Release date: 5/1/2014
POUGHKEEPSIE, NY - The Community Foundations of the Hudson Valley and its affiliates, the Community Foundation of Dutchess County, the Community Foundation of Ulster County, and the Community Foundation of Putnam County, are pleased to celebrate our 45th year and announce reaching a matching asset level of $45 million dollars, more than doubling our asset level within this decade.
The Foundations administer the assets across more than 525 funds in three counties, with each fund customized to meet the charitable goals of its donors. An independent philanthropic organization, the Community Foundations of the Hudson Valley generates grants for a number of not-for-profit organizations, and works with families, individuals, attorneys and estate and financial planners to design gift plans which maximize benefit to both the donors and to the beneficiaries. Nationwide, approximately 750 community foundations hold roughly $58 billion in assets, making up one of the fastest growing sectors of philanthropy in the United States. Individuals and groups can contribute any amount of money to a fund through the foundation, and the foundation invests gifts for growth and income, using a payout amount to make grants for the community based on the wishes of the benefactors and the community needs which have been identified by the foundation.
“We are thrilled to announce this milestone in our history. It speaks volumes about the generous spirit of giving in our community, and the commitment that Hudson Valley residents are making to future generations. The Community Foundation allows anyone and everyone to effortlessly set up a fund and become a philanthropist, and there is no doubt that every gift, large or small, when properly invested, can enhance the lives of others”, stated Andrea Reynolds, President and CEO of the Community Foundations of the Hudson Valley.
“When people give to the Community Foundations of the Hudson Valley, they are leaving a legacy. We are proud to have reached the $45 million mark, but we are not stopping there. As of 2010, total net worth in the Dutchess, Putnam and Ulster county area was $74 billion, of which $22 billion is expected to transfer from one generation to the next through probate estates over the next decade. We want to keep that money local, improving our community. If just 5% of that projected transfer was designated for charities in our area, a total of nearly $1.1 billion would be retained for people who live, work, and play in the mid-Hudson Valley. And, furthermore, if that $1.1 billion was housed in a charitable endowment, we could make $55 million available for area nonprofits every single year. Our campaign, ‘Give 5 to Change Lives’, is our way of raising awareness about the importance of giving here at home for long-term impact on the Hudson Valley”, said Nancy Brownell, Chair, Board of Trustees.
“The message we are trying to send is, ‘you’ve lived here, you’ve worked here, your community has been good to you; give back with a gift to the region’s future – make your community one of your heirs’. We truly hope that message will resonate, and that people will recognize how easy it is to work with us to make a difference”, said Reynolds.
For more information on charitable giving options available through The Community Foundations of the Hudson Valley, please call 845.452.3077 or visit cfhvny.org.
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About The Community Foundations of the Hudson Valley
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The mission of The Community Foundations of the Hudson Valley is to strengthen our communities by offering donors the means to establish charitable legacies, by making grants, and by providing leadership to address community needs in a manner that is responsible, responsive and lasting. To realize this mission, the foundation board and staff advise donors on charitable giving options; assist attorneys and financial advisors as they explore opportunities available to their clients; establish endowment funds for nonprofits and other charitable causes; and work with government, private foundations, and local leaders to address current and emerging needs.
The Community Foundations of the Hudson Valley has been recognized for having organizational and financial practices that are in accordance with the National Standards for U.S. Community Foundations by the Council on Foundations.