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2008 Annual Report

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2008 Annual Report COMMUNITY FOUNDATION OF TOMPKINS COUNTY Time Well Spent 2008 REPORT TO THE COMMUNITY Founded in 2000, the Community Foundation of Tompkins County exists to work with all people interested in local philanthropy and civic engagement as an avenue to sustain and enhance the quality of life for all who live in, work in, and love Tompkins County. Foundation Values • innovative models of service and proven practices • involved and informed donors who are empowered to take bold, effective, and efficient philanthropic action • community leadership, organizational accountability, continuously improving systems, and sound public policy • openness, transparency, and accessibility • reasonable risk and conflict on the path to greater service and better interventions Mission To encourage and develop sustainable philanthropy for a broad range of community efforts by • encouraging the growth of a permanent charitable endowment • making strategic grants as community investments • providing donors with vehicles to make giving easy and effective • serving as a catalyst and convener contents Past,Present,Future 1 Legacy Society 2 Lifetime 3 Funds 4,5 Donors 6,8,10-12 Tomorrow 7 Forever 9 Types of Gifts 13 Grantees 14 Grants 15 Women’s Fund 16 Howland Grants 16 Before and After 17 Leadership 18 Anniversary 19 Financials 20 past, present, future Community Foundation is dedicated to engaging in strategic partnerships to identify assets, challenges, and ways to improve the quality of life for all in Tompkins County.When alarm and distress was expressed about race, class and inequity and how they affect students and families, the Community Foundation embraced a leadership position. Thanks to generous donations from many people, the Community Foundation was able to raise funds for a grant and to act quickly to take action on an issue of passionate community concern. The grant, from the Community Foundation’s Social Justice Fund, supported a three-part series that examined the past, present and future of educational equity in the Ithaca schools. The series facilitated dialogue and invited involvement in a process to assist and support the effort to eliminate disproportionality among students of color, students without economic privilege, students with disabilities, and their peers. The series was initiated by the History Center in Tompkins County, and created by The Center for the Study of Culture, Race, and Ethnicity (CSCRE) at Ithaca College, the Staff Development Office of Ithaca City School District (ICSD), and the Tompkins County Chamber of Commerce. “IT IS TODAY THAT WE FIT OURSELVES FOR THE GREATER USEFULNESS OF TOMORROW. TODAY IS THE SEED TIME, NOW ARE THE HOURS OF WORK, AND TOMORROW COMES THE HARVEST AND THE PLAYTIME.” W.E.B. DU BOIS the legacy society of the Community Foundation of Tompkins County The Legacy Society honors and assists individuals who wish to perpetually benefit the communities and organizations located in Tompkins County by establishing planned gifts with the Community Foundation. Through various estate planning options, Legacy Society members have the chance to maximize family and financial benefits while address- ing philanthropic goals that might otherwise seem unreachable. Planned gifts include bequest intentions in a will, life income agreements, trusts, flexible endowments, real estate with retained life use, retirement plans, and life insurance. If you would like to make such a gift we would be happy to consult with you and your financial advisor. If you have already made a planned gift and have not yet informed us, we invite you to share this information with us. Legacy Society members are acknowledged, according to their individual wishes, either by name or anonymously. We recognize their generosity and faith in the Community Foundation with deep gratitude. What Sustainable Philanthropy Can Do for You legacy society members • Provide support to your community perpetually into the future Anonymous (8) Suzanne Motheral • Generate current income tax deductions • Produce lifetime income for you and your spouse Barbara DeWall Robert Riter Planned Giving: Jean & Carl Gortzig Helen M. Saunders Choose the Gift that Matches Your Goals Howard Hartnett Carol S. Scheele • Complement or complete your existing estate planning Beth Jenkins Vally Kovary • Increase income from low-yielding assets Mary Larkin Thomas Weiler • Minimize capital gains taxes on the sale of appreciated assets Susanne Morgan • Reduce or eliminate estate taxes If your goal is to: Then you can: And your benefits are: Support the Tompkins County community Put a bequest in your will to benefit the unre- Your generosity benefits the Tompkins County stricted endowment fund or field of interest community forever as it changes and new funds of the Community Foundation needs emerge. The Community Foundation can manage your bequest to address these issues and you receive estate tax deductions and keep assets in your name during your lifetime. Maximize heirs’ inheritance while benefiting Name the Community Foundation as beneficiary Reduced estate and income taxes the Community Foundation and Tompkins of your retirement plan; leave other assets to County your family Secure a life income while minimizing taxes Establish a Charitable Remainder Trust with the Tax benefits and often a boosted rate of return Community Foundation from assets Reduce gift and estate taxes on assets you pass Create a charitable lead trust that pays income A gift or estate tax deduction and your family to your children and grandchildren to the Community Foundation for a specific keeps the assets term of years Make a large gift with little cost Give a life insurance policy you no longer need Current and possible future income tax to the Community Foundation deductions Make a revocable gift during your lifetime Name the Community Foundation as the Full control of the trust and its assets during beneficiary of assets in a living trust your lifetime 2 lifetime Mary Larkin has a lifetime love affair with Tompkins County. Although no longer a year round resident, she wanted to establish a permanent charitable asset that would be of use to future generations of Ithacans seeking to build this special community. An important conversation with her financial advisors led Mary to create a planned gift and join the many generous people who are part of the Community Foundation’s Legacy Society. She selected the grant making program to be the beneficiary of her eventual estate gift. Mary liked the Community Foundation’s local leadership and current grant making track record that will guide future grants. “AS FOR THE FUTURE, YOUR TASK IS NOT TO FORESEE IT, BUT TO ENABLE IT.” ANTOINE DE SAINT-EXUPERY 3 funds Serving You and Your Community The Community Foundation takes seriously the responsibility and honor to be the steward of resources entrusted to us. Donations which create new funds and grow current funds improve quality of life and solve problems now and in perpetuity.We are experienced in and committed to prudently investing these funds so that they will always be avail- able for charitable purposes. Each type of Community Foundation fund may be permanently named in honor for an individual, a family, an organization or a business. Naming a fund creates a lasting tribute to the values and passions of those honored or memorialized. Fund Types Tompkins Today and Tomorrow Funds are the most flexible and powerful type of funds enabling the Community Foundation to make initiating and responsive grants to address problems, convene community conversations on emerging needs and build collabora- tions to solve long standing challenges. These unrestricted gifts support the Community Foundation’s role to improve the quality of life in our community in the areas of arts, education, the environment, health and human services and community building. Field of Interest Funds include defined areas of interest such as: the Women’s Fund, the Social Justice Fund, and for areas such as Children and Youth, Health and Human Services, the Environment, Arts and Culture, and Sustainable Communities. Donor Advised Funds (DAFs) enable donors to establish a fund and to make grant nominations to be considered for charitable giving in Tompkins County and elsewhere for a wide variety of interests. Donors may be individuals/families, nonprofit or for-profit corporations, or an unincorporated group of community members. The beneficiaries of these funds do not need to be identified at the time of fund creation and can change over time to respond to emerging community needs and donor interests. Designated Funds allow donors to identify and direct the Community Foundation to make their gifts automatically to a specific agency or purpose. Donors can be individuals/families, nonprofit or for-profit corporations, or an unincorporated group of community members. The beneficiaries of these funds do need to be identified at the time of fund creation and remain fixed. Fund Status Donors may select the status of any fund type to be either ENDOWED or NON-ENDOWED. ENDOWED FUNDS represent the sustainable and permanent base of support for the Community Foundation in which gifts are reserved to ensure that the Foundation’s work thrives in perpetuity. NON-ENDOWED FUNDS enable donors to actively participate in shorter term grant making. All funds are assets of the Community Foundation. All grants from any fund are reviewed by staff to ensure legal eligibility and final action is determined by of the Community Foundation Board of Directors. All gifts to the Community Foundation are tax deductible to the extent allowed by law. 4 funds of the Community Foundation of Tompkins County The Tompkins Today and Tomorrow Fund Mansoor Family Fund Supports the unrestricted grant-making and operations of the Community Many Hands: Peter D. Wadach Memorial Fund Foundation of Tompkins County. Museum of the Earth at Paleontological Research Institute (PRI) Fund New Funds: Established January 1,2008–December 31,2008 Newfield Central School Fund North American Rock Garden Society—Adirondacks Chapter (NARGS) Myrtle Dee Nash Memorial Fund Fund Ithaca Community Chorus Fund Paul D.
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