Dennis M. Jones Family Foundation
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| Formation | 2000 |
|---|---|
| Legal status | foundation |
| Purpose | education |
| Headquarters | St. Louis, Missouri |
Main organ | Trustees |
The Dennis M Jones Family Foundation is a St. Louis, Missouri-based foundation that provides scholarships to underprivileged students.
The foundation was formed in 2000 after the founder of Jones Pharma, Inc., Dennis Jones, merged the company into King Pharmaceuticals. The foundation was funded with 1,000,000 shares of King and converted into cash through the public sale of the shares at $52 per share.[1]
The foundation trustees are Dennis M.and Judith A Jones, J. Denise Jones Franz and Dennis M. Jones, Jr.
The purpose of the foundation is to promote the growth and education of underprivileged children mainly through scholarships. The largest donation to date was $2,000,000 for the creation of The Junior Achievement Free Enterprise center in Chesterfield in 2005.
In 2014, a Wall Street Journal column cited Jones as being pleased that his $34 million build of the motor yacht D'Natalin IV, positively effected the lives of 200 new workers at Christiansen Yachts. The craftsmen who were hired to build the yacht are still employed today, parlaying Jones' vote of confidence into new projects.
2014 also marked a year where the cumulative distributions from Jones' foundation totaled $34 million. While still believing in the concept of the Christian tithe, which supports traditional non-profit causes, Jones believes that responsible consumption, sharing his good fortune with others is an equally, perhaps quicker method of wealth distribution. Proof of this is that the workers at Christiansen Yachts plan to solicit their next $34 million transaction from others. [2]
References
- St. Louis Business Journal: He’s a multimillionaire who never went to college, yet within 20 years built Jones Pharma into a business that was acquired for $3.4 billion [1]
- New York Times: Seeing a Supersize Yacht as a Job Engine, Not a Self-Indulgence [2]
- Wall Street Journal: Vonnegut: When It's Time to Discuss Charity [3]
- St. Louis Post Dispatch: Ladue Mansion on the Market for $10.75M [4]
External links
- Dennis M. Jones Family Foundation listing at Foundation Finder