Alzheimer’s Association and Affiliate Sharea Surprise Bequest Worth $27-Million
March 10, 2013 | Read Time: 1 minute
How much: $27-million bequest
Who gave it: Helen Banas, who died at the age of 95 in 2012. She inherited money from her husband, a stockbroker who died in 1958.
Who got it: The Alzheimer’s Association Orange County (near the donor’s home) and the Alzheimer’s Association National Office
Where the money will go: Ms. Banas made no restrictions on where the gift would go so the organizations decided that $17-million will go to the Orange County chapter and $10-million to the national office.
Donor’s connection to the organization: Ms. Banas sought information and help from the Orange County chapter two decades ago when she was caring for her own mother, who had dementia. She left her entire estate to the Alzheimer’s groups but never told anyone except the banker who was the executor of her will.
Impact of the gift: Jim McAleer, the affiliate’s chief executive, says he hopes the gift will not only jump-start an organization with an annual budget of $3.8-million, but will also draw additional supporters. “Everyone throws around the word ‘transformational’ as a buzzword, but when you think about receiving a gift that is easily four times your annual budget, it will be transformational,” he says. “Folks like to jump onto winning bandwagons.”