Community Foundation
From PhilanthropyWiki
Community Foundation Definition
An independent philanthropic organisation working in a specific geographic area which, over time, builds up a collection of endowed funds from many donors in the community. It provides services to the community and its donors, makes grants and undertakes community leadership and partnership activities to address a wide variety of needs in its service area. (Adapted from a statement by Suzanne Feurt)
A community foundation is a vehicle for local donors who wish to contribute their cash, trusts, bequests or real property to create permanent endowments that will benefit the community in perpetuity. Using the investment earnings on each endowed fund, a community foundation makes and builds capacity within the community to address local needs and opportunities. Their task is to build substantial, permanent funds from which grants are made to local charitable and community organisations. These funds function much like permanent community savings accounts, where the community - personified in the board and its decision-making bodies - has the say over how to distribute the earned interest.