CREATING AN ENDURING SOURCE ANNUAL REPORT OF FUNDS FOREVER DEDICATED 2013 14 TO THE GOOD OF BERMUDA WE’RE in it for GOOD $1,444,250 GRANT COMMITMENTS 62 GRANTS SINCE ➡ INCEPTION INCREASED million EFFICIENCIES $TO4TA.L4 A SSETS UNDER FOR GRANT- MANAGEMENT MAKING 39 FUNDS UNDER More local MANAGEMENT Community giving ☜ philanthropy exists as a practice in GROWTH IN Bermuda 11 ` CHARITABLE FUND TYPES: ENDOWMENTS ELEVEN WAYS TO ENGAGE 1 “ ” BCF is here for GOOD MESSAGE FROM THE CHAIRMAN & CEO THE BERMUDA COMMUNITY FOUNDATION u We bring donors together, because collaboration is here — for good. Forgive the play on words, but it will enable bigger successes. expresses the essence of the BCF, the organisation that exists for the good of the community, forever. u Thoughtful, strategic giving is our golden rule. That’s what our founding investors expected when they A few years ago — probably soon after the trauma of took a leap of faith and committed to supporting the 2008 — philanthropy in Bermuda took a hit. With the BCF, enabling it to sprout from the seed of an idea to a disturbing signs of a reeling economy emerging, donors scrappy, lean start-up . started narrowing their focus and the Government began to cut grants. It soon became glaringly obvious that the Having completed a full year since opening for business, non-profit sector was not just a discretionary luxury to the BCF has become an established, functioning be cut at will, but a necessity that was in effect providing organisation. Still lean — but with all the fundamentals a social safety net for Bermuda. Faced with the serious and an effective infrastructure in place. reality, everyone — non-profits and their supporters — was compelled to start thinking more strategically. This Today, we can confidently affirm that the BCF is delivering is proving to be a positive outcome. the services a community foundation should be deliverin g. Obviously there’s much more to come — but you don’t build While much needed to change, one thing remains a a multi-storey edifice without a strong, enduring foundation . constant: Bermuda depends on its non-profit sector for human and community services, for the conservation Our first annual report provides a snapshot of the of our land and marine environment, for the proliferation achievements so far. As you review the material we hope of our arts, culture and heritage. you come away with an understanding of three things: The Bermuda Community Foundation aims to be a u We collect data — and that’s key if we’re going to permanent fixture on the philanthropic landscape. understand community needs and the impact that Because Bermuda needs the non-profit organisations can be made by planned philanthropy. we can support, for good. PETER DURHAGER, CHAIRMAN MYRA VIRGIL, CEO & MANAGING DIRECTOR 2 Getting started THE FIRST ANNUAL REPORT Total giving: $1,444,250 grant commitments drive funds towards nonprofit programmes that improve through 62 grants since inception the quality of life in Bermuda. The Bermuda Community Foundation (BCF) facilitates three types of grantmaking: 1) donor-advised funds at Community foundations categorise the funds they hold BCF through applications submitted directly to the donor in different ways, depending on how the funds are to be funds; 2) a Board-designated central operating fund for used and how they will be managed. BCF currently grants to effective programmes; and 3) provision of grants manages 39 funds. Some of these funds are invested for advisory services to donor individuals and entities. All of the long or medium term (endowed or quasi-endowed) these grantmaking activities assist donors to direct their and some are managed and disbursed in the short term giving towards the areas that matter to them most and (1 –2 years, non-endowed, operating and special projects). 39 FUNDS AT BCF ASSETS BY Special project funds / 3% ENDOWMENT TYPE Operating fund / 3% Non-endowed 38% Endowed Quasi-endowed 46% 10% Donor-advised Cedarberry / 3% DONOR FUND (endowed) Designated / 8% TYPES 20% BCF endowment / 5% Agency / 8% Field of interest / 10% BCF also categorises funds on the basis of Special BCF operating / 5% the level of participation a donor will have in interest making grant recommendations. Donor- Donor-advised 13% advised funds, for example, enable the donor (fiscal sponsorship) to be very involved in the grantmaking process. 3% Unrestricted Donor-advised BCF’s financial year is July 1 to June 30 . This first report encompasses or community (programmatic) activities from BCF’s inception, January 1, 2013, to December 31, 2014. Future reports will mirror BCF’s fiscal reporting period. 15% 10% 3 $$$ Giving by strategic area: inception to Dec. 2014 Youth Achievement Arts for All and Caring Charitable Green and Blue and Community- Bermuda’s Heritage Community Infrastructure Community Based Education $55,000 $398,500 and Community $220,000 Development $544,500 2 Grants 18 Grants 6 Grants 25 Grants $226,250 Strategy :Advancing Strategy : Support 11 Grants Strategy : Protect - Strategy : Ensuring arts and culture for programmes, ing and enhancing that community initiatives — services and Strategy : the environment, members, investment research that Stabilising and both marine and particularly youth organisations that improve the lives strengthening terrestrial, for living at or below provide access, of families, Bermuda’s the health and uuuuuthe poverty enlightenment seniors, the non-profit enjoyment of line have access and enjoyment disabled and organisations and the community. to enriching for people of all other vulnerable neighbourhoods This includes educational and ages, backgrounds residents with personal preservation, extracurricular and abilities to (including animals ) and community education and opportunities artistic, cultural facing immediate development pro - advocacy pro - that encourage and historical or longer-term grammes, sports grammes aimed career interests, programming — in threats of hunger, and recreation, at short and long mentoring rela - schools, communit y homelessness, community term conservation tionships and the centres, museums , isolation or empowerment, of Bermuda’s development of institutes and unmet health and and planned land, sea and their leadership skills public spaces. social needs. growth initiatives. biodiversity. 450,000 A DIFFERENT VIEW OF 400,000 THIS GIVING: SUPPORT 350,000 BY CORE MISSION 300,000 250,000 200,000 150,000 100,000 50,000 0 l t l t t f t t d s s g d r a a n h r e y h n i g i d y s e e t n e e n t t e c it c f n f ie r e g e n t i h i t n e io l t i r io e i e l o t c e t d n t a l v r t k o a i ig ld a r io i e u a n n e p a l n l n i l m e r e r e n a r s l o m e r e o t y h e c e e e ie r a l u r s a m t H s e s e b m b r n p i b i c o u s e v & & c l- m v l- l n s t l - h s lo i d u n & n l r r p n a s n c a u y a , p o l e i t s n l e h t g e d r a a t h a o e a v m C i E m i & g n a r e e o i t i i , c le s v n m c n s g i i g c e e a a E e i o i i r c n t i d n n s u i d e d a l & o r p & e E r t is & o e A u a s u u H a e b s e e e S h t i t is r r R t l c e l o n a c c D M r m m & n u u m u H c e s p e o c & i c & i c e e , r i m r i R i Y t r s & e l r c s n g r b p S t C i h & e r e a a t t u r , f l l n A m d f a a P e p a u lu t o e t s lo o n h o a g l u v s e F i , i v e a M y d r t , e n p y d fo e o t , r e y l M h f it a t a n n n s u o a c i il i m t l a h b m n P u o r P e C t In 4 A deeper view of grantmaking at BCF FUNDING FOR GREATER IMPACT or poor educational opportunities. We also believe that thinking about how grant funds are disbursed collectively Considered together, grants facilitated through BCF can helps us understand how we are doing on issues like achieve outcomes beyond the strategy or field of interest creating access to opportunities, improving community of a specific donor fund, programme or organisation. We health and well-being, or promoting the wide range of believe that a comprehensive multi-pronged approach to cultural, artistic and environmental activities that improve grantmaking will ultimately help Bermuda tackle deeply life in Bermuda. Here are the programme areas and issues entrenched social problems like poverty, unemployment, that, collectively, donor funds at BCF have supported.