Susan and Michael Dell speak at The Dell Perspective: The Future of Philanthropy in Menlo Park,... [+]
Michael Dell is committing an additional $1 billion to the endowment of his Michael & Susan Dell Foundation, the nonprofit announced Thursday.
"We want to accelerate the impact that the foundation is having," Dell said during an online broadcast Thursday, discussing the both the donation as well as new research published by the Dell Foundation entitled, "A Philanthropist's Guide to the Future."
The funding will go toward the financial support of causes like social entrepreneurship in India, college success for low-income students in the U.S. and South Africa, and data-driven education across the regions, Dell's wife Susan, who joined him during the talk, said.
According to a foundation spokesperson, the $1 billion contribution to the endowment has already been made and was done in one installment.
Founded nearly 20 years ago, the Dell Foundation has focused its philanthropy on issues children and families in poverty face in both Central Texas, where Dell lives, as well as in other parts of the U.S., India and South Africa. According to the foundation's most recently filed 990 form from 2015, it has more than $761 million in assets. And according to the foundation website, it has committed $1.32 billion to social enterprises and nonprofits specializing in areas such as urban education and family economic stability since 1999.
The report on the future of philanthropy, which was put together by communications and research firm United Minds, highlighted the importance of shifting the focus of philanthropy away from just donating funds and rather to "one that focuses on competence."
“Through our work over nearly two decades, we have witnessed several profound shifts in the way that philanthropists and social impact pioneers are working together to make an impact,” Dell said in a press release. “Looking to the future, we see even more opportunity to make a difference.”
With an estimated net worth of $20.9 billion, Dell is the 39th richest person in the world according to the FORBES Real-Time Billionaire Rankings. In September 2016 he closed the approximately $60 billion merger between storage giant
Update May 15, 2017: An earlier version of this post stated that the $1 billion pledge would likely be given to the Michael and Susan Dell Foundation over a number of years. A spokesperson for the foundation later responded to FORBES and explained that the Dells have already given the $1 billion to the foundation. The post has been updated to reflect this new information.
