The project is part of the Lilly Endowment's GIFT VIII Initiative that seeks to unveil the economic significance of the lake.
The study will evaluate income generation, job creation, value-added activities, and tax revenues.
The project aims to provide a "comprehensive understanding" of Lake Sullivan's economic footprint, the organizations said in a news release.
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MVYouth, a newly formed Vineyard philanthropy group with a mission to support Island youth, will pledge $4 million over the next four years to a diverse set of youth causes.