WENATCHEE — The Community Foundation of North Central Washington has topped $50 million in assets for the first time.
“It’s a benchmark in the foundation world,” said Beth Stipe, the foundation’s executive director. “It means the foundation has enough assets under their management to really assist the community.”
Stipe made the announcement at a recent foundation trustees meeting.
Assets increased from about $44 million last year. The organization was established in 1986 with $2.1 million.
Stipe said the local foundation’s assets ranks in the top five in the state, surpassed only by those in Seattle, Tacoma, Vancouver and Spokane.
“For the size of our community, to be in the same ballpark as a Vancouver or Spokane is really impressive,” Stipe said. “It really goes to show how generous people in this community are and how they want to help sustain the community. NCW community has about 200,000 residents, far fewer than Vancouver or Spokane, whose foundations have assets of about $75 million each.
Community Foundation assets are made up of donations from individuals and organizations that want to invest in the community’s future. The assets are put into accounts that protect the principal while earning interest that is distributed as grants and scholarships.
The local foundation dispersed more than $3 million in grants last year, including more than $408,000 in scholarships to 137 local students, a record amount.