Zankel Estate Announces $120 Million in Bequests

Zankel Estate Announces $120 Million in Bequests

The estate of the late Arthur Zankel, a longtime Citigroup board member and former co-managing partner of First Manhattan Company, has announced bequests totaling more than $120 million to six New York-based nonprofit organizations and charities.

According to Arthur Zankel's brother Martin, the executor of the estate, the gifts represent the bulk OF the estate and reflect Zankel's lifelong commitment to educational, cultural, and human service causes. The largest bequest, $42 million, was awarded to Skidmore College to support the construction and operation of the Arthur Zankel Music Center on the college's Saratoga Springs campus, along with a scholarship program, the development of a program in arts administration, and other initiatives. In addition, Carnegie Hall will receive $22 million to support the programs and operations of the Judy and Arthur Zankel Hall, the organization's new performance and education venue, while Teachers College at Columbia University will receive $10 million to establish the Arthur Zankel Urban Fellowships — fifty $10,000 scholarships that will be given to both masters and doctoral students with demonstrated financial need.

Also announced were gifts of $4 million to the Society of Illustrators to support its Museum of American Illustration, and $8 million to the UJA-Federation of New York to fund fellowships to enable young people to experience Israel, establish a depression-treatment center in New York, and strengthen services for those in need in New York, Israel, and around the world. Most of the rest of the estate was left to the Zankel Fund, which Arthur Zankel established years ago and which focuses its giving on education and assistance to those in need.

"The gifts that we are privileged to announce today are the culmination of my brother's intense commitment to sharing his good fortune with those who are not so fortunate, and to promote education as the tool for progress, a proposition in which he deeply believed," said Martin Zankel. "He practiced philanthropy as an integral part of his life for almost forty years and was determined that his resources would have an impact on the life of his community."

"Estate of Arthur Zankel Announces Donations Exceeding $120 Million" Estate of Arthur Zankel Press Release 06/02/2006.