Mega Major Gifts Still Being Made in this Uncertain Economy

$100 Million Gift Naming Rights to Sunset in 50 Years

When people ask if fundraising will stop with the economy in the rough state it is in, I tell them no. Giving continues through good times and bad. Not all donors will participate, but some people are still increasing their wealth. Look at the oil people.

A great example is the $100 million 10-year pledge by David H. Koch, age 68, to the New York State Theater (part of Lincoln Center). He mentioned two factors that helped motivate his gift -- 40 years of going to the New York State Theater and "I was absolutely convinced that the quality of the work was world class."

Mr. Koch's wealth is estimated at $17 billion and is based in the oil and gas business.

As is typical of most mega gifts, he made a 10-year pledge.

What is atypical are the terms of the theater naming. It will be named for him but not in perpetuity. Instead it will be for 50 years with first right of refusal on naming to his family. According to Mr. Koch: "A naming opportunity should be a defined length of time to allow the institution to regenerate itself with another round of major fundraising."

To read the full article see The New York Times.

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