Concept

Joyce Young

Summary

Joyce Young (born c. 1925) is a Canadian woman famous for a single act of philanthropy, a donation of CAD

40 million to the Hamilton Community Foundation in 2000. She is the wife of Bill Young, a retired Major in the Canadian Armed Forces and the aunt of Red Hat, Inc. founder Bob Young. Bill Young graduated from Hillfield Strathallan College in 1935 and Joyce graduated from Hillfield in 1943. After graduating, Bill served in the Canadian military during World War II, serving in England, Italy, and northwest Europe. The couple met after Bill returned from the war. Joyce left The University of Toronto to become a full-time home-maker. The couple have three children, Douglas, Catherine, and William. Young and her husband Bill Young, both residents of Ancaster, Ontario, opted to help their nephew Bob with his high-tech venture shortly after its founding in 1993. Bob's company, Red Hat, Inc., is one dedicated to open source software such as Red Hat Linux, and the proprietary Red Hat Enterprise Linux. When Red Hat's stock rose significantly after its initial public offering in 1999, the elder Youngs were able to sell enough stock to recoup their initial investment, but chose to retain some stocks. Joyce was quoted as saying, "While I respect Bob as a businessman, I quite honestly never thought I'd see my money again. I really just wanted to support him. After holding the company's stock for three years, I took out my original investment, and left some money in just for fun." By January 2000, the remaining stock was valued in the millions. This enabled Joyce to make a donation of CAD

40 million in June 2000, to the Hamilton Community Foundation. The money was given for the purpose of improving Hamilton-area health facilities. This act represented one of the largest charitable donations in Canadian history. A long-time volunteer with local community groups, Joyce later stated her biggest concern was in giving away the money responsibly. $50,000 was donated to Hillfield Strathallan College.

Official source

https://en.wikipedia.org/wiki/Joyce_Young

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