Walter and Karla Goldschmidt Foundation

Quick Stats

Annual Giving: $2,817,975 (2024)
Number of Grants: 114 (2024)
Average Grant Size: ~$24,700
Median Grant Size: ~$2,500
Assets: $35.5 million (2024)
Geographic Focus: Chicago metropolitan area, with some giving in California and Washington
Foundation Type: Private family foundation

Contact Details

Address: 465 Lakeside Terrace, Glencoe, IL 60022

Note: The foundation does not maintain a public website or published contact information for grant applications.

Overview

The Walter and Karla Goldschmidt Foundation was established in 1974 and received tax-exempt status in January 1975. Named for Walter Goldschmidt (1922-2007) and his wife Karla, the foundation represents the philanthropic legacy of a Chicago family with deep roots in business and community service. Walter Goldschmidt was a pioneering figure in financial futures trading, serving as a director of the Chicago Board of Trade from 1971 to 1976, and helped establish ContiCommodity Services in the early 1970s.

With assets of $35.5 million and annual giving approaching $3 million, the foundation operates as a private family foundation led by Walter and Karla's daughter, Susan Goldschmidt, who has served as President since 1991. The foundation makes grants primarily in the Chicago metropolitan area, with additional support for organizations in California and Washington. While the foundation does not accept unsolicited applications, it has established several notable ongoing programs, including the SABEW Goldschmidt Fellowships for business journalists and support for educational institutions such as Washington University in St. Louis.

Funding Priorities

Known Grant Programs

SABEW Goldschmidt Fellowships: Multi-year funding supporting business journalists through advanced data workshops in Washington, D.C. and at the Federal Reserve Bank of St. Louis. The program, now in its eleventh year, provides intensive five-day programs where journalists interact with governmental and non-governmental agencies that produce economic data. Fellows must be active SABEW (Society for Advancing Business Editing and Writing) members.

Washington University Libraries Internship Program: A multi-year grant (2024-2026) funding paid student internships at WashU Libraries, supporting nine to eleven interns annually across seven internship opportunities.

Priority Areas

Based on known grant recipients and the foundation's documented activities, priority areas include:

Education: Support for educational institutions, libraries, and student development programs
Journalism: Professional development for business and economic journalists
Historic Preservation: Including digitization and preservation of historical materials (such as Walter Goldschmidt's WWII letters)
Youth Services: Organizations providing guidance and support for young people, including those in the juvenile justice system

Geographic Distribution

Primary focus: Chicago metropolitan area and Illinois
Secondary focus: California and Washington state
Additional support: Select national organizations aligned with foundation priorities

Governance and Leadership

The foundation is led by a small board of trustees who serve without compensation:

Susan Goldschmidt - President, Secretary, and Director. Susan has led the foundation since 1991 and is one of three children of Walter and Karla Goldschmidt. Her siblings include Jim Goldschmidt (also a director) and the late Jane Deal.

Miles Taub - Vice President, Treasurer, and Director

James Goldschmidt - Director

The foundation operates as a family-controlled entity with all trustees serving without salary, consistent with its structure as a private family foundation.

Application Process & Timeline

How to Apply

This foundation does not have a public application process. The Walter and Karla Goldschmidt Foundation operates as a private family foundation where grants are awarded at the discretion of the board of trustees. The foundation does not accept unsolicited applications or maintain a public grants program.

Grants are typically awarded to:

Organizations with established relationships with the foundation or its trustees
Institutions and programs identified proactively by the board
Multi-year commitments to specific programs aligned with family interests

Decision Timeline

Not applicable - the foundation does not operate on an open application cycle. Grant decisions are made at the discretion of the board of trustees throughout the year.

Success Rates

Not applicable for unsolicited applications, as the foundation does not accept them.

Application Success Factors

Since the foundation does not accept unsolicited applications, the following factors appear to characterize successful grant relationships based on known recipients:

Established Institutional Credibility: The foundation supports well-established organizations and institutions, including national professional associations (SABEW) and major universities (Washington University in St. Louis).

Multi-Year Program Support: Rather than one-time grants, the foundation demonstrates a preference for sustained support of specific programs, such as the eleven-year commitment to the Goldschmidt Fellowships and the three-year Washington University internship program.

Professional Development Focus: The foundation shows particular interest in programs that develop professionals and students, including business journalists and library science students.

Chicago and Midwest Connections: While the foundation supports some organizations outside Illinois, there is a clear emphasis on Chicago-area nonprofits and organizations with connections to the family's history and interests.

Educational and Cultural Preservation: Programs that combine education with preservation of history and culture (such as the digitization of Walter Goldschmidt's WWII letters) align with documented foundation interests.

Key Takeaways for Grant Writers

No public application process: This foundation does not accept unsolicited grant applications and operates through trustee discretion
Relationship-based grantmaking: Grants appear to flow from established relationships with trustees or proactive identification by the board
Multi-year commitments preferred: The foundation's known programs involve sustained support over multiple years rather than one-time awards
Geographic focus on Chicago: While some grants go outside Illinois, the Chicago metropolitan area receives the majority of support
Wide grant size range: With an average grant of ~$24,700 but a median of ~$2,500, the foundation makes both small and substantial awards
Education and professional development emphasis: Known programs focus heavily on developing students and professionals
Family legacy continues: Now in its second generation of leadership under Susan Goldschmidt, the foundation maintains the family's philanthropic interests

References

Information accessed December 2024