After its first year in operation, the New Hanover Community Endowment is preparing to reveal its inaugural round of grant funding. 

The nonprofit foundation created by the sale of New Hanover Regional Medical Center to Novant Health will announce more than $9 million in grant funds at a public meeting Friday at 4:30 p.m. at the Plaza on Princess, 410 Princess St. 

Nearly 300 applicants submitted proposals to be considered for the first round of funding. 

The 2022 Cape Fear Opportunities and Needs grant recipients were privately alerted to the one-time, nonrenewable grants Dec. 1. At the Friday meeting, which will also be streamed online, endowment leaders will share the grant recipients, provide an overview of the grant process and offer more details on the goals of the endowment. 

Endowment officials are seeking public comments or questions ahead of the meeting. 

The endowment plans to announce grant awardees each year in two cycles, officials recently said. The endowment’s total balance was around $1.1 billion as of October, making it the area’s largest financial philanthropic organization.