Worcester foundation surpasses $100M in giving
The Greater Worcester Community Foundation has exceeded $100 million in overall giving, while it continues to build its foundation to ensure support of area nonprofits for another 40 years and beyond, the organization announced Wednesday.
The GWCF is a nonprofit grant maker that was created by a group of residents wanting to ensure that Worcester’s community projects and nonprofits were supported, according to the GWCF. Since its creation in 1975, with no large foundational endowment to start off, its endowment has grown to nearly 600 funds with more than $140 million.
In 2015, nearly $5.4 million has been granted to nonprofits including $600,000 going to local students for college tuition in the form of scholarships. More than $9 million has been given out in those scholarships since the foundation was founded, according to Ann T. Lisi, president and CEO of the GWCF.
Having a community foundation not only allows the receiving organizations to have a reliable stream of grant funding, but creates a space for individuals and companies in the community to entrust their money and endow it to be spent over time as they direct, Lisi said.
“The endowment creates charitable capital for the community,” she said. “The beauty of a permanent foundation is that you are invested for the long-term … it’s an asset to the community.”
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