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T. Denny Sanford

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T. Denny Sanford
T. Denny Sanford meets volunteers
T. Denny Sanford (left) meets volunteers
Born (1935-12-23) December 23, 1935 (age 89)
Saint Paul, Minnesota, United States
Alma materUniversity of Minnesota
Occupation(s)Owner and founder of First Premier Bank
Chief executive officer of United National Corp.
Spouses
Anne
​
​
(m. 1960; div. 1982)​
Colleen Anderson
​
​
(m. 1995; div. 2005)​
Children2

Thomas Denny Sanford (born December 23, 1935, in Saint Paul)[1] is a South Dakota businessman and philanthropist. He is the founder of First Premier Bank and the chairman and chief executive officer of its holding company, United National.

Career

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Sanford's mother was an immigrant from Sweden whose family settled in Chicago. His father grew up on a farm in Illinois.[2] His first job was at age 8 working in his father's garment shop. He later became a student at the University of Minnesota, intending to become a doctor, but struggled with chemistry and switched majors, eventually graduating with a degree in psychology in 1958.[3] Sanford made his fortune as the owner of subprime credit card providers First PREMIER Bank and PREMIER Bankcard.[4] The bank is known for specializing in a wide range of high-interest, subprime credit cards marketed to people with low credit scores. In 2007, Sanford paid $4.5 million as part of a settlement with the New York Attorney General that alleged deceptive practices in marketing. Premier Bank offered a credit card with a 79.9% interest rate and a $300 limit, an amount cited by Senator Bernie Sanders as an example of "extortion and loan sharking".[5]

In 2018, Sanford ranked #1103 on the Forbes World's Billionaires list, with wealth listed at $2.2 billion.[6]

Personal life and education

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Sanford was born in Saint Paul, Minnesota, in 1935, during the Great Depression. His mother died of breast cancer when he was four years old, his father when he was 20. Soon after graduating from high school, he was arrested for drinking and fighting and sentenced to juvenile detention; he was released early on condition he go to the University of Minnesota, from which he graduated in 1958. He has two sons from his first marriage.[7] In 1987, Sanford met his second wife, Colleen Anderson. They married in 1995 and divorced in 2005.[8]

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In 2020, it was reported that Sanford was being investigated for possession of child pornography. Investigators obtained a search warrant before referring the case to the United States Department of Justice.[9] The investigation has led several institutions to reconsider his philanthropy.[10][11] The investigation was ongoing as of January 2022 at both the state and federal levels;[12] that May, the office of the South Dakota Attorney General announced it had ended the investigation without filing charges.[13] Records unsealed in April 2023 at the request of ProPublica revealed that an AOL email account that investigators linked to Sanford contained photos of nude girls estimated to be between 8 and 15 years old, but that it was established that others had access to the account, including indications that it had been hacked.[14][15]

In 2010 Sanford committed to The Giving Pledge to give away much of his fortune. In May 2023, after the unsealing of the aforementioned records, he was removed from the Giving Pledge's list. He can no longer participate in its events.[16]

List of philanthropic gifts

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Sanford has pledged to give away his entire fortune during his lifetime, giving financial contributions to various higher education and healthcare institutions without a formal foundation or permanent staff.[17] In 2006, BusinessWeek magazine listed him as one of the 50 most generous philanthropists.[18] As of October 2018, he has donated over $1 billion.[19]

Statue of T. Denny Sanford
  • In 2006, Sanford donated $70 million[20] to The State of South Dakota's Science and Technology Authority to help secure a deep underground science and engineering laboratory at the former site of the Homestake Gold Mine.
  • On February 3, 2007, Sanford announced a $400 million gift to Sioux Valley Hospitals and Health System, which renamed itself Sanford Health.[21] The gift was featured on The Chronicle of Philanthropy "Philanthropy 50: Americans Who Gave the Most in 2007."[22]
  • In 2009, Sanford made a $6 million donation to help fund the stadium on the University of Minnesota campus.[23] He also gave $100 million to create a breast cancer foundation in memory of his mother. The University of Minnesota accepted a $6 million donation to name the athletic hall of fame within the stadium for Sanford.[24]
  • In 2013, Physics Today reported that Sanford gave $70 million to a physics lab in the defunct Homestake Mine in South Dakota, renamed the Sanford Underground Research Facility.[25][26] The University of California, San Diego also announced a $100 million gift from Sanford for the creation of the Sanford Stem Cell Clinical Center at UCSD, the second-largest donation in the university's history.[27] Sanford pledged $10 million to the Crazy Horse Memorial in South Dakota following a $10 million matching pledge made by Sanford in 2007.[28]
  • In 2014, Sanford gave $125 million to Sanford Health to create the Imagenetics program.[29] He also gave $1 million to National University to create the Sanford Education Center.[30] The National University's School of Education was renamed the Sanford College of Education after the donation.[31] The Denny Sanford PREMIER Center in Sioux Falls, South Dakota, was also named after donations from Sanford.[32]
  • In 2018, Sanford founded an endowment within the Horatio Alger Fund of $30 million for college scholarships to students who have faced significant financial or healthcare obstacles in their education.[33] He also donated $30 million toward a remodeling of the San Diego Children's Zoo.[34]
  • In 2019, Sanford donated $350 million to National University in addition to $150 million he had given previously. In honor of the donation, National University announced in 2019 that it would change its name on July 1, 2020 to Sanford National University,[35] but the name change was placed on hold after Sanford became the subject of a South Dakota child pornography investigation.[36]
  • In 2021, Sanford donated $350 million to Sanford Health to create a virtual care center, with a focus on providing more accessible care in rural and underserved areas of the Midwest.[37]

See also

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References

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  1. ^ Lawrence, Tom (June 28, 2006). "Sanford no stranger to giving in South Dakota". The Black Hills Pioneer. West River, South Dakota: Seaton Publishing. Archived from the original on June 8, 2011. Retrieved January 17, 2009. Thomas Denny Sanford was born Dec. 23, 1935, in St. Paul, Minn. He has never gone by the name Thomas and prefers his middle name.
  2. ^ "T. Denny Sanford". Horatio Alger Association of Distinguished Americans. Retrieved August 3, 2023.
  3. ^ Hildebrandt, Kelly (January 30, 2005), T. Denny Sanford: The Quiet Millionaire, Argus Leader, pp. 1, 4
  4. ^ "The World's Billionaires". Forbes. March 5, 2008. Retrieved June 5, 2008.
  5. ^ "Senator Sanders Filibuster | C-SPAN.org". www.c-span.org. Retrieved July 8, 2021.
  6. ^ "Forbes Billionaires 2020". Forbes. April 1, 2020. Retrieved September 2, 2020.
  7. ^ Whelan, David (September 22, 2007). "Dying Broke". Forbes.
  8. ^ "T. DENNY SANFORD v. COLLEEN ANDERSON SANFORD". Justia Law.
  9. ^ Arnsdorf, Robert Faturechi, Isaac (August 28, 2020). "Billionaire T. Denny Sanford Was Under Investigation for Child Pornography". ProPublica.{{cite web}}: CS1 maint: multiple names: authors list (link)
  10. ^ "National University holds off on name change after reports of T. Denny Sanford investigation". La Jolla Light. September 4, 2020. Retrieved January 3, 2021.
  11. ^ Fugleberg, Jeremy (August 31, 2020). "Sanford Health distances itself from child porn investigation into top patron T. Denny Sanford: 'This matter does not involve our health system'". Duluth News Tribune. Retrieved January 3, 2021.
  12. ^ Faturechi, Isaac; Arnsdorf, Robert (January 12, 2022). "Child Porn Probe of Billionaire Businessman Denny Sanford Continues at State and Federal Level, Court Records Show". ProPublican. Retrieved January 28, 2022.
  13. ^ Faturechi, Robert (May 31, 2022). "Child Porn Possession Investigation Into South Dakota Billionaire Closed With No Charges". ProPublica.
  14. ^ Faturechi, Robert (April 28, 2023). "Photos of Nude Children in Billionaire's Email Prompted Investigation". ProPublica.
  15. ^ "Affidavits: Child porn found in email account linked to T. Denny Sanford". Dakota NewsNow. April 27, 2023.
  16. ^ McEvoy, Jemima (September 25, 2023). "Billionaire T. Denny Sanford Cut From The Giving Pledge After Child Porn Probe Documents Released". Forbes. Retrieved September 26, 2023.
  17. ^ Callahan, David (2017), The Givers: Wealth, Power, and Philanthropy in a New Gilded Age, New York: Alfred A. Knopf, p. 267
  18. ^ "The 50 Most Generous Philanthropists". BusinessWeek. Archived from the original on February 27, 2007. Retrieved March 7, 2007.
  19. ^ Springer, Patrick (October 4, 2018). "T. Denny Sanford's donated over $1 billion, and he still made Forbes billionaires list". West Fargo Pioneer. Fargo, North Dakota. Retrieved March 17, 2019.
  20. ^ "Our History". Sanford Underground Research Facility. Archived from the original on July 18, 2022. Retrieved July 18, 2022.
  21. ^ Hamilton, Lindsay (February 3, 2007). "Man Gives Away $400 Million to Hospitals". ABC News. Retrieved March 7, 2007.
  22. ^ The Philanthropy 50: Americans Who Gave the Most in 2007, The Chronicle of Philanthropy, March 10, 2010
  23. ^ Post, Tim (May 21, 2009). "T. Denny Sanford gives $6 million for Gopher football stadium". KNOW-FM.
  24. ^ Post, Tim (May 21, 2009). "T. Denny Sanford gives $6 million for Gopher football stadium". Retrieved November 13, 2013.
  25. ^ "Home | Sanford Underground Research Facility". sanfordlab.org.
  26. ^ "The Nobel Prize in Physics 2002". NobelPrize.org.
  27. ^ Argus Leader (November 13, 2013). "Philanthropist's gift a big bang for stem cell research". USA Today. Retrieved November 13, 2013.
  28. ^ Naylor, Jennifer (December 12, 2013). "Philanthropist pledges $10 million for Crazy Horse Memorial". Rapid City Journal. Retrieved December 17, 2013.
  29. ^ Sanford to start construction on Imagenetics building, Argus Leader, June 24, 2015, p. 6
  30. ^ "Sanford gift creates education center at National U". San Diego Union-Tribune. January 16, 2014.
  31. ^ "Sanford College of Education dedicated". San Diego Union-Tribune. December 11, 2015.
  32. ^ "Events Center Deal: $20.75M Over 25 Years". Archived from the original on February 22, 2014.
  33. ^ Associated Press (January 29, 2018), Sanford donates $30 million for college scholarships
  34. ^ "$30 million gift for San Diego Zoo". San Diego Union-Tribune. January 13, 2018. Archived from the original on November 9, 2018.
  35. ^ Jedeur-Palmgren, Max. "T. Denny Sanford Gives $350 Million To National University, To Be Renamed In His Honor". Forbes.
  36. ^ "National University holds off on name change after reports of T. Denny Sanford investigation". La Jolla Light. September 4, 2020. Retrieved January 3, 2021..
  37. ^ "New gift to Sanford Health will fund virtual care center". Sanford Health News. September 8, 2021. Retrieved October 6, 2022.
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