$28 Million Gift Headed To Boston
January 11, 2017 NPT Staff
The Boston Foundation is preparing to receive one of the largest gifts of its 101-year history. The estimated $28-million donation is from Billeria, Mass.-based education firm Curriculum Associates via the Iowa State University Foundation. The gift represents the fourth donation of more than $20 million in the foundation’s history.
“We are delighted to support the great work of the Boston Foundation with this gift,” said Rob Waldron, CEO of Curriculum Associates via a release. “I have long admired this remarkable organization, and in my years as CEO of [Boston-based] Jumpstart was fortunate to be the recipient of their support. We at Curriculum Associates are committed to giving back to our Greater Boston community, and this gift will directly impact many local organizations that support the students we serve.”
The gift coincides with the majority ownership of Curriculum Associates being transferred to the Iowa State University Foundation. The stake has an estimated value of $93 million, among the largest in the Ames, Iowa-based university’s history. Equity interest is expected to be sold through a management-led sale directed by Waldron, the second largest equity holder. The Boston Foundation will receive a percentage of the value of the sale, the value of which is estimated at $28 million.
A portion of the donation is expected to be used to grow the foundation’s Permanent Fund for Boston, aimed to serve as a charitable resource for nonprofits working on regional challenges, according to Paul S. Grogan, president and CEO of the foundation. A donor-advised fund will also be created as a result of the gift, with additional investments made for strategic grant making, particularly to support educational causes.
The Boston Foundation is one of the nation’s largest community foundations, with net assets nearing $1 billion. Since its inception, the foundation has issued $1.5 billion and grants – two-thirds of which have been distributed in the past decade. The foundation and its donors reportedly made $101 million in grants in 2016, while receiving $107 million in donations.