INVEST
Endowments
At the Greater Cabarrus Foundation, we harness the power of endowments to create lasting impact. When individuals, families, and community partners invest together, their gifts grow over time and generate ongoing support for the nonprofit agencies addressing Cabarrus County’s greatest challenges for generations to come.
The Power of Endowments
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Endowments are pooled resources contributed by individual community investors, families, businesses, and organizations who wish to invest collaboratively and share a common goal of improving the greater good for Cabarrus County. Once established, the endowment is invested strategically through our investment management advisors, Mill Capital Management, allowing it to grow over time. The principal amount remains intact and is never spent, while interest accrual and investment returns add to its value each year. This growth ensures that the endowment remains a perpetual source of funding for the community.
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Each year, a portion of the interest income generated from the endowment is distributed as grants to support local nonprofit organizations. The value of the grants are determined by the Board of Directors, nonprofit agencies, or individual community investors, depending on the type of endowment fund.
For the Greater Good Society Fund and the Field of Interest Funds, the Grants Committee of the Board of Directors will review the grant applications from the community nonprofit organizations and will make recommendations to the full Board of Directors for annual grant distributions. These grants help address the most pressing needs in Cabarrus County, from food insecurity and housing to healthcare and early childhood education.
With Agency Endowment Funds, the amount distributed to the nonprofit organization is determined by the nonprofit, within the framework of endowment when it was established. For Designated Endowment Funds, which are established by individual community investors, the amount distributed annually is predetermined when the endowment is established, and a gift agreement is executed.
Regardless of the type of fund which produces the grants, by relying on the interest income generated rather than the principal, we ensure that the endowment continues to grow, providing a steady stream of support for our community year after year.
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Endowments hold incredible power in their ability to amplify the impact of generosity over time. When an endowment is established, the initial contributions are carefully invested, allowing the fund balance to grow year after year. As the principal remains untouched, interest and investment returns accumulate, creating a larger fund balance that can be drawn upon in the future. This compounding effect means that the endowment not only sustains itself but also expands, providing a continually growing source of funding for community needs.
The beauty of an endowment lies in its long-term impact. As the fund balance increases, so do the annual grant distributions. Over time, the total impact of the fund balance plus the cumulative value of the grants distributed can be many times greater than the initial investment, ensuring that the generosity of today creates a ripple effect of positive change for years to come. What begins as a single contribution transforms into a legacy, with the total impact of the investment far exceeding the original gift. By creating or contributing to an endowment, community investors multiply their impact, contributing to a brighter, more sustainable future for Cabarrus County nonprofit organizations and the clients they serve.
By pooling our resources and investing in the future, we can create a stronger, more vibrant Cabarrus County. Your contribution to an endowment today will continue to make a difference for generations to come.
Our Endowed Funds
The Greater Cabarrus Foundation empowers local nonprofit organizations whose missions are to help residents overcome these challenges. By providing operational financial assistance and strategic support to these agencies, the Foundation enables them to address pressing needs identified in the Cabarrus Health Alliance Community Health Needs Assessment.
Through targeted permanent endowment funding initiatives like the Greater Good Society Fund and our Field of Interest Funds, the Foundation ensures that these nonprofits have the sustainable resources they need to break cycles of poverty, foster independence, and build a more prosperous future for Cabarrus County residents.
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The Greater Good Society Fund is the cornerstone permanent (endowed) fund supporting the primary grant program and operational activities of the Greater Cabarrus Foundation. By serving as a lasting financial resource, this fund enables the Foundation to make thoughtful, impactful investments in the community while maintaining a responsive approach to emerging needs.
Annual distributions from the fund fuel the Greatest Community Needs Grantmaking Program, which awards grants to local agencies tackling the region’s most pressing challenges, as identified in the Cabarrus Health Alliance Community Health Needs Assessment.
This fund reflects the Foundation’s dedication to fostering sustainable, long-term growth in the community and ensuring that resources are available to address critical needs both today and in the future.
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The Greater Cabarrus Foundation Ann Benfield Early Childhood Fund was created by Paula Yost, Esq. in honor of Cabarrus County Partnership for Children Executive Director Ann Benfield.
The purpose of the fund is to:
Provide ongoing financial support to help offset tuition costs for Cabarrus County families, ensuring that every child has access to safe, high-quality early learning experiences regardless of financial circumstance.
Support early childhood programs that are evidence-based and benefit local children.
Annual grants from this endowed fund will be awarded to nonprofit organizations that provide early childhood evidence-based programs or childcare tuition assistance, empowering them to expand their reach and strengthen the stability of working families across our community. Through this fund, Ann Benfield’s legacy of advocacy and service to children will continue to impact generations to come.
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The Employment and Training Field of Interest Fund tackles the pressing workforce development needs of Cabarrus County, bridging the gap between local talent and economic opportunity. This initiative is designed to enhance career mobility by supporting programs that equip residents with the skills and resources needed to succeed in today’s job market.
Workforce challenges, such as skills mismatches and limited training opportunities, prevent many workers from advancing in their careers or transitioning to higher-wage industries. By funding organizations that provide job training, career counseling, and placement services, the fund seeks to create clear pathways to sustainable employment.
This initiative is a vital step toward building a resilient workforce and fostering economic growth in Cabarrus County.
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The Food Security and Nutrition Field of Interest Fund addresses the widespread issue of hunger and nutrition inequity in Cabarrus County, focusing on ensuring consistent access to healthy food for all residents. This initiative emphasizes the importance of sustainable solutions to tackle food insecurity and its underlying causes.
Hunger and inadequate nutrition disproportionately affect vulnerable groups, including children, seniors, and low-income families, creating ripple effects on health, education, and economic outcomes. This fund supports nonprofits that provide innovative programs, expand access to nutritious food, and educate the community about healthy eating.
By investing in these efforts, the fund helps create a stronger, healthier community where everyone has the resources they need to thrive.
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The Healthcare Field of Interest Fund is dedicated to improving healthcare access and outcomes for the residents of Cabarrus County. This initiative responds to significant gaps in healthcare services, emphasizing equitable access to preventative care, primary treatment, and specialized health programs.
Healthcare disparities leave many community members without the resources needed to achieve wellness, creating challenges that extend beyond individual health to impact the broader social and economic landscape. The fund supports nonprofits that deliver innovative healthcare solutions, strengthen community health initiatives, and address the critical needs of underserved populations.
Through this strategic investment, the Healthcare Fund helps build a healthier, more equitable future for Cabarrus County residents.
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The Greater Cabarrus Foundation Homebound Elderly Field of Interest Fund was created by Mrs. Karen Pensgen in memory of her husband Gary D. Pensgen to support nonprofit organizations dedicated to reducing loneliness and social isolation among homebound elderly individuals. Through this fund, Mrs. Pensgen seeks to honor the dignity and value of every senior by fostering meaningful human connections and emotional well-being based on individual client preferences.
Grants from the Homebound Elderly Field of Interest Fund will be directed to nonprofit agencies that provide outreach, companionship, and innovative solutions to improve the mental, emotional, and social well-being of homebound seniors who have difficulty leaving their homes due to physical, cognitive, or socioeconomic barriers, or who seek social interaction and companionship. The fund is intended to foster stronger community connections by supporting this focused area of need and ensuring that vulnerable elders are not left behind and improve the likelihood of successfully aging in place.
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The Housing and Homelessness Impact Field of Interest Fund was established to confront the critical shortage of affordable, quality housing in Cabarrus County. This initiative reflects a collaborative approach to addressing one of the community’s most urgent social challenges, bringing together diverse partners to achieve meaningful change.
By reducing housing insecurity, the fund not only improves the quality of life for residents but also strengthens the local economy and supports sustainable regional growth. It offers a unique opportunity for individuals, businesses, foundations, and institutions to pool resources in pursuit of a shared vision.
Grants from this fund will be directed to local nonprofits with proven strategies and innovative solutions for addressing housing and homelessness, ensuring maximum impact and long-term success.
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The K-12 Education Enrichment Field of Interest Fund is a dedicated resource designed to invest in the academic success and holistic development of school-age youth in Cabarrus County. This fund provides vital grant opportunities to local nonprofit organizations offering a range of programming essential for student achievement. Areas of support include high-quality before and after school care, engaging summer camps, comprehensive tutoring services, and other enrichment programs specifically aimed at improving educational outcomes. By addressing the critical need for accessible, supplementary education, the fund works to close achievement gaps and ensure every student in the county has the opportunity to thrive academically.
Through strategic funding, the K-12 Education Enrichment Field of Interest Fund strengthens the local educational ecosystem by empowering trusted community partners. Nonprofits with innovative programs that foster curiosity, build foundational skills, and provide a safe, supportive environment for learning outside regular school hours are encouraged to apply for grants. This initiative is an investment in the future workforce and community leaders of Cabarrus County. Donors interested in contributing to this impactful endeavor can help expand the reach of these programs, directly enhancing the quality of education and opening doors to new opportunities for local youth.
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The Greater Cabarrus Foundation Permanent Operating Endowment Fund helps sustain the Foundation’s annual operations.
By covering essential expenses, this fund enables the Foundation to continue its mission of strengthening the local nonprofit sector.
Through this endowment, the Foundation can provide free consulting, professional development, and other valuable services to nonprofits in Cabarrus County. These resources empower organizations to grow, collaborate, and serve the community more effectively.
Caring for the Homebound Elderly
For Karen Pensgen, philanthropy is deeply personal and rooted in a lifetime of service, compassion, and the belief that no one should feel forgotten as they age.
Karen and her late husband, Gary, lived in Concord for more than 32 years and spent their retirement years volunteering together with the Senior Health Insurance Information Program, as AARP tax-aide counselors, and in the outpatient chemotherapy department at Atrium Health Cabarrus. Through these experiences, they met many older adults living alone and struggling with loneliness, isolation, and limited connection.
After Gary’s passing, those conversations stayed with Karen and inspired her to honor his memory by addressing a need they had seen firsthand. The result was the creation of the Homebound Elderly Field of Interest Fund through the Greater Cabarrus Foundation—a permanent endowment dedicated to supporting homebound seniors across Cabarrus County.
Established in memory of Gary D. Pensgen, the fund supports nonprofit organizations that provide outreach, companionship, and innovative services to improve the mental, emotional, and social well-being of elderly individuals who have difficulty leaving their homes. By reducing isolation and strengthening community connections, the fund helps ensure seniors can age with dignity and remain safely in their homes as long as possible.
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