LIBRA FOUNDATION
THREE CANAL PLAZA
Suite 500
P.O. BOX 17516
PORTLAND, MAINE 04112-8516

Looking back on 2008, it is difficult to look forward to 2009 with anything but pessimism. The endowment of the Libra Foundation is down substantially, and the Trustees have concluded not to take on any major new projects. Our situation, however, is no different from that of hundreds of other non-profit organizations. One can read daily of worthy projects that have had to be cut back or operations curtailed because of lack of funding. Colleges and universities, governmental entities, hospitals and scores of other non-profits are cutting budgets.

Over the last ten years, the Libra Foundation has contributed on an annual basis far more than the five percent distribution required by law. The Foundation's contributions over that time have averaged between twelve million and eighteen million dollars annually for the benefit of Maine people. However, because of the economic downturn, the Trustees have concluded only to continue to fund the programs which we have established, albeit with tight financial controls, for the foreseeable future.

To that end, the Raising Readers program, which provides first-class children's books to all children born in Maine between birth and age five, will continue as it has in the past. This program is one of the most successful of its kind in the country and has markedly improved child development in the state.

The Libra Summer Camp Program in Portland, Lewiston and Bangor allows children in grades four, five and six in public schools to attend a summer camp or camps of their choosing. This program is run extremely well by the United Way agencies in the three cities and provides a stipend of $500.00 for each child toward camp. Recognizing the need to find savings in this program, the stipend was reduced from $1,000.00. The Trustees feel children can still experience the thrill of attending summer camp but with less cost to the Foundation.

The Maine Winter Sports Center continues to capture the magic of nordic and alpine skiing in Maine and has been able to showcase Maine's resources to the world. The Healthy Hometowns Program of the Maine Winter Sports Center encourages some 8,000 young people in Maine to exercise and experience the thrill of skiing. The Foundation will continue to be the major funder for the Maine Winter Sports Center.

In 2000, the Libra Foundation purchased the former Pineland Center in New Gloucester from the State of Maine. One of the Foundation's goals with Pineland was to demonstrate that every effort should be made to preserve structures and facilities rather than to destroy and build new, as well as to preserve land for public use. Another goal was to reintroduce farming and agriculture to the Pineland property. Pineland has been completely redone. Modern infrastructure has been built, adequate water supplies created, buildings rebuilt and farms and land brought back to life. Some four thousand acres have been added to the original one thousand Pineland acres. Collyer Brook Farm, Merrill Farm, Wilsondale Farm, Gillespie Farms and Cunningham Farm are now all part of Pineland. Some 800 workers call Pineland their employment home. Thousands of people enjoy Pineland property for hiking, cycling, cross-country skiing, horseback riding, fishing, tennis, hunting and many other uses. It is one of the truly great spots for outdoor enjoyment.

In addition to the land and buildings, Pineland's farming operations reach every corner of Maine. Gillespie Farms provides fresh vegetables and berries to all of southern Maine, including every major supermarket chain. Pineland cheese, which is made on the campus from Pineland's own milk, is distributed to major retail outlets along the east coast of the United States from Maine to Florida. Pineland Farms Natural Meats is the major natural beef supplier in the East under brands such as Wolfe's Neck Farm, Pineland Farms, Nature's Place and others. It serves as a supplier to Whole Foods, Hannaford, Roche Bros, Weis Markets and many others. If you have a hamburger at the Smithsonian, it will be Pineland Farms. If you have a steak at the ultra-swank Peninsula Hotel in Beverly Hills, it will be Pineland Farms. Pineland provides natural meat to the Four Seasons, Ritz Carlton Hotels, colleges and universities and scores of upscale restaurants country-wide. Pineland is bringing Maine to the rest of the country.

Even during the 2008 economic downturn, the Libra Foundation supported more than fifty non-profit organizations in the State. These grants ranged from $1,000.00 to the Abbe Museum in Bar Harbor and L/A Arts in Lewiston to $50,000.00 to Maine Medical Center in Portland to help train more doctors for rural practice.

In keeping with the philosophy of our benefactor, Elizabeth Noyce, we never issue a press release nor seek recognition for our grants. However, we hope, that even in difficult times, we do more than our fair share.

Owen W. Wells
President and CEO