The Next Generation Foundation of Maine awards $250,000 to fund our endowment

Early on in the process of preserving the Stewart Library Building we knew its long term sustainability would depend on providing money to help the Town of Corinna maintain the building into the future. One of the goals the Stewart Library Building Preservation Group set was to establish an endowment yielding income to the town specifically for that purpose.

We set up the Stewart Library Building Preservation Fund at the Maine Community Foundation with the goal of raising half a million dollars for the endowment. Some of the donors to our fund raising campaign designated their contributions to the endowment. Those donations totaling about $18,000 have been moved to that fund.

We applied to the Next Generation Foundation of Maine for a grant of $250,000 seed money to further fund the endowment. They have awarded us the grant. They will soon add $250,000 to the fund. This is amazing. Remember that this foundation awarded us a one million dollar grant in 2014 to fund the preservation construction project. Now they have generously given another quarter of a million dollars.

Each year some of the interest this fund earns will come to the Town, as needed, specifically to maintain the building. The money will be spent according to a maintenance schedule established with the help of Ames Associates, the architectural firm that conducted the Historic Structure Report for the building.

To all who gave their generous donations and those who care about the preservation of Levi Stewart’s gift to Corinna, this is wonderful news. There are many people to thank, especially the Next Generation Foundation of Maine. Thank you to everyone who contributed and those who value the preservation of this treasured asset. Support from you, the Board of Selectmen, and the people of Corinna have made this possible.

4 Comments on "The Next Generation Foundation of Maine awards $250,000 to fund our endowment"

  1. That is fantastic news!

  2. Yay! This is fantastic news!

  3. That’s wonderful news! You all have done such a great job. You’re dedicated work is appreciated!

  4. Mark and Jane Quimby Biscoe | August 5, 2017 at 1:56 pm | Reply

    How exciting is this !!! All the hard, patient work and planning by the Committee has paid off handsomely – to the benefit of both the Building itself AND the Town of Corinna. Warmest congratulations and good wishes to you all; we are so proud to be a small part of this ongoing effort.

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