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2017 Annual Report

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2017 Annual Report Annual Report FROM THE Board and CEO SEVACF 2017 BOARD LISTING Dear Friends, 2017 was a promising year for the Southeast Virginia Timothy Culpepper, Community Foundation. It was a time of growth, strategy and President commitment. Thomas Wood, With your help, we successfully reached the $14 million asset Immediate Past President mark for the first time in our Foundation’s history due in part to exceeding our goal of $1 million for our Match program. Daniel Grubb, Vice President In 2017 alone, we awarded 94 grants and 36 scholarships totaling $435,704. We also positioned ourselves for the future William H. Oast, III, by expanding our offices into Chesapeake and downtown Vice President Portsmouth. We now boast flags in the two cities that came together in 2010 to form the Southeast Virginia Community Foundation. Emily Robbins, Treasurer However, there is more work to be done. In order to sustain the quality of life that draws so many of us here in the first place, we Richard Wentz, must nurture and preserve our region’s greatest strengths while also addressing issues not yet Secretary imagined. Stephen Korving We are very proud of our past and are using the lessons learned from those who worked Strategic Development so tirelessly to build the Foundation to help chart our pathway to the future. Many of you Committee Chair have been friends of SEVACF for years – some since our inception in 1965 – and have Carolyn Bernard stood with us during our evolution through time. Our commitment to partnering with Michelle Butler donors, investing in local nonprofits and serving as a resource for the community is stronger Ross Cherry than ever. Amy Folkes Over the last two years, the Southeast Virginia Community Foundation has made some Carl Hardee Ashton Lewis, Jr. important strides to ensure the long-term viability and sustainability of our organization. Scott Matheson With renewed focus, we’ve embarked on a strategic planning effort to reflect on the role we Kelli Ragland play in our community and the lasting impact we want to leave on our region. Patrick Reynolds The Foundation will continue to grow and evolve by giving our donors and partners Susan Robertson David Stockmeier even more ways to be a part of our giving community. We will offer more opportunities to Emil Viola learn and align ourselves around the areas where we and our donors focus our discretionary giving – educating our children, feeding and housing families, protecting our environment, SEVACF 2017 creating a thriving arts region and building strong, sustainable nonprofits. STAFF LISTING This report is a brief reflection of all that you have helped us to achieve – not just this past fiscal year, but since we began 52 years ago. On the pages that follow, we’ll tell you R. Stephen Best, Sr., more about those accomplishments, welcome our new funds, introduce you to two of our Chief Executive Officer board members and summarize our financials. Janice Coppa, We thank you all for your dedication to this community and look forward to the journey Director of Finance ahead. and Administration Stephanie Calway, Sincerely yours, Administrative Coordinator Timothy S. Culpepper R. Stephen Best, Sr. President, Board of Directors Chief Executive Officer 2017 FINANCIAL OVERVIEW The Southeast Virginia Community Foundation holds itself to high standards of financial management and transparency, and operates efficiently for the interest of our community. GRANTS BY FUND TYPE FUND ASSETS BY TYPE* Special Project 15% Donor Advised 29% Scholarship 12% Fld. of Interest 8% Designated 20% Unrestricted 16% Grants By Fund Type Fund Assets By Type Total Grants: $435,704 Total Assets: $13,687,900 Donor Advised: $128,229 Donor Advised: $2,601,953 Designated: $87,813 Designated: $5,508,349 General Unrestricted: $67,435 General Unrestricted: $2,274,571 Field of Interest: $34,718 Field of Interest: $1,871,437 Scholarship: $52,885 Scholarship: $1,376,405 Special Project: $64,624 Special Project : $55,185 FINANCIAL HIGHLIGHTS total total total total NET GRANTS OF ALL NUMBER ASSETS AWARDED* CONTRIBUTIONS OF FUNDS $13,687,900 $435,704 $1,237,352 91 *pre-audited TheFoundation Battle Plays Integral Roleof in CreationGreat of Museum Bridge That Honors Lin Olsen looks at the busy was a project coordinator. Today, personal collections. construction site along the she’s the executive director. The building will also be Elizabeth River in Chesapeake and The Southeast Virginia available for special event rentals. smiles. Community Foundation (SEVACF) “The Park and Visitor Center At long last, she knows the recognized the importance of the is a project whose time has come,” dream is almost a reality. project and pledged $50,000 over a said Olsen. “We can’t wait to In spring 2019, the Great five-year period to help with phase bring children and adults alike Bridge Battlefield & Waterways 1 of construction. In return, the through our doors and help them Park & Museum/Visitor Center Foundation became a key partner understand the significance of the will officially open to the public. and the center’s administrative ground they stand on.” office will bear its name. The project began as an idea Olsen expects the back in December 1999 after the “We are so grateful for the administrative office to be finished Army Corps of Engineers replaced Southeast Virginia Community in December 2018. At that time, the old bridge and made adjacent Foundation,” said Olsen. “The guests can come by for a visit. The land available for use. Foundation team saw the need for Research Room will be accessible, education and preservation of such docents will guide people around By 2002, the Great Bridge a pivotal moment in American Battlefield & Waterways History the park and the gift shop will be history. Without a victory at Great open. Foundation began to raise money Bridge, we might still be flying the and community support for a British flag today.” The museum itself will be museum that would commemorate completed and opened in spring The Battle of Great Bridge, the When guests walk through the 2019. center, they will find an assortment first major Revolutionary War Then, almost 20 years since armed conflict in Virginia. of artifacts from the Revolutionary War era. They include artwork, the project first began, the Great Over the next 16 years, Lin newspapers, military objects and Bridge Battlefield & Waterways Olsen and a group of committed everyday items like a spinning Park & Visitor Center will become volunteers worked tirelessly to rally wheel. Local families with deep a fixture in Chesapeake – and earn donors and locate 18th century histories in Hampton Roads its place in our nation’s triumphant artifacts for display. At the time, Lin donated many of the artifacts from battle for independence. SEVACF’s New Heritage Fund Will Help Sustain the Foundation Into The Future In 2017, our Board of Directors approved the The Southeast Virginia Community Foundation creation of a very exciting endowment called the has a legacy of service by improving the quality of life “Heritage Fund.” The sale of the 3603 County Street in the communities we serve. We achieve our mission property provided the initial donation to the fund. by connecting donors to the causes they care most Gifts to the Heritage Fund will provide much about and enable them to give back to our community needed annual operating revenue to help sustain through many philanthropic charitable financial tools. the Foundation’s continuing work of promoting We believe that wisely invested charitable gifts philanthropy in southeast Virginia. The Heritage from a donor will grow to have a remarkable impact Fund provides a means for friends of the Foundation on the community. We invite you to make a gift to the to support the long-term mission of the Foundation Heritage Fund or leave a legacy gift. Contact info@ by making tax-deductible contributions on an annual sevacf.org or call 757-397-5424 to discuss this exciting basis or remembering the Foundation in their wills by new giving opportunity or to make your gift to the way of a bequest. Heritage Fund today! Turning Property Gains Into Community Good hen Dr. H. Dale Sponaugle retired in would have the W1998, he left a building at 3603 County most impact. Street in Portsmouth that once housed his private For several ophthalmology practice, Tidewater Eye Surgeons years, the Southeast Virginia Community Foundation and Associates. He would gift the property, valued at leased the building to Oasis Opportunity Center, $1.1 million, to the Southeast Virginia Community which helped homeless people in Portsmouth gain job Foundation in 2012 and to date, it is the largest gift in skills and find employment opportunities so they can the Foundation’s history. lead independent and ultimately, more meaningful For many years, the office served the residents lives. of Portsmouth and surrounding communities. In 2017, the Foundation sold the property and Portsmouth, however, wasn’t always home to Dr. used part of the proceeds to create the Dr. H. Dale Sponaugle and his wife, Orva. As many do, the Sponaugle Family Designated Fund. Earnings from Sponaugles adopted Portsmouth as their home after the fund will be distributed to deserving non-profits he served a tour of duty here with the Navy. “It was throughout southeast Virginia to continue the good a great place to raise a family and be part of a caring work by the Sponaugles. “We are happy that the community,” Dr. Sponaugle said. They, and other property will continue to serve the health needs of the individuals and families like them, wanted to give back area,” says Dr. Sponaugle. “We hope to see the gift to the community that had treated them well, so the continue to grow.” Sponaugles found a way to ensure their heartfelt giving Match Program Reaches Goal of $� Million n 2014, we unveiled our new endowment River Project, Portsmouth Public Library Foundation, Iprogram, The Match, with the goal of creating Association of American Physicians of Indian Origin, a million dollars’ worth of endowed funds over a Chesapeake Sports Club, Christopher Academy, Fort five-year period.
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