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16 nonprofits could share $4.5 million

July 02, 2005|by GREGORY T. SIMMONS

WASHINGTON COUNTY

gregs@herald-mail.com

Sixteen local nonprofit organizations were named this week to be the recipients of $4.5 million in gift money if they can raise an equal amount in five years.

The money would be used for a number of charitable purposes, all of which would benefit people in Washington County, said Brad Sell, executive director of the Community Foundation of Washington County Md. Inc.

"It runs the gamut from educational institutions to the Chesapeake Wildlife Heritage," which has a local environmental restoration program, Sell said Friday. "It really is a nice cross section of the nonprofits in the community."

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The gift first was announced last October, when John and Margaret Waltersdorf of Hagerstown and the Richard A. Henson Foundation each agreed to provide up to $2.5 million for the campaign. Margaret Waltersdorf passed away earlier this year.

John Waltersdorf, former owner of Hagerstown-based Tristate Electrical Supply Inc., is a board member of the Community Foundation. Henson, who died in 2002, owned Henson Aviation Inc. Both have been known for community fundraising efforts.

The program was called the Waltersdorf-Henson Endowment Challenge Campaign.

The local nonprofits have agreed to raise between $100,000 and $800,000 individually over the next five years. That money will be placed into an interest-earning account known as an endowment.

At the end of that time, the Community Foundation will match the amount raised, doubling the size of the endowment, which will be managed by the foundation.

The nonprofits then will take annual payments from their endowments, representing a portion of the interest earned on the accounts.

Sell said that the endowments typically pay out 5 percent annually. For instance, a $200,000 account would yield $10,000 in cash.

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