Paylocity founder Steve Sarowitz and his wife, Jessica, plan to give away $1 billion of their fortune to charity during their lifetimes and close their family foundation when they die.
In an interview with Chicago Business, the Sarowitzes said they plan to give away at least $1 billion in their lifetime to causes that fight racism, sexism, nationalism and religious prejudice through their Julian Grace Foundation.
The Sarowitzes, who live in Illinois-Chicago, founded the Julian Grace Foundation in 2014. The Highland Park, Illinois-based organization operates as an entrepreneurial private foundation that does high-engagement grant making in order to create a just, unified and hopeful world. The foundation, which has more than $60 million in assets, provides small and new organizations with unrestricted general operating grants to enable them handle daily operational expenses such as employee salaries and utility bills. The Foundation has given grants to more than 60 organizations so far. One of the beneficiaries of the Julian Grace Foundation is the Community Activism Law Alliance, a Chicago nonprofit that helps immigrants with legal issues. In 2015, CALA applied for a $90,000 grant from the Julian Grace Foundation and received $159,000.
According to Forbes Magazine, Steve Sarowitz, 53, and his wife, Jessica, 52, are together worth about $1.5 billion. Steve Sarowitz founded online payroll firm Paylocity in 1997 after working at several other payroll firms. The company is a provider of cloud-based payroll and human capital management, or HCM, software solutions for small, medium, and large-sized organizations. Sarowitz, who serves as chairman of Paylocity, took the company public in 2014. He is also the CEO of Blue Marble Payroll, a smaller company which helps companies with employees in more than 130 countries coordinate payroll systems. Blue Marble had revenue of $1.5 million in 2017, and is set to bring in $9 million in revenue in 2019 according to him. On the other hand, Jessica Sarowitz is on the boards of the Sierra Club, the Field Museum, DePaul University and Heart of the City, a nonprofit that offers soccer programs in Lake County.