The Value of The Endowment

The New Hanover Community Endowment, referred to as “The Endowment,” was established following the 2020 sale of the county-owned New Hanover Regional Medical Center to Novant Health, a nonprofit network with over 19 hospitals and 700 physician clinics across the southeastern United States. As part of this transaction, leaders from New Hanover County and Novant Health committed to creating an endowment to fund projects and programs that enhance the quality of life for New Hanover County residents—now and into the future.

At its inception, the Endowment had a balance of nearly $1.3 billion. With additional deposits from the hospital sale and returns on investments managed by the Endowment’s board, it now boasts a balance of nearly $1.6 billion. This figure surpasses the GDP of fifteen nations and places the Endowment among the top 100 philanthropies in the United States.

With grant funding dedicated exclusively to New Hanover County residents, the Endowment ranks as one of the highest per capita place-based philanthropies in the nation. By 2028, when the Endowment’s start-up phase concludes, IRS regulations will require that 5% of its funds—more than $80 million annually—be awarded in grants to improve life in New Hanover County. This funding will support the development of top-notch schools, high community safety standards, ample housing and job opportunities, excellent recreational facilities, thriving parks, vibrant performing arts, efficient transportation, appealing streetscapes, and the lowest disparities in social and health equity based on race in North Carolina, if not the nation.

However, something worth even more than $80 million per year? Ideas. Every challenge faced in New Hanover County is reflected elsewhere across our country. Many of these challenges have been studied, solutions developed, and some even resolved. Our county uniquely possesses the resources to discover and fund those solutions right here.

By embracing the power of ideas, New Hanover County can transform into a social innovation laboratory, addressing, testing, and solving its most pressing challenges. When we succeed in this endeavor, we’ll inspire other communities in North Carolina and beyond to learn from our work and adapt our solutions. Ideas are the means by which we move society forward.

Let’s get started.