|
|
|
ABAG's Philanthropically Speaking Column
|
|
|
"Philanthropically Speaking - Maryland's Community Foundations"
SmartWoman Magazine
November/December 2004
Buffy Beaudoin-Schwartz
What type of philanthropic organization has been around for 90 years, now numbers more than 600 strong in the United States, and exists to help generous individuals and families of all levels of wealth carry out their charitable dreams creatively, effectively and into perpetuity?
If you said “community foundations,” you are right on the money.
The first community foundation was formed in Cleveland, Ohio, in 1914. Today, community foundations are one of the fastest-growing forms of philanthropy in the country. The nation's community foundations hold $30 billion in assets and distribute nearly $2 billion in grants to nonprofit organizations in their communities each year.
Community foundations are local charitable entities that may administer a number of funds primarily for local purposes to solve community or regional problems and to improve the lives of people in their geographic area. Community foundations also often serve as a neutral convener, bringing diverse opinions and players together for the good of the whole community.
Here in Maryland, almost every county and municipality is served by one of our state's 10 community foundations, which are young by national standards (Maryland's first, the Baltimore Community Foundation, was created in 1972), but growing fast.
Today, community foundations are located in Baltimore, Montgomery County, Prince George's County, Annapolis, Hagerstown, Frederick, Westminster, Columbia, Easton and Salisbury. Though these foundations range in age and size, together they hold assets of $186 million and pump $23 million into the state's nonprofit sector annually.
Civic Savings Accounts
Community foundations administer collections of charitable funds created for a variety of purposes by individuals, families and corporations. For donors, community foundations function like a philanthropic mutual fund, offering economies of scale and built-in grant-making and administrative staff to support donors' giving plans.
For the communities they serve, these foundations act as a civic savings account, since many of the funds they hold are designed to be permanent, generating an ongoing stream of revenue to the nonprofit sector.
Community foundations are logical partners to tax and estate attorneys, accountants, and other advisors working to help their clients achieve their financial and charitable goals. Because community foundations are public charities supported by donors from across the community, all contributions are allowed the maximum tax benefits.
By far, the most popular community foundation vehicle today is the donor-advised fund. Likened by some to a miniature family foundation, a donor-advised fund can be established easily by making a gift to establish the fund.
Then the donor and her/his designees can work with the community foundation's staff, making recommendations as to how the fund is to be spent in grants to nonprofit organizations.
In addition, the grantmaking and administrative staff of the community foundation are available to donors. But community foundations are more than donor-advised funds. Community foundations also hold funds donated as the legacies of farsighted citizens who understand that the needs of their beloved community will change, and that community foundations are well-positioned to direct the use of their charitable funds wisely and well into the future.
“Community foundations are places where every donor has access to and a voice in the broader philanthropic conversation about ideas, hopes and dreams for the communities they love” said Jamie Caplis, Director of Philanthropic Services at the Baltimore Community Foundation.
“We partner with those who wish to make a difference.”
To find the community foundation in your area, log on to www.mdcommunityfoundations.org
Other articles from ABAG's Philanthropically Speaking Column:
"Philanthropically Speaking - Snapshots of Philanthropy"
"Philanthropically Speaking - Giving is Good for Business and for the Community"
"Philanthropically Speaking - Planned Giving"
"Philanthropically Speaking - Holiday Giving"
"Philanthropically Speaking - A Different New Year's Resolution: Creating a Giving Plan"
"Philanthropically Speaking - How Much to Give"
"Philanthropically Speaking - A Rich Tradition of African American Philanthropy"
"Philanthropically Speaking - Ways to Give"
"Philanthropically Speaking - Volunteering"
"Philanthropically Speaking - Where to Give?"
"Philanthropically Speaking - So, What are Giving Circles?"
"Philanthropically Speaking - Giving Circles in Our Region"
"Philanthropically Speaking - Starting a Giving Circle"
"Philanthropically Speaking - Barriers to Give"
"Philanthropically Speaking - Maryland's Community Foundations"
"Philanthropically Speaking - African American Philanthropy and Associated Black Charities"
"Philanthropically Speaking - Giving as a Global Community"
"Philanthropically Speaking - Youth Philanthropy"
"Philanthropically Speaking - Women's Philanthropy: Gaining Momentum"
"Philanthropically Speaking - Engaging New and Next Generation Women Givers"
"Philanthropically Speaking - Engaging Kids in Relief Efforts"
"Philanthropically Speaking - Many New Year's Resolutions Include ‘More,' as They Should"
"Philanthropically Speaking - Funding Women's Health"
"Philanthropically Speaking - It's a Wonderful Community"
"Philanthropically Speaking – The Value of Philanthropy as a PR Tool"
“Philanthropically Speaking – SmartGirls”
"Philanthropically Speaking - Volunteer Programs for Children"
"Philanthropically Speaking – Senior Friendly Funding"
"Philanthropically Speaking - Time, Talent & Treasure"
"Philanthropically Speaking - Creating a Solid Nest Egg"
"Philanthropically Speaking - Charitable Birthday Parties"
|
|
|
