CARIBOU, Maine — The Jefferson Cary Foundation has announced that the organization’s Endowment Fund now has topped $500,000. Mary Harrigan, executive director of the foundation, made the announcement at the organization’s annual meeting April 20 at Cary Medical Center.
“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 to create a permanent source of income 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 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, with only the interest being used.
Peter Doebener, newly elected president of the foundation’s board, said 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 foundation has built the endowment through annual appeals and memorial donations.
“The endowment fund is one of our key development objectives”, said Harrigan. “But we have also generated more than $1 million in support of major hospital projects including the Building for Specialty Clinics and Oncology, The Center for Women and Children’s Health, the Women’s Imaging Center, and the new Jefferson Cary Cancer Center.”
Harrigan pointed out 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, slated this July and now in its 34th year. The tournament has raised more than $250,000 and is the foundation’s major annual fundraising event.
Pam Scheppele, outgoing president of the foundation’s board of directors, said the generosity of donors has been key to the success of fundraising efforts.
“We are just all so impressed with the support we have received over all the years from our generous donors,” said Scheppele, who served as president for some 13 years. “This level of philanthropy is absolutely critical for the hospital to meet the growing healthcare needs of our community”.
Donations to the Jefferson Cary Foundation are tax exempt. For more information contact Harrigan at (207) 493-4849.
