The Columbia, Maryland-based Rouse Company Foundation and Enterprise Foundation, a public charity started by Rouse Company founder James Rouse, will continue to operate after the sale of the real estate giant Rouse Company, the Baltimore Sun reports.
In the sale of the Columbia-based real estate development company to a Chicago-based rival, the Rouse Company will give $20 million to its charitable foundation, said Anthony Deering, Rouse's chairman, president, and CEO. "That will quadruple the size of the Rouse Company Foundation and enable the Rouse Company Foundation to continue to support nonprofits in the region and the state that we've had a relationship with over the years," Deering said.
In addition, the Enterprise Foundation, started in 1982, is an independent organization with a national scope. F. Barton Harvey III, the Enterprise Foundation's chairman and CEO, indicated that the sale of Rouse Company didn't rattle the organization, mainly because it doesn't rely exclusively on Rouse. It typically receives about $90,000 to $100,000 a year from the Rouse Foundation — a small portion of the roughly $20 million a year it raises from donors, Harvey said.
"The Rouse Co. has been a generous donor to Enterprise," said Harvey, noting the company has donated $1 million since Enterprise was formed. Harvey credited Deering with taking the necessary steps to ensure that Rouse's presence in philanthropy will continue. "It's a nice move by Tony Deering that he did that," Harvey said.