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He raised $40 million for the organization's first endowment.
Last year, the museum, at 104th Street and Fifth Avenue on Manhattan's Museum Mile, obtained its first endowment, $1 million from the Ford Foundation.
As well as providing space for its 1,005 students, the proceeds of the sales will become the foundation for the school's first endowment.
But its $4.5 million endowment -- the first endowment required under the 1986 law -- produces income of less than $200,000 per year, according to an official of the National Archives and Records Administration, which owns and runs 10 presidential libraries.
The foundation recently received its first endowment of $5 million from the estate of Paul Mellon, but it still depends on scratch bettors and horse lovers to pay the feed bills.
Westhab of Elmsford, which provides housing for the homeless in Westchester, received $30,000 - its first endowment grant - to help develop the artistic skills of children at the Coachman Family Center in White Plains and the Westhab Family Center in Greenburgh.
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One possibility is that, whilst Somairle may well have begun the planning of a Cistercian house at Saddell, it was actually Ragnall who provided it with its first endowments.
The law school has also used income from a second endowment to finance annual scholarships for law students from predominantly Muslim countries.
In 1939, the university established The Committee for Gifts, Endowments, and Memorials, its first private endowment fund.
"First, the endowment is largely restricted to the purposes designated by donors," he said in a statement.
TO do this, it helps to consider, first, the "endowment effect": once we own an object, we value it more.
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