Harold Alfond Foundation Pledges $500M to Help Maine Economy

PORTLAND, Maine (AP) — One of Maine’s most prominent philanthropic organizations is pledging $500 million to help the state’s economy.

The Harold Alfond Foundation said Tuesday the money will go to eight colleges, universities and organizations with a goal of providing an economic boost.

Grants of between $5 million and $240 million will be provided to the University of Maine System, The Roux Institute at Northeastern University, the University of New England, Thomas College, FocusMaine, Colby College, Waterville Creates! and The Jackson Laboratory.

Created in 1950, the Harold Alfond Foundation has furthered the philanthropic legacy of Harold Alfond, the founder of Dexter Shoe Company.