CHARLOTTE — The Foundation for the Carolinas in Charlotte has reached $1 billion in assets.

The Charlotte Observer reported the foundation set a record last year in presenting $159 million in grants.

The foundation is celebrating the achievement with a meeting Thursday expected to attract 1,500 local business leaders, government officials and others.

A recent report ranked Foundation for the Carolinas 12th in total assets among 700 community foundations across the country. Last year's grants were fourth-highest among the foundations.

Foundation CEO Michael Marsicano says achieving $1 billion in assets was one of his goals when he took over in 1999.

The foundation has backed a number of high-impact programs ranging from education reform to mixed-income housing redevelopment.

Foundation of the Carolinas was founded in 1958 to address community needs.