The Museum of the American Revolution and Lenfest Institute for Journalism will each receive an estimated $50 million from the residuary of H.F. “Gerry” Lenfest’s estate, according to the terms of a 2018 amended deed of trust filed by Lenfest.
will each receive an estimated $50 million from the residuary of Lenfest’s estate, according to the terms of a 2018 amended deed of trust filed by Lenfest, both groups announced Tuesday.
For the Museum of the American Revolution, which marks its fifth anniversary on Tuesday, the $50 million will bring Lenfest’s total contribution to about $110 million. “Thank the heavens for Gerry and for Marguerite and for the 19,000 individual donors to our capital campaign at the end of 2017,” Stephenson said. At that time, he explained, the museum doubled the original endowment fund-raising goal of $25 million — largely because of Lenfest’s penchant for pledging funds on a matching basis.
The institute gives grants to groups and projects well beyond The Inquirer, though it sees its support of Philadelphia’s largest news operation as central. Inquirer publisher and CEO Elizabeth H. Hughes declined to discuss the new Lenfest money but relayed a statement that said the company remained “incredibly grateful for Gerry Lenfest’s vision that philanthropy can and should play an important role in supporting local journalism in Philadelphia,” she said.
The new assets will be placed in the institute’s endowment, with only the investment income spent each year. As of April 15, the market value of the endowment and marketable securities was $92.8 million, he said. That sum includes only $28.3 million of the new Lenfest money, as that is the amount paid out of the estate so far.
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