The Starr Founation was initially established in 1955 by Cornelius Vander Starr, but later grew in size after the death of its founder. Cornelius Vander Starr passed along his estate to the foundation after his death in 1968, and today the foundation has given more than US$100 million each year over the past several years to over 35 states. While the assets of the foundation and the annual grants paid have varied over the past several years, this can possibly be attributed to the declining stock market after the tech bubble burst and because the foundation had placed its assets in AIG stock and was not well diversified.