PORTLAND (AP) – The assets of a foundation established more than 50 years ago by philanthropist Harold Alfond are poised to exceed more than $500 million, a sum its chairman says could have a “transformative effect” on Maine.

Alfond, founder of Dexter Shoe Co., died in November, leaving his life savings to the foundation that bears his name. The foundation’s current assets stand at $140 million, a fraction of the total it will have when Alfond’s estate is settled.

At that point, the Harold Alfond Foundation will become the largest philanthropic organization in Maine. In keeping with Alfond’s preferences, the foundation will continue to focus on projects within the Massachusetts native’s adopted state.

“This is a real tipping point in Maine for philanthropy,” said Janet Henry, president of the Maine Philanthropy Center. “We now have some critical mass here in philanthropy to make some things happen.”

The foundation’s chairman, Greg Powell, said its size will enable it to make grants that can transform organizations and the state.

“We will continue to focus on education and health care projects in Maine, with an emphasis on youth. We will favor larger projects with the promise of making significant, long-lasting contributions to the community and the state,” Powell said.

Alfond’s generosity is already reflected in the dozens of college and school buildings, many of them athletic centers, that were named for him. He also gave millions to medical care causes, including a cancer center at MaineGeneral Medical Center.

His wealth came from Dexter Shoe, which he built into one of the nation’s largest shoe companies before selling it to Berkshire Hathaway, the company run by investor Warren Buffett, in 1993.

In addition to Powell, trustees of the Portland-based foundation include Alfond’s sons Ted, Bill and Peter; his nephew Peter Lunder, former CEO of Dexter Shoe; retired lawyer Robert Marden; and Larry Pugh, former CEO of VF Corp.

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Information from: Portland Press Herald, https://www.pressherald.com

AP-ES-06-09-08 1058EDT