Charlottesville Area Community Foundation

STAFF
Published: March 22, 2008

A Community Foundation is a simple but powerful concept. At its heart, it is a philanthropic vehicle that combines the charitable gifts of many to create a permanent endowment to address the current and future needs of a community. The Community Foundation movement began in 1914 in Cleveland, and since that time more than 750 such foundations have been established throughout the United States and, more recently, abroad.
     
Since its founding in 1967, the Charlottesville Area Community Foundation (CACF) has been dedicated to improving the quality of life in Charlottesville and the surrounding counties of Albemarle, Buckingham, Fluvanna, Greene, Louisa, Nelson and Orange. The Foundation is governed by a 22-member volunteer Governing Board made up of civic leaders.

      CACF has grown rapidly in recent years. Currently the Foundation has assets of nearly $70 million. In 2007, CACF made grants to nonprofit agencies totaling more than $5 million. Since its founding, CACF has made grants of more than $25 million.

      The Charlottesville Area Community Foundation is made up of more than 200 funds, including:

      • The CACF Community Endowment - The CACF Governing Board uses these unrestricted monies to respond to proposals submitted by area nonprofit agencies. CACF accepts proposal twice a year, on the first of April and October.

      • Donor Advised Funds-With a tax-deductible gift to CACF, a donor creates a named fund and retains the right to request distributions from this fund to local, national, or international nonprofit agencies of his or her choice.

      • The Bama Works Fund of Dave Matthews Band-The largest donor-advised fund in CACF, the Bama Works Fund accepts proposals from area nonprofit agencies twice a year, on the first of February and August.

      • Scholarship Funds-CACF has more than 25 scholarship programs to help area students continue their educations.

      • Agency Endowment Funds-25 local nonprofit agencies have placed their endowments in CACF’s $70 million investment pool. Benefits include superior investment oversight and low management fees.

      CACF runs a number of programs, including: the Catalyst Grant Initiative, through which the Governing Board awards an annual gift of $75,000 to a local nonprofit working to to address a pressing community need; the Youth Service Award program, through which seniors from area high schools solicit proposal from area agencies working with youth and award a $10,000 grant to the nonprofit they deem most deserving; and the Donors Roundtable, which brings area philanthropists together each quarter to discuss issues facing the community.

      CACF is growing in scope and complexity, reflecting the growing sophistication of the Charlottesville area. The interplay of CACF’s various components forms an excellent illustration of the Foundation’s motto, “There’s no end to what we can do together.” The continued support of area residents is fundamental to the work of the Community Foundation. Together, we will continue to make our community a better place to live for everyone.For more information, please contact the CACF office at 296-1024.