Philanthropist Gerry Lenfest is donating $500,000 to support the city's cash strapped parades.

The money is going to the Greater Philadelphia Traditions Fund, a nonprofit founded by Rep. Bob Brady to help Mummers and other groups pay for costs the city of Philadelphia charges for police overtime and other costs associated with parades and other events.

The money will be doled out in $100,000 increments over five years.