Colleagues and friends plan a golf outing this fall to establish the James J. Biundo Charitable Foundation, named in honor of the late pension fund executive.
Donald W. Phillips, president of Forstmann-Leff International Inc., Chicago, said the organizers plan to make the golf outing an annual event to raise money for the foundation.
For the inaugural event, the organizers hope to raise money from individuals and investment organizations, including $10,000 each from 10 investment organizations.
Five already have made contributions: Forstmann-Leff; U S WEST Inc., Englewood, Colo.; First Analysis Corp., Chicago; Sit Investment Associates Inc., Minneapolis; and The Centennial Funds, Denver.
The foundation plans to donate proceeds from the event, net of expenses, to charities, which haven't been selected yet, and to finance investment industry-related activities, such as an educational program.
"We chose a golf event because Jim loved the game in spite of the fact he was such a poor golfer," said Mr. Phillips, who is leading the effort to set up the foundation.
The golf outing will be Sept. 28 at the Broadmoor Hotel in Colorado Springs, Colo. The organizers wanted to hold the inaugural outing in the Denver area, where Mr. Biundo had lived.
Mr. Biundo headed the U S WEST pension fund for 14 years. He left last year to join Forstmann-Leff as codirector of the private equity group. He died in February of complications from the flu.
Anyone interested in the outing or simply making a donation may obtain further information by contacting Mr. Phillips at (312) 554-7194.