The Richard M. Schulze Family Foundation is not a company—it is a private philanthropic foundation, not a for-profit business entity.[3][4]
High-Level Overview
The Richard M. Schulze Family Foundation (RMSFF) is a private foundation established in 2004 by Dick Schulze, founder of Best Buy, Inc.[3][4] Rather than operating as an investment firm or portfolio company, the foundation functions as a grantmaking organization dedicated to improving the lives of middle- and working-class families in the United States.[6] Its mission centers on three primary focus areas: education, human and social services, and health and medicine.[4] The foundation operates with a commitment to "results-oriented investments" that produce specific, measurable outcomes, with geographic emphasis on seven counties in Minnesota (Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, and Washington) and five counties in Florida (Charlotte, Collier, Glades, Hendry, and Lee).[2][3]
Dick Schulze has pledged to gift $1 billion during his lifetime to the foundation, with the organization already more than halfway toward this goal.[7] The foundation's approach emphasizes active collaboration with nonprofit organizations rather than passive grantmaking, as evidenced by the family's commitment to working directly with boards and staff to create lasting community impact.[7]
Origin Story
Dick Schulze founded Best Buy in the 1960s and built it into the world's largest consumer electronics retailer before stepping down as CEO in 2002.[3][7] He established the Richard M. Schulze Family Foundation in 2004 with the explicit charge "to support transformational change for the benefit of mankind."[2] The foundation's creation reflected Schulze's belief that financial success carries a responsibility to give back to the communities where he grew up, raised his family, and built his business.[3] His philanthropic philosophy is rooted in the conviction that "a good education, a supportive family, and a strong work ethic prepare children for a successful future."[3]
Core Focus Areas
The foundation awards grants across three distinct programs:
- Education: Support for nonprofit organizations offering learning experiences, including tutoring, after-school programs, early childhood education, college scholarships, and programs supporting students pursuing teaching careers.[4][5]
- Human & Social Services: Grants addressing hunger, shelter, emergency relief, domestic abuse, veteran and military family support, children's and family services, disability services, youth development, and housing stability.[4][5]
- Health & Medicine: Funding for healthcare accessibility, children's healthcare programs, cost-free patient housing, community clinics, and technological advancements in healthcare delivery.[4]
The foundation also maintains direct relief funds for Best Buy employees and their families, reflecting Schulze's belief in the welfare of his company's workforce.[1]
Operational Philosophy
The RMSFF distinguishes itself through its commitment to supporting smaller grassroots organizations that fill important community roles and demonstrate promise for impact.[9] Rather than simply writing checks, the foundation actively collaborates with nonprofit boards and staff to create lasting change.[7] This hands-on approach reflects Schulze's broader philosophy that innovation and excellence should characterize philanthropic work just as they did his business career.[7]
The foundation's geographic focus on specific Minnesota and Florida counties allows for concentrated, measurable impact in communities where Schulze has personal and business connections.[3]
