From Powerball Winner to Philanthropist: A Conversation with The Roy Cockrum Foundation

You might say that we’re lucky here at Foundation Source—after all, we get to partner with philanthropists who want to make the world a better place through their private foundations. And luck was certainly on the side of Roy Cockrum when he won a $259 million Powerball jackpot in 2014. Once a struggling actor and former monk, Roy decided to channel his good fortune into setting up a private foundation through Foundation Source to pursue his passion for supporting nonprofit theater. Giving away $25 million to 39 American theaters so far, his generosity stands out as nonprofit theaters across the country continue to struggle with rising costs, decreasing audiences and subscribers, and less support from corporate philanthropy.

In this edition of our Foundation Friday series, we caught up with The Roy Cockrum Foundation, which is focused on helping nonprofit theaters in the U.S. create bold, world-class performing arts projects—even without the means to generate large sums of money or draw big audiences.

About Your Philanthropy

Can you tell us about a time when you were able to see the impact of your giving?

As it has been noted in a few of the recent articles about the Foundation, at a time when many nonprofit theaters are trying to save money by mounting shows that require only one or two actors, the Foundation gravitates toward large productions. Large casts and ambitious productions mean lots of artists working. Seeing a host of actors appear on stage for a curtain call is a tangible way to appreciate the impact of our grants. And when we attend an opening night and the actors have a chance to meet Roy in person, their appreciation is always palpable.

Working with Foundation Source

How does Foundation Source help you achieve your goals?

In creating the Foundation from a lottery win, it was critical that Roy and his team rely on trusted, expert advisors – and that was identified in Foundation Source. As the Chronicle of Philanthropy article mentioned, there are so many pitfalls that can come from inexperience. The expertise at Foundation Source helped this young Foundation begin operations very quickly, and to continue operating smoothly throughout its first decade.

Can you tell us a little about your experience working with the Foundation Source team?

Having the expertise of our Private Client Advisor just a phone call or email away has been invaluable. From understanding the tax implications of our grantmaking, to devising our own internal board policies, to navigating transitions and planning for the future, the staff at Foundation Source have been knowledgeable, responsive, and supportive of our needs. Foundation Source has become an important voice in the Foundation’s ongoing dialogue about current and future best practices.

We are proud to support the work of The Roy Cockrum Foundation and thank them for sharing their story!

Have a Foundation Source story you’d like to share?

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