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March 31, 2016

Conn. Nonprofits Get $70 Million From Publisher's Trust

A charity fund established by the late publisher of the Stamford Advocate and Greenwich Time newspapers will bestow $70 million on Stamford Hospital and other area nonprofits, the Advocate writes. The medical center will receive $50 million form the Kingsley Gillespie Charitable Trust, with additional gifts announced Wednesday benefiting First Presbyterian Church, the Rotary Club of Stamford, and three other organizations.

Some of the recipients have known for decades that they would receive a share of $20 million set aside by Mr. Gillespie upon his death 32 years ago, but they only recently learned that the publisher's reclusive son, Kenyon, had increased the trust's value to $100 million over the years through investments. Kenyon Gillespie died last March, setting in motion the release of the funds, which will be paid out in annual 5 percent increments.