Would You Set Up a Foundation After a Powerball Win?

When a big lottery win comes along, the next big question is how will it be spent? Two Powerball jackpot winners decided to set up foundations  but had varying experiences.

Over 10% of those who have won at least $100 million playing Powerball decide to set up a foundation.

Scientific research

16 years ago, Paul Rosenau from Minnesota, USA, won a $180.1 million Powerball jackpot. He decided to give  $26 million of his winnings into scientific research.

He had personal reasons for doing so as his granddaughter died from Krabbe disease. When the Powerball jackpot win came along he said it was divine intervention.

Recently,  a $65 million Lotto 6/49 Gold Ball jackpot winner  said that God had told him in a dream he’d win.

The $26 million was entrusted to the John Priebe and Principal Financial Group but it all went wrong. He accused them of mismanaging the funds causing the Rosenau Family Research Foundation to lose a large amount of money.

Court action followed and earlier this month the Foundation won a $7.3 million arbitration judgement. Another negligence and fraud case is still ongoing.

Theatrical investments

Roy Cockrum has enjoyed greater success with his investments. The former actor won a $153 million Powerball jackpot ten years ago. He decided to use $60 million of his winnings to set up a foundation. It had the purpose of helping American nonprofit theatres.

The Roy Cockfum Foundation has given around $25 million in donations and funded 47 theatrical productions. This includes the award-winning play ‘Prayer for the French Republic.’

Cockrum has been described as “a man of the theatre” and someone with a gift for being inspirational and spotting potential.

20 years ago, he visited London and saw the play ‘His Dark Materials.” He loved it so much that he said to himself “if I ever had two nickels to rub together” he’d try to help American theatres and that’s just what he’s done with his Powerball win.

Tonight’s Powerball draw has a $114 million jackpot. Would you create a foundation if winning the top prize?

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