Incredible shrinking foundation

La Jolla’s Helen K. and James S. Copley Foundation still has $3 million left to pay on its $6 million 2008 pledge to the UCLA Foundation, endowing the David C. Copley Chair for the Study of Costume Design and accompanying study center, according to a July IRS filing. Also remaining to be paid is $2.5 million of a $5 million pledge to the Sharp Healthcare Foundation; David Copley, ex-owner of the Union-Tribune, received a 2005 heart transplant at Sharp Memorial Hospital. The Copley foundation was hit by the stock market slide of 2008, posting a net loss on sale of assets of $2,048,988. Including investment losses and gifts made, the book value of the foundation’s total assets slid by nearly $6 million, from $23,888,111 down to $18,082,457. Fair market value was even lower, at $14,573,763.