Anonymous donor gives $10M gift to Cumberland Community Foundation
Posted October 26, 2011 3:19 p.m. EDT
Fayetteville, N.C. — A local small-business owner who started a relationship with the Cumberland Community Foundation with a $10,000 gift bequeathed $10 million to the organization for future programs, the Philanthropy Journal reported Wednesday.
The anonymous donation is the largest ever for the youth-development program and will bring its total assets to $58 million.
"This is a man who was very generous," Holmes says. "He had a long history of making large gifts directly to organizations in the community, mainly focused on education."
Foundation Executive Director Mary Holmes said the donor developed a system for investing in the stock market that made him wealthy. Over time, he gave more than $6 million to schools and charities to support educational causes, Holmes said.
Over the next 25 years, the foundation estimates, $17 million in scholarships funded with investment income from the endowment gift will be awarded to nearly 1,000 graduating seniors from Cumberland County high schools.