As a new fiscal year begins this month, the Essex County Community Foundation celebrates a range of new charitable funds that increases its philanthropic impact across the region.
ECCF established 22 new donor advised funds in the 2013-2014 fiscal year, including general interest, family and scholarship funds, raising assets under management to nearly $26,000,000.
“With ECCF’s now 147 charitable funds, $5.7 million this year in grants and services and over 100 scholarships granted yearly for deserving students, we’re excited at the foundation’s trajectory of growth and impact,” said Jay Caporale, executive vice president and director of philanthropy. “People are really wanting to ‘give where they live’ and that’s making a difference across the county.”
Most noteworthy in the new funds is the Farnsworth Fund, a donor advised fund which focuses on the environment and comes with a requested fund manager. The Farnsworth Fund’s reserve distributes five percent annually exclusively for environmental efforts.
ECCF also hosts two specific funds set up this year to honor Colleen Ritzer, the Danvers High School teacher who passed away last fall. The Colleen Ritzer Memorial Scholarship Fund and the Step Up For Colleen Fund have received gifts from more than 26 states that provide resources for college scholarships. The first scholarships have already been awarded to Andover and Danvers High Schools' graduating seniors who plan to pursue education as a major in college. The awardees demonstrate a passion for teaching, academic excellence and possess a great love of family.
Other new funds reflect a range of interests, such as the One Run for Boston, the Peter Watson Memorial Scholarship, the Centerville Improvement Society, and the Ansara Fund for Essex County.
“From education to land upkeep and memorial funds, these new ECCF funds reflect a range of issues important to our donors,” Caporale said. “They invest here because we partner with them around their interests, relieving them of administrative costs while re-investing fees to help others in Essex County. That’s good for everyone.”
Donor advised funds provide flexible ways to enhance giving while reflecting the values and concerns of each individual or family donor. The impact of such investments is far-reaching and long lasting. ECCF is recognized by the national Council on Foundations for full compliance with its rigorous standards for transparent, efficient and ethical organizational and financial practices for community foundations.
For more information, please visit http://www.eccf.org/ways-to-give.