Worcester Business Journal

www.wbjournal.com October 26, 2015 • Worcester Business Journal 35 F or local nonprofits, it can be a never-ending marathon to gather the dribs and drabs of money that keep the lights and the paychecks signed, which explains the enthusiasm in the voice of Joseph Cox when he talks of the $2 million his EcoTarium received from the Worcester-based C Jean and Myles McDonough Charitable Foundation. "Phrases like 'once in a lifetime' and 'game-changing,' and they're often used way too easily," said Cox, president of the Worcester natural history park. "This is a gift that is really game-changing." The foundation, created by and named for the founders of Spencer adhesive film maker FlexCon, announced in early October that it is giving $15 million to seven Central Massachusetts nonprofits. The McDonoughs were longtime supporters of Worcester cultural groups, and Jean McDonough has continued to be actively involved after the death of her husband in 2012. In recent years, the foundation has given out significant funding – more than $1 million in both 2013 and 2014, according to its financial filings – but the $15 million gift represents a different level of support for the area's cultural institutions. While officials from the McDonough Foundation declined to comment for this article, the agency in its most recent Internal Revenue Service filing report, listed less than $1 million in assets, meaning this month's $15 million came from outside its typical income, possibly a cash infusion from the McDonough family. The funds were divided among the EcoTarium, the American Antiquarian Society, the Worcester Art Museum, Tower Hill Botanic Garden, the Worcester Historical Museum, Music Worcester and the Hanover Theatre for the Performing Arts. For the EcoTarium, the $2 million gift is nearly half as much as the group's entire revenue for 2014. Cox said some of the money will go into its endowment to strengthen its financial position for the future. The rest of the funds will support the creation of a new exhibit, which the McDonough family will help to design. "Jean has absolutely gracefully, genuinely been a part of our community," Cox said. "She's put in her time as a very active member of the culture community." William Wallace, executive director of the 138-year-old Worcester Historical Museum, said the $1.5 million will support both the museum's endowment and immediate growth. Another storied Central Massachusetts institution, the Tower Hill Botanic Garden in Boylston – run by the 174-year- old Worcester County Horticultural Society – will use $2.5 million to create a whole new garden on its 132 acres. "This is the largest gift form a living donor that Tower Hill has ever received," said Executive Director Kathy Abbott. Music Worcester, the group that runs the Worcester Music Festival as well as other performance and music education programs in the region, received one of the smaller chunks of the McDonough Foundation funds: $750,000. The money, though, will serve a huge purpose for the small organization. It will provide an endowment to fund the position of executive director in perpetuity, removing the burden of finding the money for that salary. The man who currently holds the executive director position, Adrien C. Finlay, said the gift allows Music Worcester's board and staff to "breathe just a little bit easier and really return to what we should be talking about: programs, education." Looking for a Successful Business Exit Strategy? — ROCG Can Help! — ROCG specializes in helping small to medium-sized, privately-owned and family businesses with exit/transition planning, value building and change or succession planning. 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For more information, call Terry Shepherd at (617) 412-4640 or email him at terence.shepherd@rocg.com BUSINESS EXIT PLANNING: Join ROCG To Learn "Planning To Build Value" October 29, 2015 Framingham Sheraton Hotel 7:30-9:30am ROCG BOSTON OFFICE 1671 Worcester Rd, Suite 303 Framingham, MA T: 617.412.4640 Terence.Shepherd@rocg.com https://americas.rocg.com business exit & transition specialists Cultural organizations tout $15M foundation award 0 $5M $10M American Antiquarian Society Worcester Art Museum Towewr Hill Botanic Garden (Worcester County Horticultural Society)* EcoTarium (Worcester Natural History Society) Worcester Historical Museum Music Worcester* Hanover Theatre for the Performing Arts (Worcester Center for the Performing Arts) $4M $4M $2.5M $2M $1.5M $750,000 $500,000 McDonough Foundation Grant $12.6M $7.1M $2.9M $4.2M $2.8M $985,000 $10.1M One year revenues (2014 except where indicated) One-time McDonough grants were over a half the value of a full year of revenues for some groups. * 2013 revenue numbers Sources: Federal 990 filings via Guidestar; annual reports; press release Game-changing Money BY LIVIA GERSHON Special to the Worcester Business Journal

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