The Grand Traverse Regional Community Foundation in Traverse City, Michigan, has received a $15.4 million bequest from the estate of Wilfred and Joan Larson, the Traverse Ticker reports.

The bequest will establish the Wilfred and Joan Larson Endowment, a donor-advised fund and the foundation’s largest single endowment ever. The fund is expected to generate around $700,000 annually in support of area nonprofits in perpetuity, foundation president and CEO David Mengebier told the Ticker. The fund will support organizations working in the areas of arts and culture, education, the environment, health and human services, women’s issues, and youth. Among the intended beneficiaries are students from Benzie Central, Kalkaska, Kingsley and Elk Rapids; a $10,000 scholarship will be awarded annually to a student from each school.The Larsons had named Larry Nelson, a friend and a member of the foundation’s board, to serve as the endowment’s advisor.

Wilfred Larson, who died in 2019, was president and CEO of Westwood-Squibb Pharmaceuticals Inc.; Joan Larson, who died in 2017, was involved in the restoration of historic Fishtown in Leland, Michigan. In November, the estate announced bequests of $13.6 million to the Community Foundation of Collier County in Naples, Florida, and of $9.9 million to the Community Foundation of Greater Buffalo.

“We’re excited to continue to work with Larry Nelson to see how we can maximize the impact on the region,” said Mengebier, who along with Nelson will meet with the programming staff in early 2022 to craft a strategy and determine where funding can make a significant difference. It is important to ensure the gifts go to the right places in the right amount when they can do the most good, rather than to immediately begin disbursing the funds, Mengebier added. “There’s not a rush. This has upped the game, so let’s be thoughtful.”

(Photo credit: Michigan Municipal League/CC)