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Page 1 Chairman’Ss Letter ( NORTH CAROLINA COMMUNITY FOUNDATION Two Thousand Seven Annual Report Contents 2 Chairman’s Report 4 President’s Report 6 Year-in-Review 24 Board and Staff 26 Financial Information 29 Affiliates 42 Donors 49 Map To be interested in the changing seasons is a happier state of mind than to be hopelessly in love with spring. – George Santayana The North Carolina Community Foun- dation enables North Carolinians of all means to make lasting and meaningful contributions to their communities. We accomplish this through a network of affiliates that marshals resources, en- courages community dialogue, and builds permanent assets that enrich the qual- ity of life for our citizens and through prudent administrative and management services that support donors and their philanthropic objectives. Seasons WHILE “EVERLASTING” WAS THE VISION OUR FOUNDERS HAD FOR THE NORTH CAROLINA COMMUNITY FOUNDATION, THEIR INTENT WAS NOT TO CONSIGN US TO ETERNAL SPRING. As the Foundation prepares to enter a third decade, we’ll survive – and thrive – be- cause we’ve created an enduring, flexible structure that can flow with the seasons and respond to the changing needs of our donors, volunteers and communities throughout the state. The dramatic changes in the past year provide a case in point. We successfully assimilated new leader- ship, regulations, investment options and fee structures, while achieving growth in several categories including assets, affiliates, programs and grants. This progress is covered further in the following pages. And because we’re comprised of a collection of organizations, all at various levels of development, the Foundation has worked strategically to coordinate the people, partnerships and programs required to meet a wide range of needs. Our unique structure of seven regions serving 65 counties throughout the state would challenge lesser organizations, but our field and home office staff have the experience and expertise to serve affiliates at any stage of growth. Brand-new affiliates, like those created in Jones and Chowan counties, are busy building leadership teams and community funds. Though one would expect the Chowan Community Fund to merely plant seeds at this early stage, the group is already dispersing grants through the existing Sams Endowment and developing additional funds as well. The established Moore County Community Foundation experienced the gratification that comes from distributing new grants totaling $80,000 to health-related causes last year from the recently created Roffe Endowment. And though young but obviously not green, the barely year-old Cary Community Foundation raised more than $150,000 at their first-ever gala. Affiliates that have cycled through several winters and summers found time to celebrate historical milestones. The Northern Albemarle Community Foundation commemorated its fifth year with a reception to mark its progress. Craven County celebrated its 18th anniversary by honoring supporters at a spring reception. Seasoned affiliates also celebrated record harvests. The Catawba Valley Community Foundation reached $10 million in assets this year and granted an impressive and record-breaking $253,800 to local nonprofits. The Granville County Community Foundation marks its first decade in 2007 and has taken several strategic steps to reinvigorate its position and effectiveness. This group has focused on board development and rais- ing awareness, efforts that doubled its number of funds and grew grant-making capabilities exponentially. Like all annual reports, this one commemorates and reflects on the past year while also providing a glimpse of our future. LIKE THE CYCLE OF SEASONS, IT MARKS BOTH THE END – AND THE BEGINNING – OF OUR STORY, AND THE ENDLESS PROGRESS THAT ENSURES THE NORTH CAROLINA COMMUNITY FOUNDATION WILL SERVE FOR GOOD. FOR EVER.™ page 1 Chairman’ss letter WE HAVE COMPLETED ANOTHER POSITIVE YEAR, FILLED WITH BOTH TRANSITIONS AND CONTINUED GROWTH. December marked the retirement of our first president, Elizabeth C. Fentress, who has provided strong leadership since the Foundation’s inception more than 18 years ago. January brought the installation of Jennifer Tolle Whiteside as our new president and CEO. There is no doubt that change can sometimes be chal- lenging. However, I have had the pleasure of working with Jennifer over the last several months and have found her to be a quick-study with boundless energy. I am pleased to re- port that we are in good hands. Rest assured that our growth will continue, and we will retain our positions of safety and soundness. Indeed, our growth this fiscal year has truly been fantas- tic, as we now administer nearly $114 million in funds across North Carolina. I am proud to report that the Foundation and our fund-holders partnered to help make communities statewide a better place through 1,300 grants that totaled more than $4.9 million. We thank all who helped make a difference in North Carolina and beyond. Several changes designed to ensure our continued success were implemented this past year. A new investment direction was introduced through the Longleaf Fund. This exciting vehicle was created to inject a ( more contemporary approach to our investment strategy and is already paying off, with $18 million invested thus far. pagep a g e 2 New fund balances and fee structures were also insti- tuted to ensure that our business model remains sound. Fund balance minimums and administrative fees had not changed since the Foundation began in 1988, so these changes were obviously necessary to cover increased operating expenses. SeveralSeveral changes on our statewide board of directors areare covered later in this report. However,However, I want to make specialspecial note of the passing this year ofof Dr.Dr. NormanNorman Wig-Wig- gins,gins, a longtimelongtime NCCFNCCF boardboard membermember withwith a deepdeep passionpassion forfor improvingimproving higherhigher education,education, especiallyespecially at hishis belovedbeloved CampbellCampbell University.University. HeHe was a vigorousvigorous advocateadvocate forfor thethe FoundationFoundation andand was instrumentalinstrumental inin buildingbuilding andand support-support- inging the HarnettHarnett CountyCounty affiliate. We acknowledgeacknowledge with deep gratitude his many contributions to our work over the years,years, and we will miss him. TheThe leadership transition on our staff has provided us withwith thethe perfectperfect timetime to bothboth reflectreflect on our success andand alsoalso to planplan forfor our future.future. We knowknow thatthat our FoundationFoundation isis strong,strong, andand we are inin an excellentexcellent positionposition to taketake thisthis organization to the next season of growth and service to our state. I am invigorated by the challenges ahead. I invite you to come along on our journey! It’s been my pleasure to serve as your chairman. C. Ronald Scheeler pagep a g 3 NORTH CAROLINA COMMUNITY FOUNDATION Two Thousand Seven Annual Report President’s letter IT IS TRULY AN HONOR TO TAKE PEN TO PAPER ing and learning tour.” I remain truly inspired by what I AS THE PRESIDENT OF THE NORTH CAROLINA heard and saw during my travels, which literally took me COMMUNITY FOUNDATION. As only the second CEO from Murphy to Manteo. I talked with many people in- of this incredible organization, I know that I have big shoes volved with our organization, from affiliate directors to fund to fill and a strong foundation on which to build, all due to holders, grant recipients and state board members. I met the inspired leadership of Elizabeth Fentress. with other community foundation and nonprofit leaders and Over the past several months I have gained incredible attended countless conferences and meetings. respect for the vision that established this organization and I am happy to report that I received consistent and pow- the resulting breadth and depth of its work. This strong erful feedback about our organization: the North Carolina and vibrant community foundation has undergone tremen- Community Foundation has unlimited potential as the dous growth, yet retains the philanthropic spirit and roots vehicle for positive change in communities throughout this planted by our founders. great state. This is an incredibly complex organization with a very Fueling this potential are, of course, the people associ- simple mission: to enable North Carolinians of all means to ated with the NCCF. make lasting and meaningful contributions to their commu- I’ve been impressed with the caliber of our board. All nities. are very busy people who bring a high level of expertise, I have witnessed first hand this access to philanthropy. valuable connections and a true commitment to North My first few months were spent on the road, visiting every Carolina. corner of our great state on what I have termed my “listen- We’re also fortunate to have an incredible group of pagep age 4 ( people working for the Foundation. We are truly blessed to questions, seek improvements and plan our next direction. have many of the best and brightest, and I’ve been amazed We do have unlimited potential, but we must clearly chart by their determination, passion and commitment. our path. We will need to hold ourselves accountable for how We are a large, complex organization with more than we measure our success, even as we strive for the best. 7,000 donors. I believe we can do more to serve our donors, Our challenge is to continue to do the good work and and we have plans to fine-tune our already strong customer- also grow our resources, increase visibility and encourage service ethic. We will continue to administer and help grow involvement in philanthropy as an essential solution to the charitable funds our donors have created. And we will meeting community needs across North Carolina. ensure that giving remains easy, flexible and effective. The spirit of and passion for philanthropy throughout It’s also extremely important that we strengthen our this state are strong and growing every day. It is my belief abilities to help donors determine where their interests and that our job here is to nurture the inclination to give in ways community needs intersect and how their charitable gifts that improve lives and leave a lasting legacy.
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