Heir to Lilly Fortune Pledges $100-Million

The Modern Poetry Association, in Chicago, publishers of Poetry magazine, has received a pledge expected to total $100-million over 30 years from Ruth Lilly, 87, heir to the Eli Lilly pharmaceutical fortune.

Much of the gift is being made in stock in the Lilly company, so its value will depend on how the company’s shares fare over the next three decades.

Ms. Lilly set up two remainder trusts, one of which will be paid out upon her death, and three charitable lead trusts that will provide annual payments to the organization starting in 2003. Ms. Lilly’s gift was unrestricted; the association said the money would be used to ensure that the magazine will be published for decades to come, to support the association’s national education programs, and to lease or purchase new offices for the association.

Two other organizations also received large gifts:

• Mississippi State University, in Starkville, has received $25-million from James Worth Bagley, an alumnus who is chairman of the board and chief operating officer of Lam Research Corporation, in Fremont, Calif., and his wife, Jean. The couple’s gift is earmarked to create endowments in the college of engineering that will support new and existing faculty positions and research, new graduate fellowships, equipment, and a discretionary fund.
• The National Museum of American Jewish History, in Philadelphia, has received $25-million from Sidney Kimmel, founder and chairman of the Jones Apparel Group, in Bristol, Pa. Mr. Kimmel’s gift is earmarked for the construction of a new building for the museum.

Other recent gifts:

California Polytechnic State U. at San Luis Obispo: $6-million from Donald E. Bently, chief executive officer of Bently Pressurized Bearing Company, in Minden, Nev., to establish a mechanical-engineering center and to endow a directorship and two faculty positions within the center.

Kent State U. (Ohio): $6.8-million from alumnus Bruce P. Ferrini, an international expert and dealer in rare documents, and his wife, Pamela, of Akron, Ohio, to establish an institute for human evolutionary research.

National Academies (Washington): $20-million from George Mitchell, a petroleum engineer, geologist, and real-estate developer, and his wife, Cynthia, of Houston. Part of the gift was made through the Cynthia and George Mitchell Foundation, and $10-million is in the form of a challenge grant. The gift is earmarked for a new endowment for research on sustainability science and technology.