Founded in 1969 through the merger of the Avalon Foundation and Old Dominion Foundation, it was created by philanthropists Paul Mellon and Ailsa Mellon Bruce. The foundation began with approximately $273 million in assets and has since grown into a multibillion-dollar philanthropic institution supporting higher education, museums, libraries, arts organizations, and humanities research. Headquartered in New York City, the foundation remains a major funder of cultural preservation, social justice arts initiatives, and academic scholarship.
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