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December 11, 2007

Alfond leaves $500 to every newborn

Dexter Shoe Founder Harold Alfond died in November, but his legacy of charitable giving and supporting education will continue with an unusual college grant program.

The Harold Alfond Foundation this morning announced it will give $500 to every baby born at MaineGeneral Health in Augusta and Waterville in 2008, and expand that gift to newborns statewide by 2009, according to a press release. Based on the 14,152 babies born in Maine in 2006, the program is expected to cost $7 million a year.

The $500 will be invested in a NextGen account, a tax-free college tuition savings fund managed by the Finance Authority of Maine. According to FAME, $500 in 18 years will have grown to $2,000 based on a compound annual interest rate of eight percent. If a family contributes an additional $50 a month, the fund will grow to $25,000 in that time. The money can be used for university, college, community college and trade/technical schools, but will be reinvested if not applied toward education.

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