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March 18, 2010 For more information, contact: MRPC Approves Formation of a Regional Foundation ST. JAMES—Meeting March 11, the board of Meramec Regional Planning Commission, after hearing an implementation strategy from Executive Director Richard Cavender, voted to establish a regional foundation and donate $30,000 to start the effort. The action followed a request made by the Community Foundation of the Ozarks at the group’s February meeting. Then, Brian Fogle, vice president of CFO, asked that MRPC form a regional foundation and provide some staffing for it. In return, CFO would split its affiliate management fee of three-quarters of 1 percent for all funds in the regional fund. “You provide boots on the ground. We provide administrative support, investment management and training,” Fogle said in February. CFO also provides legal counsel on donor contributions and handles foundation reporting to the IRS. A community foundation 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 important local causes. 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 grants that can be awarded. To establish a foundation, a separate board would be established, Cavender explained. That group would need to establish bylaws, identify resources to grow the foundation and funding to market the foundation and provide technical support to groups who would want to become a part of the regional foundation. To assist with staffing, the MRPC board also approved investing $250,000 in CFO’s organizational capacity fund, which is a certificate of deposit earning 2.4 percent interest. That is a higher rate than MRPC’s funds are currently earning. Cavender suggested using the interest off those funds as well as MRPC’s portion of the affiliate fees to fund a part-time staff person to help market the foundation and assist other groups in establishing funds. MRPC would retain ownership of the $250,000. Cavender pointed out, as Fogle did the month prior, that the largest transfer of wealth in the nation’s history will occur over the next 15 years, and much of that wealth will leave local communities. A regional foundation provides another option for residents to donate some of their wealth so that it can continue to benefit the local community, Cavender said. Six local foundations are a part of the CFO affiliate network, Cavender pointed out in the meeting. They include the Dent County Community Foundation, Crawford County Community Foundation, Bourbon Community Foundation, Newburg Community Foundation, St. James Area Community Foundation and Hermann Community Foundation. “With the exception of Dent County, MRPC had a hand in helping establish or assisting with the development of these foundations when we were working a few years ago with CFO,” he said. In other business, MRPC:
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. |