New England Council member The Boston Foundation recently received an estimated $28 million gift from the sale of a Boston-area business.
Curriculum Associates, a private educational technology company, recently transferred majority ownership to the Iowa State University Foundation in the form of nonvoting shares. When the university sells the shares as expected within five years, it will donate a portion of the proceeds to The Boston Foundation. While the exact amount of the donation depends on how the company’s value changes over time before the shares are sold, the gift is expected to be the Foundation’s second largest ever received at around $28 million. Part of the gift will go towards The Boston Foundation’s Permanent Fund, which offers the most grant-giving flexibility.
“The importance of this gift and the grant-making and civic leadership work it will support cannot be overstated,” added Paul S. Grogan, President and CEO of The Boston Foundation. “The Boston Foundation will be forever grateful to the rest of the Curriculum Associates family for its generosity.”