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
About The Author
Ruth is the founder and Editor Emerita of the Nonprofit Quarterly. Her background includes forty-five years of experience in nonprofits, primarily in organizations that mix grassroots community work with policy change. Beginning in the mid-1980s, Ruth spent a decade at the Boston Foundation, developing and implementing capacity building programs and advocating for grantmaking attention to constituent involvement.