The Henry H. Crapo Foundation, a private family foundation in New Bedford, Massachusetts, has donated its $3 million in assets to the Community Foundation of Southeastern Massachusetts, SouthCoastToday.com reports.
The gift will establish the committee-advised Henry H. Crapo Charitable Fund, one of more than thirty advised funds managed by the community foundation, which has distributed more than $8 million in grants and program support over the past five years to nonprofit organizations in the region. The Crapo Foundation's trustees will continue to select the fund's grant recipients, while the community foundation will administer the fund and assist with grant selection and oversee its investments.
The family foundation was established in 1952 by the will of New Bedford lawyer Henry H. Crapo, who wanted the annual income from his estate to support civic, educational, and charitable projects in New Bedford and neighboring towns. During its history as an independent foundation, it awarded $4.5 million in grants.
"If uncle Henry were alive today, he would want the fund harbored at the community foundation so as to support one of our area's great success stories while also taking advantage of the foundation's expertise in local philanthropy," said Peter C. Bullard, a great-great nephew of the founder and one of its five trustees. "The merger is a win for uncle Henry, whose philanthropic objectives will now endure in perpetuity, and for the greater New Bedford community which, thanks to the merger, will continue to benefit from uncle Henry's devotion."