February 17, 2018

$500K Parting Gift for Saint Paul PL Friends

By LJ Staff

The E.M. Pearson Foundation, before it dissolves, is giving the Friends of the Saint Paul Public Library a parting gift of $500,000. The foundation, which was founded in 1989, has been a regular contributor to the Friends, but, with the deaths of Pearson and his wife, the trustees opted to dissolve the body rather than “turn it over to new trustees who would not have known the Pearsons personally,” the Friends said. The last gift will be placed into “a new, unrestricted endowment,” which is expected to yield $25,000 annually starting next year. Other institutions, including Concordia University and the Minnesota Children’s Museum, also will receive one last Pearson donation.