Cape Cod arts community gets critical $6.4M bequest
YARMOUTH, Mass. (AP) — A gift of $6.4 million from an anonymous arts patron is expected to give cultural groups on Cape Cod a much-needed infusion of money early next year and for decades into the future.
The bequest is the largest ever given to the Yarmouth-based Cape Cod Foundation, which will manage and distribute the funds.
The total will be divided into four endowments, and a portion — historically, 3.5% to 5% of the balance — will be distributed every year “into perpetuity,” Kristin O’Malley, foundation president and CEO, told the Cape Cod Times.
“I feel fortunate we’re going to have this resource,” she said. “The arts and cultural community has been so impacted by the pandemic and will continue to be.”
The largest portion of the bequest, $4.5 million, is earmarked for an endowment for the visual arts, with foundation officials given discretion on how to distribute the annual yield. The rest of the money will create an endowment for grants to “support community life on Cape Cod,” O’Malley said.