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Community Foundation Hits
$25 Million Goal Early.
Next Milestone Will Be To Build More Substantial Community
Trust |
Contact: Josie Heath, President
The Community Foundation
303-442-0436
Boulder, Colo. (June 2004) –
The Community Foundation Serving Boulder County is delighted
to announce that it has reached a major milestone in becoming
a permanent resource to the Boulder County Community.
With the liquidation in May of a restricted year-end gift,
the foundation now has over $25 million in assets under
management.
The mission of the foundation is to strengthen philanthropy
and improve the quality of life for Boulder County residents,
now and forever.
"We set this goal for assets
because it would mean that we could be absolutely assured
of giving away at least one million dollars every year
in grant money to nonprofit groups," said foundation
President Josie Heath. The foundation pays out approximately
5 percent each year on the value of its endowed funds.
The goal was set by the foundation’s trustees during
a strategic planning session in 2000. At that time, the
foundation’s asset size was just over $10 million,
and the goal was to grow to $25 million by the end of
2005. Several large year-end gifts in 2003 helped the
foundation arrive at its goal early.
"We
are obviously delighted about reaching this major milestone,
and reaching it early. The majority of assets are in donor-advised
funds, looking ahead, our next focus will be to grow the
Community Trust," Heath said.
The Community Trust is the foundation’s most flexible
fund, allowing the foundation to meet and respond to the
community’s greatest needs, now and in the future.
The foundation is comprised of over 100 funds, the majority
of which are donor-advised funds, meaning that they are
established by families, individuals and corporations
who take an active role in recommending gifts from those
funds each year. Like many other emerging community foundations,
The Community Foundation Serving Boulder County has only
a very small percentage of its assets in responsive funds
such as the Community Trust.
The Community Trust is important for several reasons.
It functions like a savings account, with resources available
to the community in lean times as well as good times.
It provides the foundation with the ability to be responsive
quickly on projects to which timing may be crucial. It
also allows the foundation to address emerging needs.
"Our track record with grants from the Community
Foundation has been impressive," Heath said. "We
have been the first dollars in where we’ve seen
emerging needs in our community, and recognized their
impact. We have supported a broad range of groups whose
entrepreneurial spirit really reflects that of the larger
community we live in. Our goal is to continue and increase
this kind of grant making."
The unrestricted funds comprising the Community Trust
make up about five percent of The Community Foundation’s
funds right now. The foundation’s goal is to grow
it to at least 25 percent in the next few years.
Donors can make a gift to the Community Trust, and help
The Community Foundation grow this key resource. Gifts
can be made in a variety of ways, including cash, publicly
traded or privately-held securities, real estate, retirement
plan assets, life insurance or a bequest in your will
or revocable trust. For more information about The Community
Foundation or The Community Trust, contact Josie Heath
at 303-442-0436 or .
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