U.S./world – Digest bequest – $1.7B shifted

A deal ending a long legal flap will give 13 charities control of $1.7 billion in endowments from foundations built on the Reader’s Digest fortune, The New York Times reported May 4.

The endowments generated $900 million for the charities in the past 20 years but limits on control of the assets, tied to Reader’s Digest stock, triggered concerns by the charities that they couldn’t earn more, the Times said.

The deal gives the charities total control over the money, which had been controlled by boards of the Wallace-Reader’s Digest Funds that shared most members with one another and the Reader’s Digest Association.

Charities involved range from the Metropolitan Museum of Art and Memorial Sloan-Kettering Cancer Center to two small Hudson River conservation groups.

For full story, go to The New York Times.

Leave a Response

Your email address will not be published. All fields are required.