Newly Established $30,000 HB Construction Endowment Awards $5,000 to Non-profits
The newly established $30,000 HB Construction Endowment Fund has awarded it’s first grants: a $2,500 grant to the Bernalillio County Council of the PTA Clothing Bank and a $2,500 grant to the Rio Grande Food Project.
"We wanted to do something big for the community which would inspire other businesses to continue supporting these organizations which provide such essential services to people in need," said President and CEO of HB Construction Jason W. Harrington. "These organizations have a profound impact on lives of countless people in our community and as a company we’re proud to support them."
Established less than two months ago through the Albuquerque Community Foundation, the $30,000 endowment was established as a way for the company to help fund non-profit organizations which have continued to struggle during the current economic downturn.
"As a local, family-owned business, we’ve always had a special connection with this community, and with such tough economic times, we wanted to do something that would help those who need it most," Harrington said.
Each year the fund will grant out a portion of the endowment’s total funds and the rest of the money in the fund will be invested to help grow the fund over time. By utilizing the interest earned on the investments, the fund will continue to grow and become a permanent funding source for non-profit organizations.
"That’s the beauty of an endowed fund, over time, the fund continues to grow and, in many cases, ends up generating more money than the initial investment," said Albuquerque Community Foundation Marketing Director Kelli Cooper. "Last year we awarded over $2 million in grants from a $50 million endowment base." In 2010 the ACF awarded more than 500 grants to over 100 non-profit organizations.
The BCCPTA Clothing Bank is a 61-year-old non-profit organization which provides free, new or gently used, clothing and books for underprivileged K-12 students throughout the county. The clothing bank currently serves approximately 2,000 students and provides each student with a minimum of two complete outfits, six pairs of socks and underwear, one pair of shoes, a jacket, based on the season, and a minimum of two books to promote literacy.
The Rio Grande Food Project is Albuquerque’s second largest food pantry which provides emergency food relief for families throughout Bernalillio County. Last year the program distributed 352,375 meals to 23,706 people.
HB Construction is also currently hosting it’s annual Share the Warmth Winter Clothing drive, a clothing drive which collects items such as coats, hats, gloves and other winter items for a local organization. This year’s drive will benefit Joy Junction, New Mexico’s largest emergency shelter, and will feature a meet-and-greet donation event with UNM Baseball Coach Ray Birmingham.