Low-profile heiress leaves unexpected donations to NYC landmarks
January 03, 2013
The New York Public Library and Central Park Conservancy recently each received $10 million checks from a low-profile heiress named Mary McConnell Bailey. Bailey died last year, but left checks for $10 million apiece for two of her favorite New York City establishments.
The library plans
to use the funding for programming and resources at its 87 branches. The Conservancy, an organization that supports maintenance in Central Park, is planning to hold an event in her honor later this spring, but has not disclosed how it expects to use the donation, the New York Times reports.
Bailey was from Northampton, Massachusetts, and attended Columbia University for early childhood education. She taught in an elementary school briefly before inheriting money after her mother passed away. The family owned shares in the Roaring Spring Blank Book Company, the business that produces the black-and-white marbled composition books that are used by students in many schools.
"No one would have known her wealth," said Paul Frank, a friend and lawyer told the source. "Picture an old New Englander; that is what she was, in that style."
Aside from the unexpected donation, organizations that are looking to raise funds through grant opportunities or local campaigns can use nonprofit financial management
solutions to improve their chances of success. The software can help program leaders identify potential donors and send out applications with accurate accounting information.