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Updated: November 27, 2023

Harold Alfond Foundation hits milestone of $75M for education gifts

After 10 years, the Harold Alfond Foundation, which invests $500 for the future education of each newborn Mainer, has achieved a milestone — $75 million invested for more than 150,000 children. 

The My Alfond Grant program is the first in the nation to make investments statewide, universally and at birth. The program is the only one in the country to automatically invest $500 for each baby. 

The grant is awarded to infants born to Maine residents on or after Jan. 1, 2013. For Maine children born between 2008 and 2012, the grant was available on a more limited basis. 

Courtesy / The Harold Alfond Foundation
Twins Sigge and Søren are the 150,000th and 150,001st Maine children to receive a $500 Alfond Grant.

“This milestone of 150,000 Maine children with an Alfond Grant is something Harold would have been so very happy about,” said Greg Powell, chairman of the Harold Alfond Foundation.

“He’d be even happier to learn that Maine families have contributed more than 2 ½  times the Foundation’s investment.”

Families wishing to save for their children do so by opening a NextGen 529 account. When families open a NextGen 529 account — Maine’s education savings plan — their contributions are eligible for matching grants received through the Finance Authority of Maine. 

According to the release, the total contributions from the foundation, families and FAME have topped $300 million, and are currently worth over $400 million with market gains. 

“Our shared goals are to support Maine families in saving and preparing for their future education and to build a stronger future for Maine through a more educated workforce," said Carlos Mello, CEO of FAME. "This is important work, and we are proud to be part of it.”

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