Taylor donates $172 million in assets for fund reinvesting into rural southern Minnesota, Iowa
Glen Taylor, board chair of the Taylor Corporation announced Tuesday the start of a new charitable legacy plan that will fund philanthropic activities for decades to come.
Taylor is gifting assets valued at $172 million with the goal of supporting people in southern Minnesota and rural communities across the state and Iowa. The assets are parcels of farmland located in Minnesota and Iowa donated through the Taylor Foundation.
Glen Taylor, owner of the Star Tribune, is also the father of Jean Taylor, president and CEO of American Public Media Group — the parent company of Minnesota Public Radio, said he wanted to give back to the community.
“The good people of this region have been crucial to my personal growth and success of my businesses,” he said. “It brings me such joy to be in a position where I can give back some of what I have received.”
Create a More Connected Minnesota
MPR News is your trusted resource for the news you need. With your support, MPR News brings accessible, courageous journalism and authentic conversation to everyone - free of paywalls and barriers. Your gift makes a difference.
These parcels will be donated before the end of 2023. The first disbursement of proceeds to three partnering nonprofits — Mankato Area Foundation, Southern Minnesota Initiative Foundation and Saint Paul and Minnesota Foundation — is expected sometime in late 2024.
It is the first phase of a larger plan to help fund philanthropic initiatives related to childhood education, rural community revitalization, environmental sustainability and family social well-being.
“I think it’s just kind of a basic human nature that I wish more people would have that is the acknowledgement that you don’t do everything yourself to gain wealth,” Taylor said. “A lot of people have helped you and communities have helped you. So it’s just a matter of giving back. I don’t think it’s much more complicated than that. The Lord has given me fruits and I want to share them with other people.”
This is the largest donation given so far by Taylor. Income generated by the farmland will be distributed to the three partner foundations for continuous reinvestment into southern Minnesota. That is where Taylor grew up, raised his family, built businesses and employed thousands of people.
Mankato Area Foundation President and CEO Nancy Zallek called the investment historic.
“Collaborating with Glen and his team has revealed a transformational strategy that will leave a lasting impact on our region,” Zallek said. “Now and into the future.”
Southern Minnesota Initiative Foundation will also help offer expertise in managing agricultural operations and lend south central and southeastern Minnesota to the philanthropic vision.
“I’ve known Glen for a long time, and it doesn’t surprise me that he has designed a bold concept to support the area he cares about so deeply,” said Tim Penny, president and CEO of the Southern Minnesota Initiative Foundation.
The St. Paul and Minnesota Foundation also has a long history of working with statewide partners to help support communities and is the largest community foundation in Minnesota.
“We are grateful to have the opportunity to work alongside our foundation partners in realizing Glen’s vision for southern Minnesota,” said Dr. Eric Jolly, President and CEO of Saint Paul and Minnesota Foundation. “What’s more, his bold and entrepreneurial approach to philanthropy provides a blueprint that will undoubtedly inspire the generosity of others.”