David Rockefeller, chairman emeritus of the Museum of Modern Art in New York City, has pledged $100 million to the museum's endowment, the New York Times reports.

The gift — the largest-ever cash contribution to the museum — will bolster its educational programs and help finance future exhibitions. MoMA will receive the funds after Rockefeller's death, but in the meantime he will give the museum $5 million annually.

"It seemed like the right time," said Rockefeller, 89, who noted that the museum's last fundraising campaign had focused on construction and acquisitions, rather than on expanding its endowment. "The museum is at a stage now where it has just acquired a new building and has never had a better reputation in the world."

Many of MoMA's trustees have donated millions of dollars in cash and art since the museum launched an $858 million capital campaign seven years ago, and ten or so have given upwards of $15 million apiece. Ronald S. Lauder, the museum's chairman for the past decade, is also its second-largest supporter, having contributed more than $65 million to the latest campaign. Over the course of his lifetime, Rockefeller, who has contributed $77 million to the campaign, will have given or pledged some $200 million to the museum, not including seventeen artworks — some promised, others already given — by the likes of Cézanne, Gauguin, Matisse, and Picasso.