“We are really excited about that,” said Edna Karinski, chief executive of the foundation.
“The asset base comes from people in the community who have been donating money,” Karinski said. “That $10 million is constantly being invested and we can give more money to nonprofits.”
The principal rate remains in the endowment and the spendable amount, ranging from $350,000 to $400,000 annually, goes back to nonprofits and scholarships for local students.
Nonprofits can apply three times a year for funds. The deadlines for next year's grant applications are Feb. 1, May 15 and Aug. 1.
Guests also received an update on the foundation's partnership with the Pasadena Armenian Genocide Memorial Committee, which has created the Pasadena Armenian Genocide Memorial Fund to facilitate construction and maintenance of the Pasadena Armenian Genocide Memorial.
“We are maintaining the donations going to creation and maintenance of the memorial,” Karinski said.
The memorial is scheduled to be completed by the centennial anniversary of the Armenian genocide in April 2015.
--JOYCE RUDOLPH can be contacted at firstname.lastname@example.org.