Maurice Amado Foundation Timeline
Date
/Event
/December 1961 / Articles of Incorporation for the Maurice Amado Foundation are filed and the first meeting is held. Maurice Amado, Richard Amado, Milton Amado and Emanuel Rothman are appointed Directors. (Richard and Milton are Maurice’s nephews, sons of Maurice’s older brother, Raphael Amado. Mr. Rothman is an attorney.)
Maurice Amado is elected President, Richard Amado is Vice President, Milton Amado is Secretary-Treasurer, and Emanuel Rothman is Assistant Secretary.
1962 / The Maurice Amado Foundation makes its first grants, totaling $500.00.
1963-1967 / The four Directors meet twice yearly, either at the Foundation office or Maurice’s home. Total giving ranges from about $3000 to $7000 per year.
Grantees receiving the most support while Maurice is alive are the Sephardic Jewish Community and Brotherhood of Los Angeles (“the Temple”), the United Jewish Welfare Fund, the American Technion Society, and the California Arteriosclerosis Research Foundation.
1966 / The By-laws are revised to state that vacancies of Directors are to be filled only by persons nominated by the Board of Directors of the Temple. This provision is never implemented and is removed from the By-laws in 1969.
1967 / Emanual Rothman dies.
1968 / Maurice Amado dies.
Richard Amado presents a letter from Harriet Hamilton, Attorney for Mr. Maurice Amado, requesting that Harry Wyatt, Maurice’s good friend, be elected and / or appointed to fill the vacancy created by the death of Mr. Rothman. (Harry Wyatt, an attorney, was a neighbor of Maurice’s on Rodeo Drive in Beverly Hills, California.)
Richard Amado also suggests that the vacancy created by Maurice’s death be filled by Maurice’s niece, Lucy Amado Touriel.
Richard Amado is elected president, Lucy Touriel is Vice President, Milton Amado remains as Secretary-Treasurer, and Harry Wyatt is Assistant Secretary.
1969 / Directors resolve that the policy of the Foundation is to be of service and financial assistance to the Temple.
Directors revise the By-laws to state that Amado family members are to comprise at least 50% of the members and Directors of the Foundation. The definition for Amado family members is “competent adults and related by blood or marriage to Maurice Amado or Raphael Amado or to blood relatives of Maurice Amado or Raphael Amado.”
The By-laws revision also states that the authorized number of Foundation members cannot be decreased below four without a unanimous vote of the members.
Martin Webster is retained as legal counsel for the Foundation. He attends all Board meetings, prepares the meeting minutes and provides legal services to the Foundation as needed. Mr. Webster remains the Foundation’s legal counsel until 1998.
Seidman and Seidman, CPAs, are appointed accountants for the Foundation. Jack Nakell serves as the firm’s representative to the Foundation until 1986, when David Schwartz of the same firm becomes the Foundation’s account manager. Al Finci takes over the account when Mr. Schwartz leaves Seidman and Seidman in 1988. Al Finci has been the Foundation’s advisor since then.
1973 / Lionel D. Edie and Company is selected as the Foundation’s first investment advisors. This relationship is terminated in 1976.
The Foundation receives its first substantial distributions from the estate of Maurice Amado. The beginning value of the fund placed with Edie and Company is approximately $3,880,000.
1974 / The policy of compensating Directors for services rendered to the Foundation is adopted. This policy has continued to the present.
1975 / The Directors resolve that the Maurice Amado desired to provide for three areas through the Foundation:
1. The Sephardic Jewish Community and Brotherhood of Los Angeles
2. The State of Israel, but with some identification with Sephardism
3. Other charities, but preferably with a Sephardic orientation
In support of this policy the Foundation makes grants to the Sephardic Temple totalling $1.6 million during the period from 1975 to 1980. These grants are directed toward helping the congregation erect the sanctuary that it currently occupies on Wilshire Boulevard in Westwood, California.
The Directors also resolve that Maurice Amado desired the Foundation to exist and function in perpetuity, or come as close thereto as possible. Therefore, it should adopt the policy of giving exclusively from its income unless extraordinary circumstances or tax considerations justify invasion of its principal.
1976 / The Directors vote a grant of $500,000 to Cedars-Sinai Medical Center in Los Angeles, to endow a section of the third floor devoted to obstetrics and gynecology. The section is named the Amado Family Pavilion, in honor of Raphael and Esther Amado and Maurice and Rose Amado.
1979 / The firm of Harris Bretall and McEldowney is retained as the Foundation’s second investment advisors. Graeme Bretall serves as the firm’s representative to the Foundation, a role that has continued to the present. When Graeme takes over the Foundation’s portfolio, it is worth $4,500,000.
Lucy Touriel resigns as a Director of the Foundation due to ill health.
1980 / The three Directors, Richard Amado, Milton Amado and Harry Wyatt, vote to reduce the authorized number of Foundation members and Directors from four to three.
Harry Wyatt resigns as a Director of the Foundation due to his advanced age and to leave his place open for a younger person.
Lucy Touriel and Harry Wyatt are voted members emeritus for life.
Stella Amado Lavis is appointed a Director of the Foundation and elected Vice President.
1984 / Richard Amado dies.
Milton Amado and Stella Lavis appoint Regina Amado Tarica a Director of the Foundation. Stella Lavis is elected President and Regina Tarica is elected Vice President. Milton Amado remains Secretary / Treasurer.
Martin Webster is directed to prepare restated Articles of Incorporation and By-laws for the Foundation. Two categories of Directors are established: Original Directors (Milton Amado, Stella Lavis and Regina Tarica) and Lineal Descendant Directors (the eldest member of the next generation in each family line). The Lineal Descendant Directors are to come into effect when there are only two Original Directors remaining on the Board. The term of service of Lineal Descendant Directors is 5 years. These directors become eligible to serve when they are 21 years old.
The By-laws revision states that if there are no direct lineal descendants in a family line able or willing to serve, the remaining Foundation Directors are to unanimously elect a non-related successor director. This person is to be someone of stature in the community interested in the support of religious, charitable and / or educational institutions.
Until the five Lineal Descendant Directors come into effect, there shall be an Advisory Board consisting of five people, each representing a different family line. This board has no decision-making authority. Its members are to render advice to the Board of Directors about suitable grants. The term of service of members is 2 years. Members become eligible to serve when they are 21 years old.
The Board adopts a statement of purpose that says the Foundation will look with favor on potential grant recipients who are involved in the areas of religion, with special attention to Sephardism; Israeli institutions with a technical and / or Sephardic orientation; and educational efforts through scholarships or student loan programs.
Family line grants of up to $25,000 a year are authorized. These grants are to be made with prior approval of the Board of Directors.
1985 / Aaron Oliver, a business associate of Milton Amado, becomes a special consultant to the Foundation. He maintains the Foundation office, reviews financial statements, answers incoming mail, prepares a list of unsolicited requests received by the Foundation (the “Aaron Oliver” list), offers other assistance as needed, and attends Board meetings. Aaron remains in this role until the Foundation hires its first fulltime Executive Director in 1995.
The first meeting to which all Advisory Board members are invited is held at Milton and Bernice Amado’s home. Present at the meeting are Stella Lavis, Regina Tarica, Milton Amado, Bernice Amado, Ellen Amado, Ted Amado, Ralph A. Amado, Ralph D. Amado, Sam Tarica, Mark Tarica, Renee Kaplan, Victor Lavis and Elaine Lindheim.
As President, Stella Lavis describes the functions of the newly created Advisory Board and says that the Directors wish the younger generation to be aware of what the Foundation does so that at the time its members are called upon to serve on the Board there will be a smooth transition.
Milton Amado presents the Foundation’s financial report. It shows assets with a fair market value of over $11 million; spread 45% in stocks, 45% in bonds, and 10% in cash.
1986 / The three Directors, Milton Amado, Stella Lavis and Regina Tarica, vote to amend the By-laws to make the spouses of Original Directors members of the Board of Directors at such time as their respective spouses are no longer serving on the Board. Spouses who become Directors are to be considered an Original Director.
Milton Amado dies.
The first meeting with the newly constituted Board of Directors is held. Directors are Stella Lavis, Regina Tarica, Bernice Amado, Ralph A. Amado, Ralph D. Amado, Victor Lavis, Sam Tarica and Renee Kaplan. Stella Lavis remains President, Bernice Amado is Vice President and Secretary, Regina Tarica is Chief Financial Officer, and Sam Tarica is Assistant Secretary.
The Board creates several committees to handle Foundation business:
Ø The Investment Committee is given authority to make decisions on any investment matters that may require action between formal meetings of the Board, consulting other Directors to the extent possible.
Ø The Executive Committee is given authority to act in the place of the full Board of Directors as needed between regular Board meetings.
Ø The Grants Committee is given authority to approve smaller grants within guidelines and up to a total amount as established by the Board.
The Advisory Board, originally consisting of Mark Tarica, Elaine Lindheim, Ted Amado, Rick Amado, Ralph D. Amado’s older son, and Susan Malcolm, Renee Kaplan’s oldest child, is expanded to include additional persons that the President may wish to appoint. Ellen Amado, Stella’s husband Salvo, and Regina’s husband Morris are designated as additional Advisory Board members.
The Board learns from its financial advisor that the Foundation will be required to grant approximately $600,000 a year in order to avoid paying extra excise tax, with the anticipation that this granting amount will rise as the Foundation’s assets increase in value.
1987 / The Board adopts a two-day meeting format, with the first day conducted informally and without outside advisors present and the second day conducted formally with legal counsel and financial advisors present.
The Sephardic Education Committee is established to promote knowledge of the Sephardic heritage among school age children in North America.
The Directors vote a $1 million grant, payable over 10 years, to establish a building maintenance endowment fund for the Sephardic Temple. The Board also makes a challenge grant to retire the Temple’s mortgage.
The Directors vote a $1 million grant, payable over 10 years, to establish an endowment fund for the establishment and operation of an Alzheimer’s Disease Unit at the Jewish Homes for the Aging in Los Angeles.
1988 / The Board authorizes hiring a consultant to assist the Sephardic Education Committee in identifying activities and projects that will promote its objectives.
The Directors vote a $500,000 grant to establish the Maurice Amado Foundation Chair in Sephardic Studies at UCLA.
The Directors vote to require annual post-grant reporting from major grantees.
1989 / Dr. Tamar Frank is hired as a program consultant to the Sephardic Education Project. She remains in that role until 1995.
1992 / The Foundation’s asset base is in excess of $20 million for the first time. The Foundation must distribute approximately $872,000 to meet the minimum payout required by the IRS.
1995 / Joyce Miller is hired as the Foundation’s first fulltime Executive Director. She remains in this position until 1999.
Stella Lavis resigns as President of the Foundation, stating that she feels it is time for younger family members to take an active role in the Foundation’s operations. She thanks the Board for her many wonderful years as President.
Elaine Lindheim is elected President; the other officers remain the same. Regina Tarica is Vice President and Chief Financial Officer, Bernice Amado is Vice President and Secretary, and Sam Tarica is Vice President.
The Directors vote a $750,000 grant to name the LifeCycle Gallery at the Los Angeles Skirball Cultural Center.
1996 / In his report to the Board, Graeme Bretall notes that since his firm started managing the Foundation’s portfolio 17 years earlier, the portfolio has increased in value from approximately $4.5 million to approximately $24.5 million.
The “Other Grants Screening Committee” is established to review non-educational grant requests received by the Foundation.
1997 / The Board holds a retreat in Oxnard, California. Participants include the Foundation directors and advisors as well as several spouses and children of Board members. A consultant facilitates the session. Actions taken at the retreat include:
Ø Adoption of a new mission statement for the Foundation.
“The mission of the Maurice Amado Foundation is the perpetuation of Jewish values, emphasizing the importance of Sephardic heritage and culture as a part of Judaism.”
Ø Increase in family line grants to $50,000 per year.
Ø Allocation of up to $10,000 per family line per year to match grants made by family members 16 years and older (“Next Generation Matching Grants”).