New Albany Women's Network's March 2 fundraiser nets $34,000
The March 2 fundraiser for the New Albany Women's Network netted $34,000, which almost met the goal of $40,000, organizers said.
Organization President Jennifer Glover called the evening a success.
"We look forward to supporting New Albany charities with our earnings for years to come," she said.
The fundraiser supported the New Albany Women's Network endowment fund, managed by the New Albany Community Foundation.
Craig Mohre, the foundation's executive director, said the New Albany Women's Network has deposited $155,000 into the fund and paid $60,000 in grants from the fund since it opened in 2003.
The fund's value before the fundraiser was $124,250. The fundraiser will increase it to nearly $160,000, organizers said.
The network board uses the fund to "strengthen and support various community causes, especially related to the empowerment and betterment of girls and women," according to the community foundation's website.
The New Albany Women's Network was founded in 1998 as a social and charitable organization for local women.
The annual fundraiser, called Evening in New Albany, typically benefits a charity. This year, the board decided to use the proceeds from the 13th annual event to rebuild the endowment fund.
Mohre said all foundation funds "experienced the great recession and corresponding market collapse."
"The important thing to remember is that endowment funds are set up and invested in a manner to ensure they meet the intent of the donors in perpetuity," Mohre said. "By investing in its endowment fund, (the New Albany Women's Network) is building its grant-making capacity and therefore its ability to have an enduring, positive impact on the community."