Poetry Foundation Struggles to Spend $185 Million

In 2002, reclusive pharmaceuticals heiress Ruth Lilly gave $185 million to the Poetry Foundation in Chicago. Other than rejection letters for her poems, Lilly had virtually no contact with Poetry Foundation prior to the gift.

John Barr, president of the Poetry Foundation, was unsure what to do with the money. First, he commissioned a $700,000 study to find out who reads poetry and how to attract new people. Next, he commissioned $1 million a year for a website. He then angered critics when he approved a new headquarters building for $21 million.

Lilly’s money seems to be working. The Poetry Foundation, which now has a $7 million annual budget, reached 19 million new poetry readers in 2009. Barr says that they may not see the obvious impact of the gift for ten or twenty years, “but there are hopeful signs.”

Daniel Fisher, No Rhyme or Reason, Forbes, Dec. 30, 2010.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this to my attention.