Harold Alfond Foundation to Help Maine Children Continue Their Education

Every child born at MaineGeneral Medical Center in 2008 will have a better chance of gaining a post secondary education, thanks to the generosity of Harold Alfond and the Foundation carrying on his legacy. The Harold Alfond Foundation is giving a $500 college savings account to every child born in the Augusta and Waterville hospitals in 2008.

Harold Alfond founded Dexter Shoe Company in 1958, after buying a woolen mill in Dexter, Maine. He is also credited with being one of the founders of factory discount stores. At its peak Dexter Shoe produced 7.5 million shoes annually. Dexter Shoe Company became well known for both its log cabin stores and its reasonably priced quality made shoes. Dexter Shoe was sold to Berkshire-Hathaway Inc. in 1993 for stock worth around $420 million. By 2001 all Dexter Shoes were being made in other countries. The Alfonds have also owned a minority share of the Boston Red Sox since 1978.

Harold Alfond shared his wealth with the people of Maine. His Foundation has donated more than $100 million to hospitals and schools throughout the state. He donated money to help build the Alfond Arena and the football field at the University of Maine. He also created scholarships, student facilities and athletic programs at Husson College, St. Joseph's College, Colby College, Maine Maritime Academy and the Good Will-Hinckley Schools and Homes. With financial help from the Alfond Foundation the Boys and Girls Clubs of Waterville and the YMCA of Waterville built the Alfond Youth Center, a 72,000 square facility, one of the largest in the nation. Alfond also donated outside of the state. He made contributions to Rollins College in Florida. With the help of Harold Alfond, Rollins College built the Alfond Swimming Pool, the Harold Alfond Stadium and they were able to set up scholarships for student athletes. He also gave $7 million to build the new Harold Alfond Center for Cancer Care at MaineGeneral Medical Center. Harold Alfond passed away on November 16, 2007 after a 17 year battle with cancer. He was 93 years old.

The new scholarship funds will begin with the first baby of 2008. It will be set up through Maine's NextGen college savings program. The investments will be tax free and available only for post secondary education. If the program runs smoothly in the first year, then the plan is to put it in place for all hospitals and all infants born in the state of Maine starting in 2009.