Celebrating 64 Years of Service to Knox County

The Community Foundation of Mount Vernon & Knox County entered the new millennium having completed a decade of unprecedented growth and service to the people of Knox County. In December, 2007, as we commence our 64th anniversary year, the assets of the Foundation have surpassed $32 million, up from $8 million in 1990. In the year 2000, distributions in the form of grants to local nonprofit organizations surpassed $800,000 for the first time ever. The Foundation has generated more than $12 million in income since its inception, most of it returning to the communities of Knox County to do good. One might refer to Foundation funds as a renewable philanthropic resource.

In 1944, when Beatty B. Williams and his associates established The Mount Vernon Community Trust (now known as The Community Foundation of Mount Vernon & Knox County) there were only seven other Ohio community endowment organizations, all of which followed in the footsteps of the first-in-the-nation chartered community endowment, The Cleveland Foundation, established in 1914. Today there are 77 community foundations in Ohio (and more than 500 in the USA). Collectively, Ohio community foundations host almost $4 billion in permanent, charitable funds, ensuring support for the benevolent and quality-of-life needs of the communities they serve. The most recent survey of the Ohio Grantmakers Forum reports annual community foundation grants totaling nearly $250 million.

In our 1990 annual report entitled "An Endowment for All," (then) Community Trust chairman William A. Stroud, retired president of First-Knox National Bank, set some ambitious goals for the closing decade of the 20th century. In his own words:

“Unlike independent or company-sponsored foundations, which derive their funds from single families or corporations of great wealth, community foundations depend on a multitude of gifts. The Mount Vernon Community Trust is typical in that its financial strength rests on many contributions, individual trusts, estates, and donations.

“Only by inspiring the support of new generations of donors can The Trust continue to grow, to expand its benefits and to meet emerging community needs. For example, our scholarship program, while quite impressive for a small rural county like Knox, can aid only a fraction of the county’s deserving students. Schools, health care facilities, cultural centers, and many other worthy organizations will require additional support as they strive to keep pace with a fast-changing world and to serve more people. In an era of intense pressure on government resources, tax dollars may not be available to undertake exciting new initiatives for enriching civic life. Such visions will languish without generous leadership institutions like The Trust.

“The need to renew and widen The Community Trust’s circle of donors is particularly compelling given the changes that Knox County has undergone since Beatty B. Williams’ day. (Williams served for almost 30 years as CEO of the Cooper-Bessemer Company, Mount Vernon’s major industry. His leadership inspired the formation of the Mount Vernon Community Trust in 1944.)

“While energy, entrepreneurship, and civic pride still invigorate Knox County, the nature of private giving has changed. Today, there are many more competing demands on people’s time and money. That is why The Trust is making broader efforts than ever before to tell its remarkable story and to remind caring citizens of the opportunity that this community foundation represents. That is why The Trust has set a goal of building its assets in its permanent endowment to $15 million by the year 2000.

“The practical advantages of giving to The Community Trust remain as attractive as ever. So, too, does the satisfaction of investing in the future of our Knox County communities.”

Mr. Stroud was not only correct in his assessment of the growth potential of Knox County’s community endowment, his vision was fulfilled even beyond his own high hopes during the 1990s and now into the new millennium.

The recently expanded and reorganized board of The Community Foundation of Mount Vernon & Knox County is working diligently to attract new funds to our community endowment. If history teaches us one thing, it is this: the future is going to be full of new and expanded challenges. Philanthropy will continue to make a critical difference at enhancing the quality-of-life in Knox County. Success will require the commitment and participation of an ever widening circle of community leaders as well.

This decade will mark several significant milestones in the history of Knox County including Knox County’s own bicentennial (2008), the settlement of Mount Vernon (2005) and that of Fredericktown (2007).

A great past is but a prologue to a bright future. The Community Foundation of Mount Vernon & Knox County plans to continue to operate as a permanent, charitable financial reservoir for the benefit of all the people of Knox County. As time goes by, and as assets grow through the confidence and contributions which local people entrust to it, the Foundation will continue to do good here at home in Knox County.

A FOUNDATION YOU CAN TRUST

The Community Foundation of Mount Vernon & Knox County is a collection of individual philanthropic funds established by Knox County residents for a wide variety of charitable purposes. For many people, establishing a personal, philanthropic fund in The Community Foundation of Mount Vernon & Knox County is an attractive and economical alternative to setting up their own private foundations. The Foundation offers:

• Flexibility

Through The Community Foundation you can design a personal philanthropic fund that is tailored to donor desires and interests. The Foundation can manage virtually any type of gift for most any charitable purpose. It serves as an endowment bank for all of Knox County and is unique in its services to donors and beneficiaries alike.

• Community Impact

The Foundation has six decades of experience in investigating community needs, cooperatively designing solutions, and targeting philanthropic dollars for the greatest impact. The Foundation can help donors to identify their philanthropic purposes and direct them toward projects and solutions that effectively address the community’s most pressing needs and promising opportuniti

• Legacy

By creating a named fund in The Community Foundation of Mount Vernon & Knox County in your name, or in the name of your family, a loved one, or respected colleague, you are establishing a permanent legacy to benefit the community as living memorial. Our New Legacy Society Program allows donors to create a named fund incrementally with manageable annual contributions. Fund assets are allowed to mature free of some Foundation fees until the Legacy Fund reaches maturity and becomes a regular Foundation fund of the donor’s selection.

• Anonymity

Some people choose to give anonymously through the Foundation. Their identity can be protected from the public, from our board and even from the beneficiaries of their gift.

• Recognition

Most donors appreciate appropriate and sustained recognition for their gifts. In so doing, they provide a good example to others in our community who might consider establishing a fund of their own.

• Simplicity

Most funds can be established by means of a simple one-page governing document. Creating a fund in The Community Foundation of Mount Vernon & Knox County is an easy and convenient way to manage all your charitable giving. Since the Foundation runs no programs of its own and carefully monitors its modest expenses, more of the income goes to work for local charitable purposes.

• Permanence

Many donors create permanent endowment funds that will benefit the community, in their name, forever. If the original purpose of the fund is rendered obsolete by the passage of time, the Foundation's board can redirect the fund to the nearest alternative use without a lengthy and costly court proceeding. It does this through its variance power, a distinguishing characteristic of community foundations. This provides you the assurance that your original intent will be honored and fulfilled despite changing circumstances.

• Geographic Flexibility

The Community Foundation of Mount Vernon & Knox County has, as its primary focus, the communities of Knox County (and in some cases surrounding communities), where the Foundation has particular familiarity and competence in assessing community needs and designing solutions. However, donors may recommend that grants from their fund partially benefit a nonprofit organization outside our community, provided that the Foundation can confirm that the IRS classifies these grantees as public charities.

• Tax Benefits

As a public charity, a community foundation offers the maximum level of tax benefits for charitable giving. You can contribute any type of property: cash, stocks, closely held securities, real estate, life insurance or personal property. Furthermore, by creating a fund in The Community Foundation of Mount Vernon & Knox County, you can integrate your contributions with your overall financial and estate planning, maximizing tax advantages.

• Cost Effectiveness

Because it manages many charitable funds, the Foundation can pool investments and otherwise contain administrative costs while providing you with comprehensive management services.

• Responsible Stewardship

The Foundation is managed by an active and knowledgeable board of community leaders. They oversee its investments, administration, and grant-making. They serve the  Foundation as volunteers and receive no compensation for their services.

TYPES OF FUNDS

The Foundation offers several types of funds to meet the needs of donors:

• Unrestricted funds are the broadest option. An unrestricted fund permits our distribution committee to target resources to the community on your behalf. By contributing to, or establishing, an unrestricted fund, a donor may create a living legacy that will keep pace with the community as new challenges emerge.

• Field of interest funds allow donors to address a general area of need without being pressed to name specific charities. You decide the general purpose of the fund, such as meeting the needs of children, promoting the arts, providing senior services or economic development. The Foundation will identify projects or organizations that most effectively and creatively address needs.

• Donor-advised funds are the Foundation's most flexible funds. The donor-advised fund allows you to establish a named philanthropic fund while retaining the ability to recommend grants to specific organizations that you choose. Donors receive a full, up-front charitable deduction when the fund is created or augmented. The Foundation ensures that all beneficiaries are legitimate charities, and provides advice and information about the community’s needs and local charitable agencies. A donor-advised fund is a convenient way to simplify all your charitable giving. A donor-advised fund is an attractive alternative to setting up a private foundation because it offers maximum allowable tax benefits as well as low-cost administration and helpful grant-making services.

• Designated and agency endowment funds are established by donors who may wish to specify a particular charitable agency or nonprofit organization to receive the proceeds of their fund. The agency benefits from the Foundation's professional endowment management, freeing the agency’s staff and board to concentrate on fulfilling its mission, purposes and running its programs for community benefit. Designated funds include a wide variety of Scholarship Funds to assist area students in achieving their education goals.

ESTABLISHING A FUND

A fund may be established by an individual, a corporation or a nonprofit organization.

A fund may be established by bequest or during one’s lifetime.

A fund may bear the name of the donor or a loved one; or it may bear the designation of the agency or purpose for which it was created.

Donors may specify whether principal and income or income alone may be used. Of course, The Community Foundation encourages gifts of permanent endowment.

Gifts to The Community Foundation may be made in the form of cash, publicly traded or closely held securities, real estate, life insurance or personal property.

Setting up a fund in the Foundation requires execution of a simple governing document, samples of which are viewable in the For Donors section of this website, or by request.

New named funds may be established with an initial one-time gift of at least $5,000, or donors may take up to 5 years through one of our new Legacy Funds to reach a total fund value of $5,000, with assets appreciating free of some annual Foundation fees

For More Information

The Community Foundation of Mount Vernon & Knox County can provide specialized information to assist you and your advisors in considering your charitable options under a variety of circumstances. Please Contact us if we can provde confidential assistance in meeting your charitable goals.

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