CHARLOTTE, N.C. – With the majority of its assets invested in Bank of America stock, the C.D. Spangler Foundation saw its assets drop by almost two-thirds in 2008, the Charlotte Observer reported July 24.
The Charlotte-based funder’s assets fell to $133.2 million from $366.5 million during the year as its Banks of America and Wachovia holdings tanked.
The foundation, started in the 1950s as a charitable vehicle for the Spangler family, donated about $18.6 million last year, down from $19.4 million in 2007.
Despite the decline in assets, C.D. Spangler Jr., construction magnate and former president of the University of North Carolina system, says the foundation remains committed to supporting educational, religious and other nonprofits.
As of the end of 2008, almost two-thirds of the foundation’s assets were invested in Bank of America stock, which lost about 66 percent of its value last year.
As of the end of 2007, the foundation held $73.3 million in Wachovia stock, which fell 85 percent last year and ultimately was acquired by Wells Fargo & Co.
As of the end of 2008, the foundation disclosed no holdings in either Wachovia or Wells Fargo, the newspaper reported.