It would be difficult to find a better friend to the state of Minnesota than Glen Taylor, the self-made multibillionaire who grew up on a farm, built his businesses, raised his family, and still lives in the North Star State.
Mr. Taylor, 82, has been immensely generous through the years, using his fortune to support a variety of organizations and causes in the state.
Forbes estimates Mr. Taylor’s net worth at $2.9 billion, making him the richest person in Minnesota.
On Dec. 19, Mr. Taylor announced the launch of the Taylor Family Farms Foundation, the newest philanthropic initiative of his nonprofit, the Taylor Foundation. Mr. Taylor made an initial donation to the foundation of $172 million in farmland located in southern Minnesota and nearby in Iowa.
The venture will partner the Taylor Family Farms Foundation with three local nonprofit organizations, which will receive proceeds from the farmland. The groups will reinvest those proceeds locally in education, children and families, sustainable land stewardship, and other areas.
“The good people of this region have been crucial to my personal growth and success of my businesses,” said Mr. Taylor in a statement issued by the Taylor Foundation. “It brings me such joy to be in the position where I can give back some of what I received.”
The nonprofits partnering with Taylor Family Farms Foundation are the Mankato Area Foundation (MAF), the Saint Paul and Minnesota Foundation (SPMF), and the Southern Minnesota Initiative Foundation (SMIF).
Mr. Taylor said that he selected the foundations “because of their regional expertise and their shared focus on creating vibrant communities.”
The land that Mr. Taylor gifted to the foundation generates revenue in the form of rent from the farmers who will use the properties.
The foundation will have a board of five members—one representative from each of the partner foundations, and two members appointed by the Taylor family—that will make decisions on how the money, in the form of grants, will be invested in the area.
The foundation is expected to award its first grant in late 2024.
“What is exciting about the Taylor Family Farms Foundation is that is an entrepreneurial approach to giving,” said Jeremy Wells, Senior Vice President of Philanthropic Services for the Saint Paul & Minnesota Foundation, in a conversation with The Epoch Times.
SPMF is one of the largest philanthropic organizations in the upper Midwest.
“Glen Taylor has thought through what the assets he holds [are] and how best to use them to make a more transformative impact in the communities I care about,“ said Mr. Wells. ”Most people give, and most nonprofits ask for, cash because it is the easiest way to give and to receive. But less than 10 percent of wealth in the United States is held in the form of cash; most real wealth is held in non-cash assets.”
Mr. Wells, in his position with SPMF, oversees 2,300 charitable funds.
“As I said, this is an entrepreneurial approach to giving, and I think what Glen is doing with this farmland is hopefully just the tip of the iceberg in terms of what he and his family might do and what others might do to follow suit,” said Mr. Wells. “Because there is immense wealth in this country we live, but there is also deep need in the communities, and to be able to marry those two together will be the work of the Taylor Family Farms Foundation.”
Mr. Wells said that SPMF is “privileged” to be part of the Taylor Family Farms venture.
Nancy Zallek, president and CEO of the Mankato Area Foundation, said in a statement issued by the Taylor Foundation that she was “honored and somewhat awestruck” when she received a call from Glen Taylor and was informed that he wanted MAF to be a key part of his newest philanthropic effort.
“When an individual achieves the level of success that Glen has, planning for their charitable legacy is complex but also incredibly personal,” said Ms. Zallek. “I am aware Glen has been carefully crafting his philanthropic plan for several years.”
Ms. Zallek added: “Collaborating with Glen and his team has revealed a transformational strategy that will leave a lasting impact on our region—now and into the future.”
The Southern Minnesota Initiative Foundation (SMIF) brings to the table specific experience and expertise in agricultural land operations and management.
“This foundation is another example of the appreciation that Glen Taylor has for the region in which he grew up and the bold concepts he develops to give back,” said Tim Penny, president and CEO of SMIF, in a conversation with The Epoch Times. “I have known Glen for more than 40 years; in fact, like Glen, I grew up on a nearby farm.
A Business, Political, and Civil Force
The primary source of Glen Taylor’s financial wealth is the Taylor Corporation, the business he founded and owns. One of the largest graphic communications companies in the United States, it employs about 10,000 people.Mr. Taylor also owns thousands of acres of farmland in Minnesota. In addition, he owns Rembrandt Enterprises, which is headquartered in Rembrandt, Iowa, and is among the largest egg-producing companies in the world.
And, like many billionaires, Glen Taylor owns a professional sports franchise and a media outlet.
Mr. Taylor actually has ownership stakes in three sports teams: he is the majority owner of the NBA’s Minnesota Timberwolves and WNBA’s Minnesota Lynx professional basketball teams; he is a part owner of the Minnesota United FC soccer team.
Mr. Taylor owns The Star Tribune, the largest newspaper in Minnesota.
A Republican, Mr. Taylor has long been a political force in Minnesota. He served in the Minnesota state senate from 1981 through 1990 and considered a run a run for governor of Minnesota in the 1990 election.
From 2016 through 2020, Mr. Taylor gave $119,100 to GOP candidates and causes.
