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NPR ‘Humbled’ by Huge Gift

NPR 'Humbled' by Huge Gift

It is believed to be the largest monetary gift ever given to an American cultural institution.
National Public Radio will receive more than $200 million from the estate of Joan B. Kroc. The philanthropist died of cancer last month at the age of 75. She was the widow of Ray A. Kroc, founder of McDonald’s Corp.
“We are inspired and humbled by this magnificent gift,” said NPR President Kevin Klose. As a point of comparison, NPR’s annual operating budget is approximately $100 million a year, according to its Web site.
Radio station KPBS in San Diego received a $5 million bequest from Kroc.
“Joan Kroc … made this extraordinary gift from her steadfast conviction that NPR and our member stations provide a vital connection to millions of listeners,” Klose said in a statement.
NPR said most of the gift will go into its Endowment Fund for Excellence, which provides a source of support for NPR activities independent of other revenue sources. Indeed the gift will become the bulk of the fund, which will now grow to “beyond $225 million,” an NPR official said.
NPR said there will be no immediate impact on its budget and that the funds won’t be available for some months.