Building a Stronger Community Through Philanthropy Linda Reed
Building a Stronger Community Through Philanthropy Linda Reed, President & CEO Cathy Cooney, Program Director Montana Community Foundation
What is a Community Foundation? l l Independent nonprofit organization with endowed funds from many donors Philanthropic savings account Method to develop community assets Place for donors to leave a legacy
How does a community foundation benefit a community? l l l Helps donors support community in permanent way. Keeps local wealth & assets in the community. Supports changing needs and projects Develops community leadership (convener/catalyst role) Provides matching money for state, federal grants
What is the Philanthropic Divide? l Huge gap between states with most foundation assets and the least. l Montana ranks 49 th in foundation assets. l Foundation giving here is $28 per capita vs. $117 for U. S.
Community Foundations in Montana l l l Almost 70 community foundations in Montana MCF has 45 affiliates, including 2 added this year At least three CFs more in development. Foundations in small communities are more successful than in urban areas. We are part of a nationwide explosion in rural community foundations.
Montana Community Foundation l l Largest Community Foundation in Montana Approximately $63 million in total assets 500+ endowment funds $2 million in grantmaking per year (mostly designated)
Why should we consider a community foundation now? l l l Biggest Intergenerational Transfer of wealth in history is happening NOW. Renewal of the State Endowment Tax Credit. Montana CF has a programs, financial resources to help create and build a local community foundation.
What does the Intergenerational Transfer of Wealth mean to Montana? l l l If we don’t capture assets for communities in Montana, we are exporting our wealth to other states. The Transfer of Wealth between 2006 -2016 is estimated at $8. 84 billion. 5% capture means $444 in endowed assets and $22 million a year in grants.
Panel Discussion l l Monty Sealey, Musselshell Valley CF Tod Kasten, Redwater CF Peggy Iba, Greater Glendive CF Corlene Martin, Rocky Mountain Front CF
Questions for Presenters l l l When was your foundation established? Why did your community start a community foundation? What impact has your foundation had? What is your long-term vision for your foundation? What opportunities and challenges have you experienced?
What can the Montana Community Foundation do to help? l l l Endowment management 501(c)(3) status Gift acknowledgement Maintain donor data base Complete tax forms (IRS 990) Statements
What type of programs does Montana Community Foundation offer affiliates? l l l l LCF+ program Operating grant program Leadership grant program Free membership to Montana Nonprofit Association On-going technical assistance, training, including resources from the national Council on Foundations Free fall workshops, with mini-grants for board participation Free web page on the mtcf. org website
Want to know more about starting a community foundation? Contact Cathy Cooney, Program Director at Montana Community Foundation, for more information or to arrange a presentation in your community. ccooney@mtcf. org (406)755 -4525
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