17 Cape-based beneficiaries among recipients of Lorusso's largesse
The Lyndon Paul Lorusso Charitable Memorial Fund has benefited Cape organizations for the last five years. On May 6th, The Cape Cod Foundation announced the largest dispersal of grants ever made at one time. The $7.4 million fund represents the philanthropic legacy of a young man who died more than thirty years ago.
"Paul and I have always lived a modest life, but throughout our lives together, from the very early days, we felt we had a responsibility to give back to our community," said Lila Lorusso. "The passing of our son Lyndon, and our desire to always remember him, has been a profound motivation to continue and enlarge our giving."
Among the 21 organizations to receive funding from the retirement of the Fund, are 17 Cape based beneficiaries including The Healthcare Foundation of Cape Cod, receiving the largest grant of $2,051,500.
In 2004 the Foundation awarded more than $4 million in grants and scholarships and currently has assets of nearly $34 million.
"We are extremely pleased to receive this grant which will enable us to establish our open-heart surgery program in honor of Paul and Lila's son, Lyndon P. Lorusso," said Stephen L. Abbott, President and CEO of Cape Cod Healthcare.
One of 170 fund accounts managed by The Foundation
The Fund, one of 170 fund accounts managed by The Cape Cod Foundation, has been part of the on-going generous philanthropy of Paul and Lila Lorusso, in the name of their son, Lyndon P. Lorusso who died in 1971. Just 17 at the time of his death, the Lorusso's only child has been the inspiration for a host of charitable efforts benefiting young and old on Cape Cod including the Lyndon Emergency Room at Cape Cod Hospital and the YMCA Camp Lyndon in Sandwich.
Rather than continue to make annual gifts, last year the Lorussos requested to have The Cape Cod Foundation retire the Fund, dispersing the endowment to the designated beneficiaries. It is the largest single disbursement ever made by the Foundation, which was established in 1989. These gifts will be realized in a variety of ways by local organizations including scholarships for children attending school, camp or taking music lessons their families could not otherwise afford, providing tools for disabled people to become productive wage earners, and helping victims of domestic violence restore order to their lives.
"The Cape Cod Foundation is honored to help Mr. and Mrs. Lorusso fulfill their wish to honor and celebrate Lyndon's memory," said Cape Cod Foundation President Elizabeth Gawron. "The Lorusso's generosity is a magnificent tribute and will empower the recipients to touch many lives on Cape Cod. It is a gift that will have a lasting impact and one that has allowed the Foundation to match donor interests with community needs."
The Cape Cod Foundation is a nonprofit charitable organization that distributes money in the form of grants and scholarships. In 2004 the Foundation awarded more than $4 million in grants and scholarships and currently has assets of nearly $34 million. The second largest award from the dispersal is a $1.2 million award to Walpole High School, where Paul Lorusso is an alumnus, followed by the third largest award to Mr. Lorusso's alma mater, the University of Maine in Orono, receiving $522,200.
Other Cape organizations to receive funding:
The Fund also designated a gift of $74,600 the Sundry Gift Fund for Oncology at Massachusetts General Hospital and a gift of $149,200 to the Fessenden School in West Newton.