Anonymous Man Leaves Ten Million In Estate for Community Foundation

Cumberland Community Foundation Receives Largest Gift In Its 30 Year History

Fayetteville, NC – An anonymous man who never graduated from high school has given a bequest of more than $10,000,000 to Cumberland Community Foundation.  The man who described himself as “a poor child” came from modest means and acquired his wealth through hard work, conservative living, and a self-designed investment strategy.  The gift will be an addition to the Community Scholarship Endowment Fund and will make it possible for Cumberland County students to attend college, an opportunity that the donor never had.

The original gift is an endowment, meaning that the man’s gift itself will never be spent and only the investment income will be granted annually.  Over the next twenty five years, the foundation estimates that $17 million in scholarships will be awarded to almost 1,000 graduating seniors from Cumberland County High Schools.  Over fifty years, the endowment could pay out as much as $53 million in scholarships. The first round of awards will be given to the Class of 2013 after investing for a year.  Applications will be submitted on-line through the foundation’s website.

“This gentleman was a very generous philanthropist during his life.  We are very honored to continue his legacy of support for education, forever,” said Mary Holmes, executive director of the foundation.  “Typical of most of our donors, he never wanted the spotlight and lived a modest, quiet life.  He just wanted to help kids go to college, an opportunity he never had.”

The foundation was established more than thirty years ago by Dr. Lucile Hutaff who dreamed of the community coming together to do good things.  Holmes said, “It is interesting that Dr. Hutaff knew this could happen.  The same fund has received gifts of $25 and $10,000,000.  She was a very wise and hopeful person who believed that the people in her home town of all means would come together to do great things.” 

October 27, 2011