Overview
Our Foundation
The Endowment was established through the sale of the county-owned New Hanover Regional Medical Center to Novant Health in 2020 with an initial deposit of $1.3B from New Hanover County as the beneficiary of the sale. The Endowment subsequently received additional proceeds from the sale in the amounts of $37.5M in 2023, $25M in 2024, and $37.8M in 2025. Since then, the initial fund has grown from nearly $1.3 billion to more than $1.8 billion.
The Endowment is governed by a 13-member Board of Directors (including six members appointed by Novant Health, five by New Hanover County and two by The Endowment Board).
Fund Distributions and Government Supplementation:
Distributions from The Endowment take the form of grants and other financial support for projects and initiatives of non-profit, governmental, or community organizations. The Endowment’s funds are meant to support community wellbeing and public purposes that align with the County’s strategic plan. That said, this broad purpose comes with an important limitation: if a distribution would fund something governmental agencies typically pay for, it may only supplement government funding. It cannot replace or substitute for it. This limitation is written directly into The Endowment’s governing documents.
How we Calculate our Grant Budget:
For as long as The Endowment is a public charity for IRS purposes, The Endowment will make annual grant distributions not to exceed 4% of the fair market value of The Endowment, based upon a rolling five-year average of the fair market value as of December 31 for the prior five (5) years.
Illustrative Initiatives
By way of illustration, and subject to adjustment based on the then-current County Strategic Plan, our founding documents outline the following illustrative initiatives to drive our pillars:
Health and Social Equity. Examples include: (1) Eradicate food deserts across the county; (2) Expand access to high quality, fair cost physical and mental health clinics for county residents; (3) Funding support to eliminate disparities in health outcomes focused initially on diabetes and obesity; (4) On-demand, cost effective transit system for dependent and choice riders; and (5) Funding for new senior resource centers and other support for senior citizens based on the county’s strategic master plan for aging adults.
Public Primary, Secondary and Post-Secondary Education. Examples include (1) High quality universal pre-kindergarten with wrap-around services; (2) Comprehensive, no-cost broadband connectivity county wide; (3) Comprehensive access to modern technology for all learners; (4) Local Teacher Fellows program for traditional and charter school graduates committed to returning to local public schools; (5) Access to scholarships for post-secondary education attainment; and (6) School facilities designed for mid-21st Century education delivery.
Community Safety. Examples include: (1) Next generation 911 services developed and deployed; (2) Rapid response fire rescue and emergency medical services; (3) Support and resources for community-led restorative justice programs; (4) Modern development and training of law enforcement, to include cultural competency and implicit bias; and (5) Comprehensive flood, storm surge and wind mitigation investments.
Community Development. Examples include: (1) Workforce housing trust fund; (2) Small business micro-loan program; (3) Minority and Women Owned Business support programs; and (4) Open space and public water access preservation.