Lancaster family gives ownership of business to local foundation
The High Foundation previously raised $2.5 million each year for multiple Lancaster-based organizations. This amount is now expected to double.
LANCASTER COUNTY, Pa. — A prominent Lancaster family made a major announcement on Wednesday that is expected to benefit the community for years to come.
The High family announced on March 2 in East Lampeter Township that they have transferred ownership of High Industries’ businesses to the High Foundation, allowing more of the company’s profits to benefit local nonprofit organizations.
With the extra money for the foundation, the High family said they hope to eliminate poverty, increase education and invest in the arts within their community.
Mike Shirk, High Industries’ CEO said the family is excited to use their business to do good in the world and honor Dale High’s legacy.
“They thought about their choices and options, [and] they decided this is the best option for them,” said Shirk. “This is something they could do…beyond Dale’s life, and beyond any particular generation of the family. This can live on and this can do good.”
The transfer of ownership means the foundation will now directly receive the dividends of the businesses that originally went to the family.
The High Foundation previously raised $2.5 million each year for Assets Lancaster, Thaddeus Stevens College, Fulton Theatre, Water Street Mission and other local organizations.
The foundation said it expects the amount raised to double after gaining ownership of High Industries’ businesses.