A foundation that works with donors and recipients to fund the needs of the people of Rhode Island is receiving a $28 million gift from the family of an investment banker who died more than half a century ago.
The Providence Journal reported Monday that Frederick Wilcox, who died in 1965, left a trust of about $1 million to be overseen by his daughter, Nancy Mattis. Sixty percent of the money would be donated to the Rhode Island Foundation when she died.
The fund had grown to $48 million when the 95-year-old Mattis died last fall at her longtime Barrington residence.
Foundation president and CEO Neil Steinberg says the money comes with no restrictions and can be used as the group sees fit. He called the unprecedented flexibility “transformational.”
Source: US News