To grow the endowment, we established our investment parameters and then began incrementally to deploy the foundation's investment capital into stocks and bonds in February 1996. By September, most of the money was invested and by November, the foundation awarded its first grants.

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Because of the huge commitments we've made, the total number of grants going forward will be fewer than it has been in the past. Last year, we only distributed a total of $6.5 million in grants. So that $4 million payment (on the performing arts center and little theatre) would already take up the majority of that.

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