LAGUNA BEACH
The Laguna Beach Education Endowment and Capital Fund recently awarded $98,000 to the Laguna Beach Unified School District.
It is the first time the local organization has awarded funds generated from interest on its assets.
The organization will now make annual distributions, said foundation board member Lauren Packard.
“We’re very excited to be giving out this much,” Packard said. “Hopefully the endowment will grow every year.”
The foundation formed in 1986 with a $100,000 grant and has since grown to $1.4 million. It is funded by private and corporate donations. Board members decided this year the endowment was big enough to begin donating money, Packard said.
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