Tom Golisano believes that “the only wealth you can keep is what you give.”
The 83-year-old billionaire founder of Paychex, an HR, payroll and benefits provider, express the feeling on Tuesday at an event at Artis-Napoli, a museum in Naples, Florida.
“This year I decided to act on that saying,” said Golisano, per Barron's. He announced at the event that he would make 41 donations ranging from $150,000 to $10 million to nonprofit organizations in Southwest Florida. Philanthropic gifts total $85 million and are unrestricted, meaning each organization can decide how best to use the funds. Each amount will be gradually paid to each nonprofit over the next four to five years.
“I hope this windfall will help them expand their impact and strengthen their organizations so they can expand their services and those they serve,” Golisano said.
Tom Golisano. Photo by Bobby Bank/Getty Images
of the largest donations Golisano was made at Golisano Children's Hospital of Southwest Florida ($10 million), Ave Maria University ($10 million), Naples Comprehensive Health ($5 million), Guadalupe Center ($3 million) and Easterseals Southwest Florida ($5 million dollars).
Golisano divided $10 million among 20 animal welfare nonprofits, with $1.5 million each going to the Cape Coral Animal Shelter, the Gulf Coast Humane Society and SNIP Collier.
His donations also went to organizations that address community needs, intellectual and developmental disabilities, and health care.
Golisano's total donations this year total $500 million so far, while his lifetime philanthropic contributions now total more than $860 million.
Golisano is worth $5.6 billion, according to Forbes Ratings. He founded Paychex in 1971 with $3,000 in seed capital; the company had one market capitalization over $50 billion at the time of writing.