Community Foundation continues good work in spite of tough economy

Like many other careful savers and investors, the Charlevoix County Community Foundation saw its assets decline last year, as this unpredictable economy bumped along.

Yet the generosity that has characterized the community since the foundation began in 1992 continued.

In spite of tight budgets, nearly 1,200 people made a charitable donation to the foundation, helping to replenish $1.5 million. Countless others stepped forward with special gifts to augment funds and ensure sufficient revenue for grantmaking. Mindful of increased community need, the foundation diverted its own marketing budget—traditionally used to produce an annual report—and instead used the money to make grants.

As a result, the foundation was able to distribute $928,100 to support a number of worthy causes and hardworking nonprofits in the area.

Some of the grants are helping programs that benefit children and young people. Others are being used to address environmental concerns, improve parks and recreational venues, deliver vital health services, provide scholarships to area students, and—more than ever—meet urgent needs by supplying area food pantries, buying school clothes, and covering the cost of emergencies.

“This was a different kind of year for all of us,” explains Bob Tambellini, foundation president. “As responsible stewards of the charitable gifts we hold, we were challenged to use our resources wisely, and at the same time respond to real need in our community.” Because the foundation’s assets are permanently endowed and prudently managed for the long term, the organization was able to generate some earnings—even as the market languished. “That’s a real advantage to building an endowment,” Tambellini said. “The funds are there—in good times and bad—to improve and enhance life in our community.”

The best news is that the community foundation is already recovering from losses sustained late in 2008. As of 9/30/2009, the organization posted a year-to-date investment return of 24.2%, bringing net assets to nearly $19 million.

“That’s a substantial pool of charitable capital to serve Charlevoix County,” Tambellini says, adding that widespread support has allowed the foundation to grant a total of more than $10.4 million since it began. “Few communities of our size are as fortunate to have built such a healthy sum. It’s a real tribute to the vision, generosity, and goodwill of those who live and vacation here. People care about this beautiful place and want to invest in its future.”

Although the community foundation isn’t publishing an annual report, it has issued a small summary booklet that reviews the organization’s highlights and invites those who are able to make a tax-deductible, year-end gift. Those who would like a copy may call the foundation office, 231/ 5362440. A full report of the year’s activities, as well as information about grants, gifts, donors, funds, and financials is available on the foundation website, www.c3f.org.

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