public contact information for grant inquiries. The foundation does not accept unsolicited proposals.

Overview

The Leon and Toby Cooperman Family Foundation was established in 1981 by Leon G. Cooperman, founder and chairman of the hedge fund firm Omega Advisors, Inc. With over $440 million in assets and annual giving of approximately $19 million, the foundation focuses on education, healthcare, Jewish causes, and community development primarily in New York and New Jersey. Leon and Toby Cooperman signed The Giving Pledge in 2010, committing to give away at least half of their wealth to philanthropy. In their Giving Pledge letter, they referenced the Talmud: "A man's net worth is measured not by what he earns but rather what he gives away." The foundation maintains a very low public profile and operates through a discretionary, trustee-directed grantmaking approach rather than accepting public applications. In 2024, Leon Cooperman halted donations to Columbia University after contributing over $50 million historically, citing concerns about the institution's response to antisemitism, demonstrating his philosophy of treating philanthropy as an investment requiring periodic reassessment.

Funding Priorities

Grant Programs

The foundation does not have formal grant programs with published guidelines. Instead, it makes strategic grants to pre-selected organizations based on trustee discretion. Major recent grants include:

  • Healthcare Infrastructure: $100,000,000 to Saint Barnabas Medical Center (2021) - largest single gift, resulting in the facility being renamed Cooperman Barnabas Medical Center
  • Community Healthcare: $25,000,000 to Boca Raton Regional Hospital Foundation (2019) for campus reimagining
  • Special Needs Services: $13,300,000 to Jespy House in South Orange, NJ (2023) to establish the Cooperman Family Campus
  • Arts and Culture: $20,000,000 to New Jersey Performing Arts Center (2019)
  • Higher Education: $25,000,000 to Hunter College (2013) - $10 million for need-based scholarships, $15 million for library renovations
  • Higher Education: $25,000,000 to Columbia Business School (2012) for campus expansion
  • Social Services: $2,000,000 to Ruth and Norman Rales Jewish Family Services (2021) for the Toby and Leon Cooperman Therapy & Family Resource Center in Boca Raton
  • Children's Health: $5,000,000 pledge to Songs of Love (2023) for endowment campaign

Priority Areas

Education (Primary Focus):

  • Higher education institutions, particularly Hunter College (the Coopermans' alma mater) and Columbia Business School
  • Need-based scholarships for low-income students
  • Programs that support the American dream and upward mobility
  • K-12 education organizations including Harlem Children's Zone, Harlem Village Academies, Prep for Prep
  • Special education (ECLC school for learning disabled in Chatham, NJ)
  • The $50 million Cooperman College Scholars program helping 1,000 Essex County, NJ residents pursue higher education

Healthcare:

  • Major medical centers and hospitals
  • Healthcare infrastructure projects
  • Medical research institutions
  • Organizations serving people with special needs

Jewish Causes:

  • Jewish family services
  • Jewish community foundations
  • Jewish educational and cultural institutions

Arts and Culture:

  • Performing arts centers
  • Cultural institutions

Social Services:

  • Organizations serving vulnerable populations
  • Family resource centers
  • Youth development programs

What They Don't Fund

  • Organizations outside of New York and New Jersey (with rare exceptions for Florida where the Coopermans reside)
  • General operating support for organizations without demonstrated results
  • Organizations that do not align with the foundation's emphasis on outcomes and accountability
  • Institutions perceived to have ideological encumbrances or that fail to uphold core missions

Governance and Leadership

Founder and Primary Donor: Leon G. Cooperman - Founder and chairman of hedge fund firm Omega Advisors, Inc. A Horatio Alger Award recipient who grew up in the Bronx and attended Hunter College and Columbia Business School, Cooperman is a firm believer in the American dream and focuses his philanthropy on providing opportunities for others.

Co-Founder: Toby Cooperman - Leon's wife and partner in philanthropy

The foundation does not publicly disclose detailed information about its board of trustees or staff. The assets of the foundation are managed by a board of trustees, but specific names are not made publicly available.

Philanthropic Philosophy: Leon Cooperman has stated there are "four options for those with great wealth: consume your money, leave it to your kids, lose half to the government, or recycle it back to society." He has chosen the latter. In sharing advice from William Ward, Cooperman noted: "Before you die, give." He added: "I couldn't agree more." In their letter to Warren Buffett regarding The Giving Pledge, the Coopermans stated: "Toby and I feel it is our moral imperative to give others the opportunity to pursue the American dream by sharing our financial success."

Leon Cooperman serves on boards of other organizations including as a board member for the Damon Runyon Cancer Research Foundation, chairman emeritus of the Saint Barnabas Development Foundation, and member emeritus of the Board of Overseers of the Columbia University Graduate School of Business.

Application Process & Timeline

How to Apply

The Leon and Toby Cooperman Family Foundation does not have a public application process. The foundation has explicitly indicated it only makes contributions to preselected charitable organizations and does not accept unsolicited requests for funds.

Grants are awarded at the discretion of the trustees to organizations they have identified and selected. The foundation does not maintain a public website, does not provide contact information for grant inquiries, and maintains a very low public profile overall.

Decision Timeline

Not applicable - the foundation does not accept applications. Grants are awarded based on trustee discretion and proactive identification of causes and organizations that align with the foundation's priorities.

Success Rates

Not applicable given the invitation-only nature of grantmaking.

Reapplication Policy

Not applicable - there is no application process.

Application Success Factors

Since the Leon and Toby Cooperman Family Foundation does not accept unsolicited applications, the following insights relate to understanding what types of organizations and causes receive funding:

Organizations That Receive Funding Share These Characteristics:

  1. Demonstrated Outcomes and Accountability: Cooperman treats philanthropy as an investment requiring periodic reassessment and prioritizes outcomes over loyalty. His decision to halt funding to Columbia University after $50 million in contributions demonstrates he will cut support to institutions that fail to uphold core missions.

  2. Focus on the American Dream and Upward Mobility: Organizations that help low-income individuals pursue education and economic advancement align with Cooperman's personal story of rising from the Bronx to Wall Street. Programs like Cooperman College Scholars exemplify this priority.

  3. Strong Connection to New York/New Jersey: Geographic focus is almost exclusively on the tri-state area, particularly organizations in Essex County, NJ and New York City, though the foundation has made grants in Boca Raton, FL where the Coopermans reside.

  4. Personal Connection or Alma Mater Status: Hunter College and Columbia Business School, Cooperman's alma maters, have been consistent major beneficiaries. Organizations where Cooperman or family members serve on boards also receive support.

  5. Need-Based Focus: Preference for programs serving low-income populations and those who have exhausted other funding sources. Hunter College scholarship program specifically targets "gifted students who have exhausted all other sources of financial aid."

  6. Transformational Rather Than Incremental: Recent grants tend to be large, transformational gifts ($100M to Saint Barnabas, $25M to Hunter College, $25M to Boca Raton Regional Hospital) rather than smaller annual operating grants.

  7. Jewish Causes: Organizations serving the Jewish community, particularly in areas of family services, education, and community development.

Recent Funding Examples:

  • Saint Barnabas Medical Center received $100 million for facility naming and major support
  • Hunter College received $25 million for scholarships and library
  • Cooperman College Scholars receives ongoing support as a signature program serving Essex County students
  • Songs of Love received $5 million pledge for creating personalized songs for children with serious health conditions
  • Jespy House received $13.3 million to establish a campus for people with developmental disabilities

Key Takeaways for Grant Writers

  • No Public Application Process: This foundation cannot be approached through traditional grant applications. It operates exclusively through trustee discretion and invitation-only grantmaking.

  • Focus on Personal Connections: Organizations with existing relationships to the Cooperman family, their alma maters, or where they serve on boards are most likely to receive funding.

  • Geographic Limitations: Almost exclusively funds New York and New Jersey organizations, with some funding in Boca Raton, FL. Organizations outside these areas should not expect funding.

  • Outcomes-Driven Approach: The foundation expects measurable results and will discontinue funding to organizations that fail to deliver or that compromise their core missions, as evidenced by halting support to Columbia University.

  • Emphasis on Economic Mobility: Programs that help low-income individuals access education and pursue the American dream resonate with Cooperman's personal values and story.

  • Transformational Giving: Recent grants have tended toward large, transformational gifts rather than many small grants, suggesting the foundation prefers to make significant impact with fewer grantees.

  • Jewish Community Support: Organizations serving Jewish communities, particularly in family services and education, align with foundation priorities.

References

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