A Permanent Endowment for Our Area
CACF’s Community Endowment was started in 1967 as a permanent endowment to improve the quality of life in Charlottesville, Albemarle and the surrounding counties in Central Virginia. Since 1967, donors have added to the Community Endowment and the CACF Governing Board has made grants from the earnings on this endowment twice a year. Currently, the Board accepts proposals on the first of April and September and provides more than $300,000 in grants each year. In addition, through the Catalyst Grant program, the Governing Board makes self-initiated grants to local nonprofits working to address critical needs in this community.
Assisting Donors with Their Philanthropic Objectives
The desire to engage in philanthropic activity is sometimes tempered by practical concerns. Often donors do not have the time to determine which charitable and community service organizations fit their charitable interests, which organizations would provide the best stewardship of their gifts, or the best way to achieve their philanthropic and financial goals. Others simply do not have the time to manage the administrative details of charitable giving. The Foundation provides expert advice on effective community organizations and programs and personalized service to donors.
The Charlottesville Area Community Foundation is a collection of many charitable funds of varying sizes and purposes. Each fund has its own identity and donor-defined objectives, and each fund benefits from pooled investments with other funds. Through donor-advised funds, scholarship funds and committee advised funds the Foundation offers donors a uniquely flexible mechanism to accomplish their charitable goals in the Charlottesville area and beyond.
Establishing a philanthropic fund within the Foundation is a simple process and provides an easy, efficient, low-cost means of permanent giving. The Foundation assumes responsibility for maintaining records and reports, and the donor receives the maximum tax benefits allowed under federal law. The Foundation will also provide information regarding community needs and charitable organizations to assist donors with gift decisions.
A charitable fund in CACF is a highly cost-efficient alternative to the establishment of a private foundation. Through a CACF donors with charitable funds can provide gifts to charitable organizations in the local community and throughout the nation. Currently, donors have established funds for a wide variety of charitable objectives such as protection of the environment, promotion of visual arts, programs for disadvantaged youth, land preservation, scholarship assistance and many others.
Helping Community Agencies Build their Endowments
The Foundation offers community agencies serving the Charlottesville area an opportunity to protect and grow their endowments and similar types of funds for future needs. Through agency endowment agreements, the Foundation assumes responsibility for administrative and reporting details for effective investment and management of endowments. Individuals can make direct contributions to an agency endowment and receive significant tax benefits. By pooling their endowments with other Foundation funds, organizations gain access to a superior level of investment management at competitive rates, thereby adding to the long-term value of the fund.
A number of local nonprofit organizations have placed their endowments with CACF, see Current Funds. All CACF donors are encouraged to make contributions to the endowments of these organizations.
For more information please phone the Foundation office at (434) 296.1024.