Cleveland Clinic has received its largest gift ever, a $261 million distribution from the Lord Foundation of Ohio, the nonprofit academic medical center disclosed Nov. 13.
The gift is part of a $1 billion distribution split across four institutions, including Duke University, the Massachusetts Institute of Technology (MIT) and the University of Southern California (USC). The funds came from the sale of the Lord Corporation, with each beneficiary receiving $261 million of stock from Thomas Lord, who led the family-owned manufacturing company until he died in 1989.
Lord Corporation, based in Cary, North Carolina, had sales of more than $1 billion in 2018. It was purchased by Parker-Hannifin Corporation in a $3.675 billion, which triggered the $1 billion distribution to the four institutions.
Cleveland Clinic did not explicitly say how the gift will be used beyond furthering its mission. The donation does support Cleveland Clinic’s, which has a goal of $2 billion in philanthropic efforts. The donations will help Cleveland Clinic physician-scientists make new discoveries for patient therapies and support the Lerner College of Medicine.
“Cleveland Clinic was founded on the ideal that innovation, research and teaching are integral components of patient care,” Tom Mihaljevic, MD, CEO and president of Cleveland Clinic, said in a statement. “Mr. Lord’s generous gifts allow us to continue tackling today’s most complex medical challenges, discovering the next breakthroughs and improving lives worldwide.”
The donation is part of Lord’ estate plan, which also established the Jura Corporation and four other foundation, including the Lord Foundation of Ohio. The Lord Foundation of Ohio supports Cleveland Clinic received $261 million in connection with the transaction.
“When developing his estate plan, Tom Lord identified research institutions that shared his vision of continuous learning and innovation,” said Lt. Gen. Frederick McCorkle, USMC (Ret.), chairman of the Jura Corporation board of directors.
Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."