The headquarters building of the Lyndhurst Foundation is located at 517 Oak St. in downtown Chattanooga.The charitable foundation that led Chattanooga’s downtown revival will split apart at the end of the year.
The Lyndhurst Foundation, which pumped more than $100 million into local education, arts, environmental and community initiatives over the past decade, will spin off $50 million next year to help start smaller family foundations for each of five grandchildren of Lyndhurst founder and Coca-Cola magnate Thomas Cartter Lupton.
Lyndhurst at a glanceFounded: Started in 1938 by Coca-Cola bottling magnate Thomas Cartter Lupton as the Memorial Welfare FoundationName: Adopted the Lyndhurst name in 1977 in reference to the family home in RiverviewAssets: About $193 million in assets at the end of 20102011 gifts: About $15 million planned this yearSize: Lyndhurst is Chattanooga’s second largest foundation behind only the Maclellan Foundation, which was funded with money derived from Provident Life & Accident Insurance Co.Trustees: Five grandchildren of the founder, plus nonfamily members Nelson D. Campbell, an attorney, and Allen L. McCallie, an attorney and board chairman
Although most of the Lupton grandchildren no longer live in Chattanooga, the family foundation trustees agreed to keep most of Lyndhurst’s assets and focus on the city.
But most assets of Chattanooga’s second largest foundation – Maclellan Foundation with $354.6 million at the end of 2009 is No. 1 – will remain focused on Chattanooga and under the control of a new 10-member community board.