Jefferson Cary Foundation Endowment Passes $500,000
The Jefferson Cary Foundation has announced that the organization’s Endowment Fund now has topped $500,000.
“It is remarkable that our Board of Directors has been able to grow this fund from an original amount of $64,000”, said Harrigan who has directed the foundation since 1999. “We have gone through good and bad economic times but the board stayed focused managing the investment over time and getting over $500,000 is truly a milestone for the organization”.
The foundation’s Board of Directors established the Endowment Fund in order to create a permanent source of income that would be available to improve health care services at Cary Medical Center. Originally the board set a goal of $500,000 before income generated from the fund could ever be used. At their April 20 Annual Meeting the board raised the cap to $1 million dollars. The principle of the fund will remain permanently intact, only the interest earned will ever be used. Peter Doebener, newly elected President of the Foundation’s board said that the Endowment Fund will be a great asset for the hospital.
“Given these uncertain times in health care”, said Doebener who also sits on the Board of Directors for Pines Health Services, “knowing that we are building a substantial and permanent endowment that will, at some future point, provide additional funds to the hospital for the purchase of new technology, a special capital need or other project can be very reassuring. We are so very grateful to the hundreds of donors who have made this possible over nearly a quarter of a century”.
The Endowment Fund has been built through the foundation’s Annual Appeal and memorial donations. Mary Harrigan said that while the Endowment Fund as seen dramatic growth the foundation has also provided additional support over its history.
Harrigan pointed out that the foundation also manages and awards scholarship funds, memorial funds, and provides support for special initiatives.
A major project of the foundation is the Annual Cary Classic Benefit Golf Tournament which is now in its 34th year and will be held in July. The tournament has raised more than $250,000 and is the foundation’s major annual fund raising event.
Donations to the Jefferson Cary Foundation are Tax Exempt. For more information on the foundation or to discuss memorial gifts contact Mary Harrigan at 207-493-4849.
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