EAST LIVERPOOL, Ohio (WKBN) – The East Liverpool Fawcett Community Foundation works to better its city. Between donations and using profit it gets in stock, the organization has built up a good amount of money. Recently, it got a $100,000 anonymous donation.
The East Liverpool Fawcett Community Foundation works to improve the quality of life in the city and neighboring townships by either donating to charities or helping fund different needs. One example has to do with the street lights downtown.
“So a couple of years ago, we replaced all the street lights with LED bulbs, cost $10,000 for the bulbs,” said Dr. Marc Hoffrichter, with the East Liverpool Fawcett Community Foundation.
Recently, an anonymous donor gave $100,000. It’s not the biggest donation the group has received.
Any donation that comes in under $500 gets passed out the same year it’s received.
“If we received a donation of more than $500, it goes into what we call our investment fund and we just use the income from the investment fund,” Dr. Hoffrichter said.
They do a combination of stocks and bonds in cash, placing it in things they trust. Dr. Hoffrichter says over 28 years, they’ve never had a penny of overhead.
“I think it’s reassuring to people that contribute to us that 100 cents out of every dollar goes to its intended purpose,” Dr. Hoffrichter said.
Any income the organization gets goes back into the community. Since it started, the East Liverpool Fawcett Community Foundation has raised over $2 million. Any donor can say where they want that money used, but the most recent anonymous donor didn’t say where he wants the money to go.
Dr. Hoffrichter enjoys when donations are given to the foundation.
“Keep the money local instead of the American Cancer Society, Red Cross. They’re all worthy things but the money goes out of the community. This stays at home,” Dr. Hoffrichter said.
The directors of the foundation will need to meet to decide how they want to use the income of the $100,000 donation.