Philanthropy in Maine…

This is a great story from the Chirstian Science Monitor. 

Harold Alfond founded Dexter Shoe Co. in Maine in 1958 and shared millions of dollars to promote health and education in the state. After giving many scholarships to college-age students, “he wanted to help build aspirations for college at the front end of life,” says Greg Powell, chairman of the board of the Harold Alfond Foundation. Mr. Alfond laid the groundwork for this legacy before he died in November. ”

After this year’s pilot at MaineGeneral Health’s two hospitals, the $500 grants will be available to all babies born or adopted by Maine families, as long as parents sign up by the first birthday. The Harold Alfond Foundation expects to spend $7 million to $9 million a year, if everyone participates.

If a family adds $50 a month to the account and it grows at a rate of 8 percent, it would be worth $25,000 when the child turns 18, according to the Finance Authority of Maine, which administers the NextGen plans. Without additional deposits, the $500 could grow to $2,000. Tax-free withdrawals can be used for any accredited postsecondary schooling, including vocational training or occasional classes.”

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: