Mathews Community Foundation tops $3M mark

by Sherry Hamilton - Posted on Nov 06, 2013 - 10:43 AM

The Mathews Community Foundation topped the $3 million mark in total assets and gave out over $150,000 in grants to nonprofit organizations last year.

According to the 2012 annual report, the increase was achieved through 420 donor gifts totaling $320,425, along with investment growth of $302,371. In addition, 34 local businesses underwrote more than $13,000 in operating expenses for the foundation.

Fifty-eight donor-advised funds comprise most of the foundation’s assets, adding up to $2,257,439. Created by donors who decide where the proceeds will go, the funds are often named after individuals. The Abigale Lee Casper Children’s Fund was started by Jenny and Steve Casper after they lost their baby girl to an infection; the Jack Clements Memorial Fund was named for a Bohannon resident who spent his life doing good deeds; the Mary Gay Lirette Music Fund was established in memory of a beloved Mathews pianist to support musical performances; and the Mary Watt Pulley Wildlife Preservation Fund was named in honor of a Hudgins resident who advocated for habitats for birds of the Chesapeake Bay.

Donor-advised funds together awarded $107,501 in grants during 2012. Not all of the grants were awarded in Mathews, but many local nonprofit organizations received support, including the Gloucester-Mathews Free Clinic, Hands Across Mathews, and the Mathews Boys and Girls Club.

The remaining assets are in an endowment fund containing $828,964 at the time of the report. The unrestricted fund gives the advisory board authority to decide what organizations or projects will benefit from the fund’s proceeds. Among the recipients of grants in 2012 were Bay Aging, the Gloucester-Mathews Humane Society, the Bay School Community Arts Center, and a school STEM program. Twenty-one such grants were awarded last year, totaling $45,763.