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La Crosse Diocese, Mayo Health, recieve $20 million from Franke Foundation
A new $20 million foundation will start fueling local organizations by December.
The Robert and Eleanor Franke Charitable Foundation will give funds to the Diocese of La Crosse, Mayo Clinic Health System[Franciscan Skemp] and selected nonprofits agencies that meet a set of criteria.
"It's a magnificent gift that will provide thousands for those in need," said Mel Hoffman, the foundation's CEO and executive director.
Robert Franke died in September 2009. His wife died in 2001. The couple had no children.
Before his death, Robert Franke left several bequests to local charities, but the largest share of his estate, $20 million, was left to support the community, Hoffman said.
Every year, the Diocese of La Crosse and Mayo Clinic Health System with each receive a third of the fund's earnings, with the final third to be split up between chosen nonprofit organizations.