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What does a community foundation do?
I have been with the Putnam County Community Foundation for nearly two-and-a-half years. I am not sure where that time has gone, but I love this organization, the community and the work we do each day.
I quickly learned that there were many questions regarding community foundations and their roles in the community. Below are some of the questions we hear most frequently and my attempt at answering them:
What is a community foundation? By definition, a community foundation is a grant-making public charity dedicated to a defined geographic area, which for us is Putnam County. As of 2020, there were more than 700 community foundations serving communities across the United States. Fun fact: Indiana is home to 94 community foundations. We are the only state to have a community foundation in every county.
What do you do? Community foundations bring together the financial resources of individuals, families, businesses, nonprofits and other philanthropic-minded entities to support charitable initiatives. In addition, we help community members find causes they are passionate about and provide an avenue for donors to leave a legacy here in Putnam County. Fun fact: In 2020, we helped nearly 700 donors support causes near and dear to their hearts.
Are you the one that gives out grants and scholarships? We do award grants and scholarships on an annual basis. In fact, in 2020 we awarded more than $1.1 million in grants and scholarships. However, our impact goes far beyond financial support. Did you know that we house endowments for nonprofits serving our communities? These endowments allow nonprofits to diversify their funding sources while we invest their funds on their behalf. In addition, we host annual workshops for our local nonprofits, convene community leaders and even started a book club, Community Reads, for the community.
What is an endowment? An endowment is a pool of assets — a portion made available for charitable purposes annually. The remaining assets and investment returns are retained in the endowment to allow growth. Did you know community members can establish a named endowment to support a nonprofit or charitable initiative? This is a great way to continue your support in perpetuity.
How do community foundations differ from other nonprofit organizations? Most nonprofit organizations have one specific mission, while our mission allows us to provide broad support to Putnam County. This flexibility allows us to meet the community’s emerging needs while serving a wider group of donors and nonprofits. Did you know that Putnam County has more than 400 nonprofits?
I could go on for days, but I do not think the Banner Graphic wants me to take over the entire paper this week.
If you would like to learn more about the Putnam County Community Foundation or community foundations in general, please do not hesitate to reach out to any member of our team. We would love an opportunity to tell you more about the work we do each day to strengthen Putnam County and how you can help.