Estate of late couple donates $4.2 million
June 24, 2013
Sometimes, philanthropically-minded individuals set up their wills so that not only are their families comfortable, but they ensure they have a lasting legacy by making a bequest to various charities or foundations.
According to the Great Falls Tribune, the estate of the late Michael and Kathleen Curran gave a total of $4.2 million to multiple nonprofits. The McLaughlin Research Institute, University of Great Falls (UGF), Great Galls Public Library Foundation and the Mayo Clinic were the recipients.
The news source reported that the couple chose the organizations themselves when they set up their will and charitable trust, which went into effect on April 14 when Kathleen passed away. Michael died in 2002. The couple was heavily involved in nonprofits that took a special interest in education.
Generally, the charities that received the donations are able to decide how they can spend the grants, with the exception of the college, the Tribune detailed. The Currans noted that they wanted the funds given to UGF to be put toward scholarships for nurses if there was a need.
Leaving money to organizations in this manner is relatively common. For instance, Newfoundland's The Western Star recently reported that Corner Brook Long Term Care residents were recently helped by a donation of $500,000 made by the estate of local philanthropists Robert and Edith Skinner.
Nonprofit organizations that hope to benefit from large grant-giving opportunities can improve their chances of being selected for awards when they use nonprofit financial management programs. These solutions can generate data-driven reports for various stakeholders.