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, have formally announced that they have reached $40 million in assets, doubling the total resources they held eight years ago.
The Foundations administer the assets across a total of 500 funds in three counties, with each fund customized to meet the humanitarian 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 700 community foundations hold roughly $35 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. The fact that we have doubled our assets in just eight years 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 $40 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. 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.