Estate of Arthur Zankel Announces Donations Exceeding $120 Million
Estate of Arthur Zankel Announces Donations Exceeding $120 Million
Continues Arthur Zankel's Commitment to Educational, Cultural and Human Services Institutions
NEW YORK, June 2 /PRNewswire/ -- The estate of Arthur Zankel today announced major charitable donations that will exceed $120 million, reflecting Mr. Zankel's lifelong commitment to educational, cultural and human services causes. These contributions represent the bulk of Mr. Zankel's estate. Recipients include Skidmore College, Carnegie Hall, Teachers College of Columbia University, the UJA-Federation of New York, the Society of Illustrators and the Zankel Fund. A longtime philanthropist, Mr. Zankel passed away on July 28th, 2005.
"The gifts that we are privileged to announce today are the culmination of my brother's intense commitment to sharing his good fortune with those who are not so fortunate; and to promote education as the tool for progress, a proposition in which he deeply believed," said Martin Zankel, the brother of Arthur Zankel and executor of the estate. "He practiced philanthropy as an integral part of his life for almost 40 years and was determined that his resources would have an impact on the life of his community."
Breakdown of Donation Specifics:
-- Reflecting Mr. Zankel's longtime support of Skidmore College, his
estate provides the school with a gift of approximately $42 million.
The funds will support the construction and operation of the Arthur
Zankel Music Center on the College's campus in Saratoga Springs, N.Y.;
a Zankel need-based scholarship program assist New York City-area
students in attending Skidmore; the development of a program of study
in arts administration and other initiatives. Mr. Zankel served as a
Skidmore Trustee and as Chair of the College's investment committee,
helping to shepherd the College's endowment to unprecedented heights.
Two of Mr. Zankel's four sons, Kenneth '82 and James '92 (married to
Pia Scala Zankel '92), and a nephew, Harun '01, are Skidmore graduates,
and Mr. Zankel credited the College with playing a critical role in
their development into the productive adults they have become.
-- Continuing Mr. Zankel's dedication to Carnegie Hall, his estate
provides the Hall with a gift of at least $22 million to support the
programs and operations of Judy and Arthur Zankel Hall, Carnegie Hall's
new, flexible performance and education venue. Together with his wife,
Mr. Zankel pledged a leadership gift to support the construction of
Zankel Hall, which opened in September 2003 and restored Andrew
Carnegie's original vision of a three-venue music center. Mr. Zankel
joined the Carnegie Hall Board of Trustees in 1992, and for more than a
decade provided the institution with expert leadership and sound
financial advice, overseeing the steady growth of the Hall's endowment
fund. Mr. Zankel's wife, Judy, is currently a member of the Carnegie
Hall Board of Trustees, and his son, James, is a member of the
Notables, a membership program for young supporters of Carnegie Hall.
-- Mr. Zankel's estate will provide Teachers College, Columbia University,
with a $10 million gift that will establish the Arthur Zankel Urban
Fellowships -- 50 one-year scholarships of $10,000 each that will be
given to both masters and doctoral students with demonstrated financial
need. Mr. Zankel was Vice-Chair of Teachers College's Board of
Trustees and deeply committed to the College's mission of achieving
educational equity for all students and helping under-served inner-city
students in particular. The Zankel Urban Fellows will perform
internships of five hours per week in one of the College's many
programs that benefit disadvantaged inner-city schoolchildren. These
include the College's Reading and Math Buddies programs, which work
with students at four neighboring elementary schools; the Heritage
School, an arts-themed high school created by Teachers College in East
Harlem; and the Student Press Initiative, a writing and publishing
project that works with public school teachers and their students.
Teachers College is renaming its Main Hall as the Arthur Zankel
Building.
-- Mr. Zankel and his wife began their support of the Society of
Illustrators in 2002 and the estate will provide a grant of over $4
million. Mrs. Zankel was President of the Society from 2001 to 2004,
and the Zankels' initial support grew the Museum of American
Illustration at the Society of Illustrators. This bequest will
continue that work. The Society is a not-for-profit educational
organization founded in 1901 to promote the art of illustration: past,
present and future. It is housed in an 1875 vintage carriage house on
Manhattan's Upper East Side and has a membership of over 1,000
worldwide. A major college-level scholarship to a selected
illustration student is being created in Mr. Zankel's name.
-- UJA-Federation of New York expresses its gratitude for Mr. Zankel's
distinguished philanthropic leadership. A generous bequest of $8
million to UJA-Federation was endowed by the organization's board last
week. The income generated from the Arthur Zankel Fund of
UJA-Federation of New York will help fund fellowships to enable young
people to experience Israel, establish a depression-treatment center in
New York, and help strengthen services for those in need in New York,
in Israel and around the world. Mr. Zankel's tremendous charitable
expression serves as an inspiring role model for those who care about
sustaining community-based organizations, which provide a multitude of
services to improve and enhance people's lives. Mr. Zankel, a
cherished friend of UJA-Federation, served on its board and as Chair of
the Investment Committee.
-- The majority of the estate's remaining funds will be granted to the
Zankel Fund, which was established by Mr. Zankel many years ago and has
donated many tens of millions of dollars to organizations in New York
and throughout the country. The focus of the Fund's giving has been
education and assistance to those in need.
Biography of Arthur Zankel:
A lifelong New Yorker, Arthur Zankel was a longtime member of the Citigroup Inc., Board of Directors and former co-managing partner of First Manhattan Company. In 1998, he is credited with playing a crucial role in the historic merger of Citibank and Travelers Group insurance company. In 2000, he formed High Rise Capital Management, a real estate investment firm.
Mr. Zankel earned a Bachelor of Science degree at the University of Pennsylvania and a master's degree in business administration from Harvard University. He is survived by his wife, Judy; his four children, Kenneth, Thomas, Mark and James; his grandchildren, Maura and Andrew; and his brothers, Martin and Jeffrey.
Contact: Lisa Wolford
Principal, Robinson Lerer & Montgomery
(646)-805-2014
Source: The estate of Arthur Zankel
CONTACT: Lisa Wolford, Principal, of Robinson Lerer & Montgomery,
+1-646-805-2014, for The estate of Arthur Zankel
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