THE CULLEN FOUNDATION
Established in 1947, The Cullen Foundation has over a half century history of giving generously to the educational needs, health care and arts in Texas, primarily in the Greater Houston Metropolitan Area. Cullen Family members take active roles as Directors of the Foundation continuing the legacy of giving initiated by Hugh Roy and Lillie Cranz Cullen during their lifetime.
The list of recipients of Cullen gifts is long and diverse, covering a wide range of needs. The Cullen Foundation has distributed over $450 million in grants since inception; the University of Houston and various hospitals in the Texas Medical Center as well as numerous cultural arts institutions are representative of the beneficiaries. In the late 1970ís, the Cullen Foundation created three separate charitable trusts with independent boards, each dedicated to a single purpose: a trust for health care, a trust for higher education and a trust for the performing arts.
The original gift from Mr. and Mrs. Cullen to establish the Foundation consisted of working interests in several oil and gas properties. Over the ensuing 50 years those working interests, later converted into royalty interests, were gradually depleted and the residual holdings were disposed of in 2000 for approximately $10 million. As the Foundation reduced its dependence on oil and gas income, its portfolio of marketable securities and other investments began to grow and today the Foundation has an approximate market value of $275 million.