Despite a 9 percent drop in assets, grants by the Community Foundation of Western North Carolina grew 65 percent in the fiscal year ended June 30, 2002, thanks to donors to the foundation.
The foundation, serving 18 counties, handed out $13.6 million in grants in the fiscal year, up from $8.2 million a year earlier, even through the weak stock market reduced the value of its assets to $90 million from $98 million.
Grantmaking in the first half of the fiscal year that started July 1, 2002, totaled $5.9 million, up from $4.1 million in the same period a year earlier.
In that same period, through Dec. 31, 2002, the foundation received $15 million in gifts, $2 million more than in the same period a year earlier.
Real estate accounted for roughly $2 million of gifts to the foundation through last Dec. 31.
Over the past three years, three private foundations placed their assets, totaling $14 million, at the foundation.
“They came under our umbrella to reduce administrative and labor costs and improve their tax situation,” says Pat Smith, executive director.