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ALBANY, N.Y. -- Susan and Bill Dake, owners of Stewart's Shops convenience stores, established a $3.9 million fund benefiting the Community Foundation for the Capital Region, according to a report in the Albany Times Union.
The Community Foundation distributes the money to non profits.
"We appreciate the efficient way the Community Foundation manages funds and that the fund will be able to make grants in all the communities where Stewart's Shops are located," Susan Dake said in a statement.
The Dakes' contribution increases the assets of the Community Foundation, which were hit hard by last year's stock market decline, to nearly $40 million, according to the newspaper.
The Dakes' gift was used to establish a donor-advised fund, which gives them the ability to recommend grants. This year, the Dakes recommended five grants totaling $350,000 to Skidmore College, Saratoga Care Foundation, Siena College, Cornell University and St. Peter's Hospital, according to the report.
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