The Albert A. List Foundation was founded by Albert and his wife Vera List. Albert acquired his wealth through a family grocery business that quickly grew to be a business empire. Much of the giving through the foundation focused on arts and education. Institutions that benefited included the Metropolitan Opera, the Mount Sinai Hospital, the Jewish Theological Seminary, the Jewish Museum, and the New School in New York. The foundation also gave money for the construction of the Lincoln Center in addition to much of the art that was installed there. Albert List passed away in 1987, and the foundation completed its spend-down and closed its doors in 2004.