Epic Founder and CEO Judy Faulkner signed a pledge to give away the majority of her money to charitable causes, Forbes reported Oct. 19.
Ms. Faulkner joined "The Giving Pledge," a commitment by some of the world's wealthiest individuals to donate the bulk of their fortunes to philanthropy. Through this pledge, Ms. Faulkner plans to donate 99% of her assets, which Forbes estimates to be $7.7 billion.
However, much of Ms. Faulkner's wealth is tied up in Epic stock, where she holds nearly half the company's shares. To prevent a large sell-off from destabilizing the company, she created a trust to oversee the gradual sale of her shares. Epic repurchases approximately $100 million worth of stock each year, which is then distributed to employees, while the proceeds are directed to her charitable foundation, Roots & Wings.
Launched in 2020, Roots & Wings is run by Ms. Faulkner's daughter, Shana Dall'Osto, and has quietly donated $200 million to 320 organizations over the past five years. The foundation operates on a model called trust-based philanthropy, which offers nonprofits unrestricted, multi-year grants with minimal reporting requirements, allowing them to pursue their own missions without strict oversight.
In 2020, Roots & Wings granted $15 million to 115 organizations. By 2024, Ms. Dall'Osto projects the foundation will donate $67 million to 305 organizations, with plans to increase that amount to $100 million annually by 2027.