Nonprofit Newswire | Will $5 million Transfer to Community Foundation Mean Less in Grants?

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October 3, 2010; Source: The Olympian | In New Jersey, the Community Foundation of South Puget Sound just doubled its $5 million dollar asset base when the trustees of the Lassen Foundation, founded by Irving Lassen, an electrical contractor, transferred its assets to the Community Foundation to manage. Though the asset bases of both groups were of equal size, the article says that the community foundation distributes $80,000 a year, while the Lassen foundation has been distributing more like $200,000. Let’s hope that the transfer will not mean a lesser grants distribution for that community.—Ruth McCambridge

  • Cynthia

    New Jersey???? Last I checked Puget Sound is in Washington state.