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Financial Post/Canoe: Red Hat donor sets charity example

Apr 26, 2000, 12:59 (1 Talkback[s])
(Other stories by Rod McQueen)

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"The announcement last week that Joyce Young, a woman whom few had ever heard about before, gave $40-million to the Hamilton Community Foundation should shame wealthy Canadians into taking similar action."

"When her entrepreneurial nephew, Robert Young, sought start-up money Mrs. Young contributed to the launch of Red Hat Inc., a software company based in Durham, North Carolina. In turn, he gave her shares in Red Hat when it went public last summer. After prices skyrocketed, she donated those 400,000 shares to the Hamilton, Ont. foundation. 'It was frightening to be able to make so much money when there are people who are hungry, and others in line for cancer treatment,' she said."

"All of the other recent large donations by individual Canadians and corporations pale by comparison to Mrs. Young's unselfish largesse. Peter Munk, chairman of Barrick Gold Corp., gave $6-million and had a cardiac centre named after him at Toronto Hospital. Joe Rotman, chief executive of Clairvest Group Inc., and Seymour Schulich, chair and chief executive of Franco-Nevada Mining Corp. Ltd., each donated about $15-million and in return had business schools named in their honour at University of Toronto and York University respectively. These are sizeable sums, to be sure, but they are no match for Mrs. Young's gift. She gave away everything she had as soon as that money came into her hands. "

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