The Licking County Foundation released its 2011 discretionary grants Wednesday, including a grant to the Northridge Local School District for its anti-bullying programs.

The Licking County Foundation released its 2011 discretionary grants Wednesday, including a grant to the Northridge Local School District for its anti-bullying programs.

The foundation also announced that it is now accepting applications for more than $614,000 in scholarship funds to be awarded in 2011.

The foundation is funded by a total of $50-million in assets, including a $7-million gift received in 2009.

"This is a very generous community," said Connie Hawk, foundation director. "We've been around since 1956 and our endowment has grown over time."

During the past five years, the foundation assets have grown by 27 percent. In 2009, the foundation made awards totaling more than $2-million, including more than $500,000 in scholarships. The foundation received 563 gifts to existing and new funds in 2009.

More than 200 funds that make the foundation's assets, including unrestricted, named funds, agency funds, scholarship funds and "field of interest" funds that are dedicated to specific organizations, purposes or geographic areas.

Among the funds that have a particular focus to the Johnstown area are the Mary E. Babcock Foundation Community Charitable Fund, the Richard K. and Ione D. Hill Scholarship and Perry L. Miles Scholarship funds at Johnstown Monroe High School, and the Maxine and Diane Hite Scholarship, Perry L. Miles Scholarship, and the Moore-Redmond Scholarship funds at Northridge High School.

Many other funds apply generally to all of Licking County.

The general structure of the foundation is to establish permanent asset accounts and from those accounts spend only the income revenue.

"We're endowed," Hawk said. "Most of the funds, the original gifts made to the fund are never spent."

The foundation uses two primary fund agreements. One is an endowed fund agreement, in which a fund is established and then only the "expendable amount" is available each year. The expendable amount is based on an overall spending policy, which currently calls for evaluating the value of the fund over 12 quarters and spending 4 percent of that value.

If, during an economic downturn, funds enjoyed no income, then in most cases there would be no expenditures during that year, Hawk said.

Another fund agreement allows for access to principle balances, which is commonly used for project-based funds that are designed to expend the principal and be exhausted, typically during a specific period, such as five years.

"Those funds can be used to help nonprofit agencies in their development activities," Hawk said.

When specific funds become obsolete, the foundation fund agreements usually have an alternate designation by the donor, or if there is no alternate, then the governing board may reallocate the fund to another purpose.

There are 10 members of the governing board for the foundation, chaired by former Johnstown resident Stuart Parsons, and 80 volunteers who make annual recommendations for various fund distributions.

Visit www.thelcfoundation.org for information. The deadline for submitting scholarship applications is March 2 at 6 p.m.