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Couple donates $2 million to county foundation

June 19, 2000|By SCOTT BUTKI

A Washington County couple has given $2 million to the Community Foundation of Washington County, the largest donation the foundation has ever received.

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No couple's identity was not released.

"One of the greatest advantages of this gift to the community is there will be $100,000, on an annual basis, given to local nonprofit organizations," Joyce Heptner, executive director of the foundation, said Monday.

Two endowments were created with the donation: a Donor Advised Fund and an Unrestricted Community Fund. Money from the Donor Advised Fund will support organizations suggested by the donors while funds from the Unrestricted Community Fund will go to recipients selected by the foundation's Grants Allocation Committee.

The gift brings the foundation's assets to more than $3 million, John M. Waltersdorf, chairman of the foundation's board of trustees, said in a written statement.

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The contribution came less than a month after it was announced that Bill Dutton, retired owner of a successful Hagerstown business, and his wife, Peggy, added $100,000 to their Community Foundation Donor Advised Fund.

The permanently invested fund is managed by the Community Foundation, with the donors recommending how annual earnings can become grants to qualified Washington County charitable causes.

The Community Foundation of Washington County was organized in 1996 as a convenient, cost-effective way for donors to make charitable gifts work forever. A tax-deductible contribution to the Community Foundation is never spent; it remains fully invested in the form of a permanent endowment with the return available to support a variety of charitable causes in Washington County.

The foundation has 35 permanent endowment funds ranging in value from $2,500 to $1.5 million.

"Of course, we hope this wonderful gift will remind others that that the Community Foundation can be their partner in philanthropy, as well," Heptner said.

To learn more about the Community Foundation of Washington County, contact Heptner at 301-745-5210, ext. 30.

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