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Community Foundation Santa Cruz County To Receive Its Largest Bequest Ever

Friday, September 26, 2014

Earlier this month NCG member Community Foundation Santa Cruz County announced that it would receive its largest bequest ever from a single donor.

Just under $30 million has already come in from the estate of June Borina Schnacke, made at the discretion of the directors of the Borina Foundation, with a residual amount expected at some later date.

To date, $26.5 million has already gone into a permanent endowment that will benefit Santa Cruz County for generations to come...

During the next year, our board and its program committee will assess how best to use the Borina funds, per June's charitable intent, in addressing local needs.

Since the transfer of all Borina funds is yet to be completed and because the majority of those funds will be endowed (with the amount generated from earnings available for annual future grantmaking yet unknown), it is premature to guess when, how much or for what specific purposes grants from the Borina funds can be used.

Rest assured, however, there will be ample notice, as there has been in the past, about our grantmaking process.

We join the Community Foundation of Santa Cruz County in celebrating the generosity of June Borina Schnacke. 

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