July 2007 - Newsletter Top Story
ECCF Breaks the $12 Million Mark
 Throughout the United States, some 700 community foundations act as a focal point, convener and enabler for philanthropic activities in the regions they serve. In the same way, the Essex County Community Foundation serves the 34 different communities that comprise Essex County.
A community foundation is built on donor funds. In a short eight years, the Essex County Community Foundation has built a $12 million asset base of over 80 named donor funds. These funds provide grants to serve the critical needs of the communities that comprise Essex County. In all ECCF has granted over $5 million to 400 of the 1,500 nonprofit agencies which serve our communities.
Donor funds are established by individuals, families or a group of donors to support their own charitable interests or are created to benefit a specific charity or field of interest. Scholarships can be established as memorials or to benefit students at a specific school. Donor funds are a very cost effective alternative to creating a private foundation or charitable trust.
Our donors have recognized the advantage of setting up their charitable funds at a community foundation. ECCF offers huge economies of scale by enabling donors to outsource the administration of their charitable endeavors to a central, multi-service organization dedicated to philanthropic support. ECCF provides the donor with major tax advantages, elimination of individual federal and state reporting requirements and a much greater return on investment of their philanthropic dollars.
Setting up a fund at ECCF takes four easy steps:
- Meet with ECCF staff to review and select different options for your specific philanthropic interests
- Transfer assets to ECCF
- Establish an advisory committee
- Begin making grant awards.
For more information on establishing your fund at ECCF, please call 978-777-8876.
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