ELKHART, Ind. (AP) _ A late businessman's $150 million bequest to his northern Indiana hometown has become the gift that keeps on giving.
The Elkhart County Community Foundation announced Thursday it will receive a $1.5 million matching grant from the Indianapolis-based Lilly Endowment that will allowing it to help three nonprofits and offer additional operating assistance to other charitable groups.
The Elkhart Truth reports the terms of the grant call on the foundation and the nonprofits to produce $2.25 million in matching funds.
The foundation's Fund for Elkhart County received a posthumous gift of $150 million from Guy David Gundlach in 2012. Before the gift, the fund distributed about $500,000 per year. Distributions are expected to grow to $4.5 million for the 2014-2015 fiscal year.
