Subscriber login

Business
What you need to know for 08/19/2017

GloFo foundation doles out $60,000 to host of community groups

GloFo foundation doles out $60,000 to host of community groups

The GlobalFoundries-Town of Malta Foundation has awarded a total of $60,000 to more than 20 communit

The GlobalFoundries-Town of Malta Foundation has awarded a total of $60,000 to more than 20 community organizations and projects.

The foundation announced its annual awards Tuesday. This is the first year that the $3 million foundation, funded by GlobalFoundries and managed by the computer chip company and the town, has been fully funded.

Managed by a board of town and GlobalFoundries appointees, the nonprofit foundation distributes its investment income each year in grants to community organizations and projects.

The largest grants this year were $5,000 each to the Malta Sunrise Rotary Club to support a regional robotics competition and to Rugrunners Robotics to help fund the competitive robotics club at Shenendehowa High School.

Awarded $3,500 were Junior Achievement of Northeastern New York for a program in the Ballston Spa elementary schools; the Malta Ridge Fire Company for automatic defibrillators; the Round Lake Auditorium for safety and restoration work; and the Malta Youth Commission for Family Fund Night events in 2013.

The Malta Ambulance Corps, Saratoga Bridges, Rebuilding Together Saratoga County, Round Lake/Malta Youth Baseball, Saratoga Arts Fest and the Regional Food Bank of Northeastern New York each were awarded $3,000 grants.

Other organizations received grants of between $1,000 and $2,500.

Last year, the first in which awards were made, the foundation distributed $37,500, but it was not yet fully funded. In the past year, GlobalFoundries contributed $2 million as it reached production startup milestones at Fab 8.

A second foundation for the town of Stillwater, the GlobalFoundries-Stillwater Foundation, has been formed with a $1 million endowment. There, the board of directors is still developing a strategy to evaluate and fund projects.

The company also contributed $1 million toward the cost of the town sports complex that has been built at the Luther Forest Technology Campus and is expected to open in the spring.

View Comments
Hide Comments
0 premium 1 premium 2 premium 3 premium 4 premium 5 premium 6 premium 7 premium article articles remaining SUBSCRIBE TODAY

You have reached your monthly premium content limit.

Continue to enjoy Daily Gazette premium content by becoming a subscriber.
Already a subscriber? Log In