Established in 1999 in NE; classified as a private operating foundation in 2000; reclassified as an independent foundation in 2001 - Founded by Warren Buffett, founder, Chairman and C.E.O. of Berkshire Hathaway Inc., a conglomerate holding company headquartered in Omaha, Nebraska, that oversees and manages a number of subsidiary companies, including GEICO Insurance. He is often called the "Oracle of Omaha" or the "Sage of Omaha". In 2008 he was ranked by Forbes as the richest person in the world with an estimated net worth of approximately $62 billion. In 2006, Warren Buffett pledged a portion of his Berkshire Hathaway, Inc. stock to the foundation to be paid out over time. In 2012, Warren Buffett decided to significantly increase the amount of stock he gives to the foundation, ultimately amounting to about $2.1 billion. Warren Buffett has committed to The Giving Pledge, and has pledged to give away at least half of his wealth to philanthropy. The grantmaker is a signatory to Philanthropy’s Promise, an initiative of the National Committee for Responsive Philanthropy (NCRP). By signing on, the grantmaker has committed to allocating the majority of its grantmaking dollars to marginalized communities and at least 25 percent to social justice strategies, such as advocacy, community organizing, and civic engagement