5/2/2023 0 Comments Smalland case for transparency![]() ![]() How does GlassPockets define Foundation transparency and accountability? ![]() Among them was his belief that, “The foundation should have glass pockets,” so that anyone could easily look inside foundations and understand their value to society, thereby inspiring confidence rather than suspicion. During his many hours of testimony, Leffingwell uttered numerous insightful and forward-thinking statements. One of the foundation leaders called to testify was Russell Leffingwell, a banker by trade, who served as board chair of the Carnegie Corporation. As the inquisition fervor grew, foundation leaders who were called to testify realized that as foundation wealth and influence grew, so did the need for better information about this growing field. With this rapid expansion in the numbers of foundations in the 1940s and 1950s, there were also growing concerns among the leaders of the older and established foundations that some new foundations did not understand the need for openness. This period also marked a time of rapid growth in the number of foundations and the dollars they represented: from 505 foundations holding an estimated $1.8 billion in assets in 1944 to more than 1,000 foundations in 1950 holding over $2.5 billion in assets. The investigations spanned two congressional commissions, first the Cox Commission hearings in 1952, followed by another congressional investigation by the Reece Commission in 1953-1954. The name GlassPockets is derived from congressional hearings held during the mid-1950s, when foundation leaders found themselves in the uncomfortable position of being brought in for questioning as part of McCarthy-era inquisitions. Where does the name “GlassPockets” come from?
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