FAYETTEVILLE, N.C. – Two years ahead of schedule, the Cumberland Community Foundation completed its drive to raise $6 million in unrestricted funds.
The “Investing in the Future” fundraising challenge, chaired by board member Barbara Richardson, was launched in 2005 and completed in three years, far less time than the five years originally anticipated.
Conceived as part of the organization’s 25th anniversary, the donations will allow the funder to award $576,840 in grants annually, an amount equal to the founding gift provided to the foundation by Lucile Hutaff.
Of the 814 donations received as part of the effort, 550 were relatively small, ranging in size from $1 to $250. The foundation received 15 gifts in excess of $100,000.
The foundation manages about 430 funds totaling about $34 million in assets. In 2008, the group awarded a total of about $2.5 million in grants, about $500,000 of which were unrestricted.