The in Newport Beach, California, has announced an irrevocable estate gift valued at $53 million in support of a variety of needs at Hoag Memorial Hospital Presbyterian, including new programs, the addition of clinical staff, and upgrades to facilities and technology.
The gift from the estate of Jeffrey M. Carlton — the largest ever received by the hospital — will be distributed in "significant" annual amounts over the course of many years, with Carlton's estate being converted into a foundation that will make the disbursements.
Carlton founded Press Forge in Paramount, California, in 1978 and served as the company's chairman and CEO until his death in 2012. Press Forge is one of the country's largest suppliers of forging services and products to the military aerospace, nuclear, oil, and gas exploration industries.
The Hoag Hospital Foundation has committed the first $15 million of the gift to the hospital's Heart and Vascular Institute, which will be renamed after Carlton.
"This will be the first of many ways we plan to honor Mr. Carlton's extraordinary generosity," said Hoag Hospital Foundation president and Hoag Hospital senior vice president Flynn A. Andrizzi, Ph.D. "The impact of this gift cannot be overstated; it will be felt by Hoag and our community for years to come."