December 18, 2014 4:06 AM ET

Diversified Financial Services

Company Overview of Koret Foundation

Company Overview

Koret Foundation is a not-for-profit foundation with over $315 million assets under management. The foundation primarily focuses on community development, education, public policy, arts and culture, and youth. It serves the San Francisco Bay Area and Israel. The foundation is based in San Francisco, California.

33 New Montgomery Street

Suite 1090

San Francisco, CA 94105-4526

United States

Founded in 1966

Phone:

415-882-7740

Fax:

415-882-7775

Key Executives for Koret Foundation

President and Director
Director of Finance and Administration
Compensation as of Fiscal Year 2014.

Koret Foundation Key Developments

Joseph Koret Files Suit Against Koret Foundation

The widow of Koret Foundation founder Joseph Koret has filed suit against Koret Foundation Board President Tad Taube, accusing him and the Foundation's Board of Directors of conflicts of interest in funding pet projects that include conservative causes in the United States and charities in his native country of Poland. The suit filed October 7, 2014 in San Francisco Superior Court by Mrs. Koret alleges that under Taube's direction the board has ignored the priorities established by her late husband to help the poor and assist Jewish causes in the Bay Area and Israel. Instead, her suit claims, the Koret board is using foundation funds to promote programs closely affiliated with individual board members and is purposely confusing the public by putting signage that prominently features Taube's name alongside the Koret Foundation name on buildings and grants for which the Koret Foundation is the principal funder. "Defendants' duty of loyalty to the Foundation has been corrupted by these directors' close affiliations with many of the Foundation's recent grants, resulting in tens of millions of dollars distributed due to self-interest," according to the lawsuit. The suit demands the removal of board members Tad Taube and his longtime legal counsel Richard L. Greene of Greene Radovsky Maloney Share & Hennigh LLP; board member Anita Friedman, director of Jewish Family and Children's Services; board member Richard Atkinson, former president of the University of California; board member Michael J. Boskin, Senior Fellow at the Hoover Institution; and board member Abraham D. Sofaer, Senior Fellow at the Hoover Institution. The suit calls for their replacement with the appointment of an independent board with a majority of Jewish directors.

Tad Taube Decides Not to Stand for Reelection as President of Koret Foundatio

Koret Foundation reported that President Tad Taube recently announced he does not intend to stand for reelection as President at the Foundation's annual organization meeting in June. Taube, 82, indicated he intends to remain as a member of the eight-member board and will stay on as President until his successor is named and installed. The process of naming a new president will commence shortly and will likely lead to the selection of a present member of the Foundation's highly talented Board of Directors.

Koret Foundation Announces Promotion of Tina Frank as Vice President and Chief Operating Officer

Koret Foundation announced that the Board of Directors has promoted Tina Frank, Director of Grant Operations to Vice President and Chief Operating Officer. As Vice President and COO, she is responsible for planning, organizing, and staffing all grant making functions. Before joining Koret, Ms. Frank worked for California First Lady Maria Shriver for seven years as her Program Director.

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