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They Did It! Highlands Community Fund
Written By: Donna Rhodes | Issue: 2018/01 - Winter
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Huzzah! After a three-year push the Highlands Community Fund finally reached its $1.5 million target. A round of applause goes to all the generous donors in the region who helped realize that goal.
This achievement not only makes money more accessible for local needs, but it also gives those shepherding that money more control over its distribution.
Why is $1.5 million a magic number? That sum locks-in the fund, assuring all the money accumulated through investment and savings (the principal) will accrue enough return every year to support specially-selected charities. A little over $60K will be distributed without putting a dent in the principal. And the distributions will be independent of any restrictions outside the governance of the Highlands Community Fund and its partner. Asheville’s Community Foundation of Western North Carolina. Bottom line…this makes things solid, reliable, and permanent.
Here’s how the fund works for donors and recipients. The two organizations work together. CFWNC does the vetting of all the local charities, which request grants. They examine organizations top to bottom, administration to recipient. That’s excellent news for HCF and donors. They don’t have to worry about the charity’s legitimacy and management. If CFWNC says it’s worthy of your gift, it absolutely is.
After vetting, creditable organizations are recommended to the Community Fund Board. The Board fine-tunes the list, votes on the finalists, and recommends the awards.
Members of these two groups remind donors that giving through their agencies is easy and safe. Contributions are placed in an endowment, from which distributions are made according to a spending formula.
Advisory Board Chair Jim Landon adds, “We are very grateful to those generous people who have helped us meet this goal, having a permanent source of charitable capital for Highlands and the surrounding region means that grants can be awarded to projects of highest need now and can continue to meet needs as they change over time.”
CFWNC supports the growth of its affiliate funds to extend the benefits of philanthropy across the region. To learn more about The Community Foundation, call (828) 254-4960 or visit cfwnc.org.
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