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Jeremy Hunt, the culture secretary, has announced a £55m scheme to create endowment funds for arts organisations.
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Many universities rely on wealthy alumni who create endowments to cover tuition, room and board.
The bill enables groups to create endowments, pay off debt and repair or build facilities.
Such foundations, which receive contributions to create endowments and use the income to support local needs, sometimes with recommendations from donors, have grown popular since the 1990s.
We haven't had the benefit of 50 years of US educational history – a country where the industry knows it has to create endowments and give gifts.
However, in a speech last week, Ms Jowell said she would be looking at ways of using lottery money to create endowments.
With smart planning however, a pile of new money can be life changing for you and those you love as well for innumerable others should you decide to create endowments for the social good.
The government may also look at ways of creating endowment funds out of the lottery money to support existing schemes, which are struggling to survive.
The Millburn Township Committee voted unanimously on Tuesday to approve the purchase, which will help the theater pay off a $3.5 million bank loan it took out last year; close this year's deficit; provide working capital; and beef up a newly created endowment.
Several universities have created endowments for classes and investment clubs to manage.
With his wife, Miriam, he demonstrated a keen interest in art through philanthropy, generously donating works to the collection and creating endowments to support acquisitions as well as special exhibitions, publications, and education programs in the area of Asian art.
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