Mayor Bloomberg figures it’ll take about 15 years to donate his billions to charity.
In a filing yesterday with the IRS, the mayor’s philanthropic foundation reported it had assets of $2.7 billion at the end of 2010 and would go out of business on Dec. 21, 2026, or five years after the death of the mayor or his daughters, Emma and Georgina, whichever came later.
Asked if that date had particular significance, spokesman Mike Marinello would only say, “That was the date picked by the mayor.”
Just in case he changes his mind, the mayor has “the absolute discretion at any time” to either extend the date or shut down earlier.
Bloomberg added $351.5 million last year to the foundation, which distributed $108 million to charities.
Separate from the foundation, Bloomberg gave away another $191 million to charitable groups. Most of the beneficiaries were groups involved in the arts, education, environment, public health and government innovation.