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Article Excerpt
Ruth Lilly's $100-million-plus gift to the perennially penniless magazine Poetry, which garnered headlines across the globe last week, represents just a slice of the philanthropic firepower the ailing heiress to the pharmaceutical fortune is now unleashing, much of it directed locally.
Lilly's new estate plan, filed in probate court in Indianapolis, earmarks an estimated $200 million of her $1 billion fortune for the newly formed Ruth Lilly Philanthropic Foundation, which is based in Indianapolis and will concentrate its giving in Indiana.
The plan also includes gift of $100 million or more for the locally based Lilly Endowment Inc., the family-created foundation that now boasts more than $12 billion in assets, and $86 million or more for Americans for the Arts of Washington, D.C., which has an annual budget of just $9 million.
Efforts to reach Ruth Lilly's private attorney, Tom Ewbank, and her conservator, National City Bank, were unsuccessful last week. However, probate court papers say the Ruth Lilly Philanthropic Foundation will receive its infusion after Ruth Lilly's death. The other organizations will receive their, first payments next year, with the remainder staggered over as long as 30 years.
Ruth Lilly, 87, has been...
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