J. S. McLean
The McLean Foundation was established in 1945 by the late Mr. J. S. McLean with an initial gift of $505,400. Mr. McLean made additional gifts from time to time until his death on September 1st, 1954. These gifts, augmented by a bequest under his will, totalled $1,301,000.
Mr. and Mrs. J.S. McLean were avid supporters and collectors of the arts, most notably works of the Group of Seven and other Canadian artists, such as Tom Thompson, David Milne and Emily Carr. The directors of the Foundation have chosen to feature on the website an Emily Carr painting, Red Tree, c. 1938, which was a gift to the Art Gallery of Ontario from the J.S. McLean Collection, by Canada Packers Inc., in 1990. This represents a culmination of Mr. and Mrs. J.S. McLean’s interests in conservation of the Canadian environment, and as well their interest in the arts.
Mrs. J. S. McLean also made gifts and bequests to the Foundation, to a total value of approximately $450,000. Mr. and Mrs. McLean’s children, Mr. William F. McLean and Mrs. Mary F. Stewart, made bequests to the Foundation in their wills in 2001 and 2009 respectively.
The net assets of the Foundation have now grown to $56,017,654 based on market values at December 31, 2017.
The investment policy followed by the Foundation represents an attempt to steer a middle course between fixed income investments, which offer the highest immediate income but little protection against inflation, and common stocks, which generally yield a relatively low immediate dividend but which show promise of dividend growth and appreciation in value. By this means, the Directors hope to provide substantial income available for current disbursement, with a reasonable prospect that income in future years may grow sufficiently to permit meaningful contributions in line with the increasing needs of recipient organizations.
In the 73 years of its existence, The McLean Foundation has received investment income of $49,218,427 and has paid out a total of $54,726,930.
An analysis by category of donations paid out from 1945 to 2017 is shown in Figure 1. During the past year, the Foundation has paid out a total of $2,075,082. An analysis by category is shown in Figure 2.