Maine babies to get a head-start on college thanks to Harold Alfond

[ticapnews]

http://www.nytimes.com/2007/12/12/education/12maine.html?ref=us

Starting in 2009, every child born in Maine will be eligible for $500 toward college from the fortune of a shoe magnate who died there last month.

The benefactor, Harold Alfond, who founded the Dexter Shoe Company in Dexter, Me., arranged for his philanthropic foundation to give out the grants. Parents of newborns from Kittery to Caribou will receive applications to open a tax-free college savings account with the money before leaving the hospital, officials at the Harold Alfond Foundation said Tuesday.

Mr. Alfond, who never went to college, sold Dexter Shoe to Berkshire Hathaway, Warren E. Buffett’s holding company, for more than $400 million in 1993. He was one of Maine’s leading philanthropists, donating more than $100 million to the University of Maine and other institutions around the state.

His posthumous project, the Harold Alfond College Challenge, “will serve to raise the aspirations and opportunities of countless Maine children,” Gov. John Baldacci said in a statement.

About 14,000 babies were born in Maine last year. If that number holds steady, the foundation could spend as much as $7 million a year on the effort.

The Finance Authority of Maine, which will administer the program, estimated that with no additional contribution, each $500 account could grow to $2,000 by 2026. But Mr. Alfond hoped that parents would contribute more, and foundation officials said adding $50 a month to an account could increase its value to $25,000 over the same period.

“His concept of philanthropy was that if you can encourage people to invest alongside you,” said Greg Powell, the foundation’s chairman, “the gift will have more meaning and a greater impact.”

A pilot program will be starting next month for infants born at MaineGeneral Medical Center in Augusta. It will be extended statewide on Jan. 1, 2009.

more at link

I met Harold when I was an undergrad at UMaine in the early 90's. He was a remarkable man and incredibly generous. For every headline generated when he gave a substantial sum of money to the university or another cause, there were hundreds of smaller ways Harold touched the lives of people in Maine and beyond. I remember reading a newspaper piece about him in 1992 that stated he had his name on more than 80 sporting facilities, hospitals and other buildings stretching the east coast from Maine to Florida. In the 15 years since, that number has undoubtedly grown. Hopefully other benefactors in Maine will follow his lead and help make college more affordable for our kids. And hopefully parents will be able to help those college funds grow...

RIP Harold.

[mainegreen]

1. Great news.

Indeed, thanks Mr Alfond.

[high density]

2. How 'bout a bonus of $5000 to every couple to NOT have a child?

I don't quite get the desire that many have to bring children into the current world that we are living in.

[Shorebound]

3. Children

"I don't quite get the desire that many have to bring children into the current world that we are living in."

You mean beyond the reasons that are hardwired into our genes? I think it's fair to say that people have asked your question for centuries. "Why have children just to see them die from the Plague?" "Why have children during this Great Depression?" "Why have children when Reagan could start a nuclear war at any moment?"

I think people have children because we're essentially optimistic, and children are an expression of hope.