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Feb. 17, 2010 For more information, contact: MRPC to Consider Forming Community Foundation ST. JAMES—The board of Meramec Regional Planning Commission took action to further explore establishing a regional community foundation after hearing a proposal from the Community Foundation of the Ozarks, a Springfield-based public foundation serving the Missouri Ozarks. The board, meeting Feb. 11 in regular session, agreed to having staff to research the opportunity and outline a plan for implementing the concept of a community foundation on a regional basis. Brian Fogle, CFO executive vice president, proposed that MRPC form a regional community foundation and encourage other non-profits to become a part of that foundation. “There will never be enough resources from Washington, DC, or Jefferson City to solve your problems,” Fogle explained. The largest transfer of wealth in American history will occur over the next 15 years, and a large portion of that wealth will follow the inheriting children out of the hometowns where they grew up, Fogle explained. “The solution? Community foundations,” Fogle said. A community foundation, usually established as a trust or non-profit corporation, is a philanthropic vehicle that combines the charitable gifts of many in addressing the current and future needs of the community through grant-making, aimed at improving the lives of the citizens within that community. It is a way to keep wealth in a community so that it can continue to benefit local important causes. For example, a company or individual can donate to the local foundation and receive certain tax benefits, or an individual can include a planned giving donation in their will, transferable upon death. The donation can be in the form of cash, stocks, bonds, life insurance, property or even such things as cars and tractors. A portion of the interest earned on a foundation fund is then awarded annually as grants by the local board. The larger the fund grows, the more grant funds that can be awarded. CFO charges its affiliates three-quarters of one percent annually on all funds held in the local foundation. Fogle proposed splitting that fee with MRPC to provide income to help support a staff person to encourage the formation of community foundations. “You provide boots on the ground. We provide administrative support, investment management and training,” Fogle said. CFO also provides legal counsel on donor contributions and handles foundation reporting to the IRS. “There’s very seldom a win, win, win situation, but this truly is one. The rising tide floats all boats,” Fogle added. “It’s not just for the wealthy. It’s for those who care about their community.” CFO currently manages $145 million from 41 regional community foundation affiliates offering 1,700 separate funds. Community foundations in Hermann, Bourbon, St. James, Newburg, Dent County and Crawford County, with funds in access of $3.3 million, already work with CFO In other business, the MRPC board:
The next meeting of the board will be at 7:30 p.m. on March 11. Formed in 1969, MRPC is a voluntary council of governments serving Crawford, Dent, Gasconade, Maries, Osage, Phelps, Pulaski and Washington counties and their respective cities. A professional staff of 30, directed by the 52-member MRPC board, offers technical assistance and services, such as grant preparation and administration, housing assistance, transportation planning, environmental planning, ordinance codification, business loans and other services to member communities. More information is available online at www.meramecregion.org. |