Anonymous Donor Establishes $100,000 Fund for Benefit of Madison County
August 26, 2015 – A local couple recently established a $100,000 endowment fund at the Central New York Community Foundation that will annually provide support to nonprofit organizations serving Madison County residents. The donors, who have lived in the region for many years, requested their identity remain unpublicized until their passing.
The couple first had the idea to establish a charitable fund after reading an article in the local newspaper last summer regarding a $5,000 grant awarded from the Community Foundation to provide disaster relief support after a tornado touched down in the Town of Smithfield. The story inspired them to research the Community Foundation and meet with its staff to explore how they could best impact their local region through their charitable giving.
“This generous couple has great love for the region they call home,” said Jennifer Owens, a vice president at the Community Foundation. “Thanks to their foresight, this fund will forever benefit the people and nonprofit organizations of Madison County.”
The new anonymous fund will start out providing approximately $5,000 in support each year to organizations that serve residents of this primarily rural county. By utilizing the Community Foundation’s prudent spending and investment policies, the endowment is expected to continue to grow over time, increasing the annual amount of grant support over time while protecting the long-term value of the fund.
Field-of-Interest Funds are one of a variety of endowment fund options the Community Foundation stewards on behalf of local donors. This particular tool allows the donor to focus the fund’s impact on a specific charitable interest area – like arts, animals or education – or a geographic region that is meaningful. The new anonymous fund will provide funding to organizations serving Madison County, with an emphasis on disaster relief and education.
Established in 1927, the Central New York Community Foundation encourages local philanthropy by supporting the growth of permanent charitable endowments for the betterment of the region. The Community Foundation is the largest charitable foundation in the region with assets of nearly $190 million. It awarded $9.9 million in grants last year to nonprofit organizations and since its inception has invested more than $135 million in the community. The Community Foundation serves as the steward of charitable legacies for individuals, families and businesses through the administration of nearly 700 funds. The organization also serves as a civic leader, convener and sponsor of special initiatives designed to strengthen local nonprofits and address the region’s most pressing challenges.