$1.2 million bequest given to poetry foundation
June 28, 2013
Sometimes, people leave money to charitable organizations in their wills, while other times, more well-off individuals set up a memorial fund in someone's name so that their legacy lives on in the hearts of numerous nonprofits.
This was the case for the Dorothy Sargent Rosenberg Memorial Fund, which was set up by her husband Marvin in her memory. The organization recently gave a $1.2 million bequest to Chicago's Poetry Foundation.
"We are delighted to make this gift on Marvin's behalf to the Poetry Foundation, so that the funds can continue to be dedicated to Marvin's long-held dream of giving encouragement and substantial financial support to promising young writers," explained Poetry magazine Editor Don Share.
This gift will allow the Ruth Lilly Poetry Fellowship prize to double and be extended to five burgeoning poets this year.
The fund also gives out prizes of its own to new artists. "Dorothy Prizes" of between $125,000 and $200,000 have been extended each year since 2004 and focuses on young poets who have exhibited that they have a lot of promise and creativity.
Organizations that are providing funds for multiple nonprofit programs might find it easier to manage their large-scale efforts with fundraising management programs that can account for funds as they are disbursed to recipients.