Building a Stronger Community 2013-2014 REPORT TO THE COMMUNITY Our Mission The Community Foundation for the Greater Capital Region strengthens our community by attracting charitable endowments both large and small, maximizing benefits to donors, making effective grants, and providing leadership to address community needs. Our Vision The Community Foundation for the Greater Capital Region was founded in 1968 by a group of prominent local residents who shared a belief that by collectively investing our charitable resources, we could grow them over time to benefit our community far into the future. Today, the Foundation has more than $63 million in assets, and in 2013, distributed more than $4.87 million each year in scholarships to local students and grants to nonprofit organizations. As the needs of the greater Capital Region become more complex, the Foundation is proud of its role as a leader in responding to needs and leveraging support for emerging issues. Together with our Board of Directors and the support of our community, we look forward to working with donors, community leaders and volunteers to respond to issues with flexibility, creativity and efficiency. Dear friends: It has been an incredible year at the Community Foundation for the Greater Capital Region. The Foundation hit several new high points during the 2012-2013 year: The Foundation awarded more than $4.87 million in grants to nonprofit organizations and scholarships to local students in 2013 , up from $4.45 million in 2012 and $3.3 million in 2011. Not only did the Foundation provide more support to organizations and programs in 2013 than in years past, the number of grants also increased. The Foundation awarded 1,190 grants in 2013 , compared to 1,101 grants in 2012 and 938 in 2011. The Foundation added 22 new charitable funds to its family of charitable support in 2013 . These new funds, which are listed on page 12, were each tailored to the donor’s philanthropic intentions and guided by the Foundation’s deep knowledge of our community. These numbers are impressive, but at the Foundation, we are impressed by the individual stories behind the donors, the grants and the community change they inspire. What follows is a combination of stories of impact that include the passion of our donors, the skill of volunteers, staff and community partners and the Karen Bilowith innovation of our nonprofit partners. Together, we are building a stronger community. President & CEO In partnership with our donors, the Board and staff of the Community Foundation are proud to encourage collaborations between nonprofit organizations so that deep-rooted community issues can be addressed in new and effective ways. We’re grateful to our donors for their partnership in, and enthusiasm for, informed philanthropy, and grateful for the guidance we receive from some of our area’s top professional financial advisors, which ensures the Foundation operates from a stable, sustainable fiscal base. The Community Foundation is dedicated to building a strong community through philanthropy. In this Report to the Community, you will learn how the Foundation works with its partners to serve the residents and organizations of the greater Capital Region and beyond through partnership, funding opportunities, and leadership. On behalf of the Community Foundation’s Board of Directors and staff, we are deeply grateful to the generous donors and community partners who helped the Foundation reach such great heights. In appreciation, Karen Bilowith Ellen Sax Ellen Sax President & CEO Chair, Board of Directors Chair, Board of Directors 1 The Community Foundation thanks Staff Directors 2014-2015 Anthony Capobianco, ChFC, CLU, Karen Bilowith Matthew Bender IV Professional Advisor Marcus Pryor, Maggie Vinciguerra, and President / CEO Bender Family Foundation Steering Committee Robin Wood for their dedication and Shelly Connolly Gary C. Dake Amy S. O’Connor, Esq., Chair service as members of the Board of Program Assistant Stewart’s Shops McNamee, Lochner, Titus & Williams, P.C. Directors. Jenna L. Cuilla Gloria DeSole Anthony J. Capobianco, ChFC, CLU Donor Relations Manager Community Advocate Capobianco Financial Advisors Welcome to Frank M. Slingerland, the Mindy Derosia Mark Eagan Christopher Cimijotti, CPA Freddie Institute, and Jan Smith, Castle Development Officer Albany-Colonie Regional Chamber Marvin and Company Rock Ranch Group, LLC, who have of Commerce Tom Hudy Steven M. Egna, CBA, CVA, joined the Board of Directors for the Director of Finance Nancy E. Hoffman, Esq. ABAR, CM, AA Arbitrator Teal, Becker & Chiaramonte 2014-2015 year. Siobhan Kent, APR Communications Manager Paul M. Hohenberg Victoria A. Harkins Welcome to Steven M. Egna, CBA, CVA, Community Leader Capital Bank Jackie Mahoney ABAR, CM, AA, Teal, Becker & Vice President of Programs William M. Kahn, CPA Charles M. Joseph, CAP, AWMA Chiaramonte, who has joined the UHY, LLP Janney Montgomery Scott LLC Beth McHale Professional Advisor Steering Committee Office & Database Administrator Steven E. Lobel Alicia D. Lasch for the 2014-2015 year. Anchor Agency, Inc. Adirondack Research and Management, Inc. Amy S. O’Connor, Esq. McNamee, Lochner, Titus & Williams, P.C. William M. McCartan Fenimore Asset Management 2014-2015 Board of Directors Francis Murdock Pitts, FAIA architecture+ William D. Pfeiffer, Esq. Ellen Sax, Chair Girvin & Ferlazzo, P.C. MVP Health Care Ann M. Sharpe, Esq. Cioffi, Slezak, Wildgrube, P.C. Louis W. Pierro, Esq. Susan C. Picotte, Esq., First Vice Chair Pierro and Associates Cooper Erving & Savage, LLP James A. Sidford, RHU Austin & Co., Inc. Jeffrey Rosenbaum, JD, CPA Christine L. Standish, Second Vice Chair The AYCO Company LP Standish Family Foundation Frank M. Slingerland The Freddie Institute Ann M. Sharpe, Esq. Kevin M. O’Bryan, Secretary Cioffi, Slezak, Wildgrube, P.C. Community Leader Jan Smith Castle Rock Ranch Group, LLC Jeffrey M. Rosenbaum, JD, CPA, Treasurer The AYCO Company LP C. Wayne Williams Community Leader Virginia C. Gregg, Assistant Treasurer Rensselaer Polytechnic Institute Affiliate Liasions Deborah Onslow, Immediate Past Chair Community Leader Niskayuna Community Foundation Daniel F. McCoy Bethlehem Central Community Foundation Patricia Michaelson 2 3 Statement of Financial Position 2012 2013 ASSETS Cash 1,634,410 3,691,522 Investments 54,566,148 57,852,190 Promises of gifts 109,050 98,550 Contributions receivable from charitable remainder trusts 26,252 28,817 Contributions received from pooled income fund 46,492 49,667 Other receivables 5,220 3,789 Prepaid expenses 11,551 4,515 Property and equipment, net 13,884 15,635 Other investments 9,472 0 Assets held in charitable remainder trusts 1,152,216 1,185,260 Assets reserved under charitable gift annuity agreements 559,271 668,351 Cash surrender value of life insurance 254,600 237,730 Total Assets $58,388,566 $63,836,026 LIABILITIES Accounts payable and accrued expenses 12,718 10,457 Grants payable 326,163 188,925 Liability under charitable remainder trust agreements 544,940 521,170 Liability under charitable gift annuity agreements 378,018 398,345 Funds held as agency endowments 1,465,784 1,733,868 $2,727,623 $2,852,765 NET ASSETS Unrestricted Designated Board designated, donor-advised 26,151,408 26,614,622 Board designated, endowment funds 283,799 471,044 Undesignated 8,333,044 9,840,814 34,768,251 36,926,480 Temporarily restricted 4,878,098 7,145,705 Permanently restricted 16,014,594 16,911,076 55,660,943 60,983,261 Total Liabilities and Net Assets $58,388,566 $63,836,026 4 Foundation Partners Say … “The Community Foundation for the Greater Capital Region is one this 2012 2013 REVENUES AND OTHER SUPPORT region’s anchor institutions. A leader in Contributions 8,839,124 2,735,131 private philanthropy, the Foundation is Interest and dividends 690,383 2,237,393 critical to improving the quality of life in Change in value of split-interest agreements 5,570 25,120 a multitude of areas, giving local donors Management fees 25,234 23,312 an effective way to connect to current Events 87,510 130,484 and future community needs. The Grants 5,000 3,801 University at Albany’s public engagement Total Revenues and Other Support $9,652,821 $5,155,241 work has benefitted from such support, and we look forward to developing new EXPENSES opportunities for innovative Program services 4,202,524 4,941,078 collaborations. Management and General 565,291 617,978 Development/Events 203,418 231,781 Robert J. Jones, Total functional expenses 4,971,233 5,790,837 President, University at Albany CHANGE IN NET ASSETS FROM OPERATIONS $4,681,588 ($635,596) y n a b l A Realized gains (losses) on investments, net 350,190 6,123,940 t a y t i Unrealized gains (losses) on investments, net 4,902,307 (166,026) s r e v CHANGE IN NET ASSETS $9,934,085 $5,322,318 i n U / y t r a C NET ASSETS, beginning of year 45,726,858 55,660,943 c M k r a M NET ASSETS, end of year $55,660,943 $60,9 : 83,261 T I D E R C O T O H P 5 Foundation Partners Say … “The Center for Economic Growth is happy to join with the Community Foundation to lead the Creative Economy project. We are working together to strengthen our region’s economy, and 2013 At A Glance help our local creative community thrive and grow. In bringing together partners from all corners, the Regional Alliance for More than $4.87 million a Creative Economy is developing distributed in grants and scholarships innovative ways to maximize the role of creative activities and institutions as economic drivers. We are glad to partner $3.27 million with the Community Foundation on this and other projects, and we congratulate in donations to the Foundation the Foundation for cultivating a spirit of thoughtful, creative philanthropy in the Capital Region.