Lexington, VA (Nov. 14, 2017) - The Community Foundation for Rockbridge, Bath and Alleghany hosted its annual reception at Kendal of Lexington on November 14th at 6 p.m. One hundred forty-seven guests were in attendance for the event, including foundation donors, special guests, grant recipients, local government representatives and past and present board members.Â â€¨â€¨In her opening remarks Lori Turner, Executive Director explained â€śTonight we are celebrating philanthropy â€“ your philanthropy individually and our foundationâ€™s philanthropy collectively. Through your generosity we can improve the quality of lives of Rockbridge, Bath and Alleghany Counties not only today, but far into the futureâ€¦foreverâ€ťâ€¨â€¨The Community Foundation for Rockbridge, Bath and Alleghany has quickly grown have to more than 4.6 million dollars in assets in a few short years. The Foundation was able to distribute more than $180,000 to area not-for-profit organizations during this fiscal year. Sixty-two area organizations received grant distributions at the event.Â â€¨â€¨Guest Speaker Mimi Elrod spoke to the crowd on behalf of CFRBA. â€śUndoubtedly, this organization plays a large part in our community. Just look at their mission statement or through their brochures to see the wide array of groups they help and causes they support.â€ť, said Elrod. â€¨â€¨Attendees also heard from Dr. Robert Glidden, vice chair of the CFRBA Board, who spoke on the mission of the foundation. He pointed out that the Community Foundationâ€™s sole purpose is to enhance the quality of life in our three counties by providing the administrative framework through which individuals, families, and not-for-profit organizations can establish endowments that will serve community needs in perpetuity.
Buddy Bryan spoke offered closing comments which recognized Dan Vance and his commitment to CFRBA. â€śDan has worked diligently over the past 17 years to make tonight possible, â€śsaid Bryan. He expressed how wonderful it was to be a part of an event that makes such a difference in the lives of so many.â€¨â€¨
CFRBA offers several types of funds including:
â€¨â€¨Pass Through: At your convenience you may recommend grants into the future to qualified not-for-profits, using both income and principal.Â â€¨â€¨
Endowment Funds: The principal is left intact and are allowed to grow while the earnings from the fund (normally 4% of the value of the fund) are used for your designated grants. This means that the Community Foundation for Rockbridge, Bath and Alleghany will invest fund assets to ensure its perpetuity. In addition to Donor-Advised Funds we offer:Â â€¨â€¨Designated Endowed Funds: There are endowed funds in which you designate the agency you wish to receive your support.Â â€¨â€¨Field of Interest Endowed Funds: These are endowed funds which you designate the general area of interest (health care, arts, education and etc.) you wish to receive your support.Â â€¨â€¨Unrestricted Endowed Funds: These are endowed funds, which can be used for the greatest need in the community.Â â€¨â€¨Upon reviewing qualified grant requests, you and/or your advisors may recommend or have the grants committee recommend which agency will receive your financial support.Â â€¨â€¨Not-For-Profit organizations may set up endowments with the foundation to benefit their own organization in perpetuity.Â â€¨â€¨CFRBA Board Chair Dan Vance concluded the eveningâ€™s activities by thanking all the donors who make the Foundationâ€™s work possible through their philanthropy, and by recognizing and thanking all of the organizational representatives present for their good work in the community.â€¨â€¨More information on the CFRBA can be found at the Foundationâ€™s website (http://cfrba.org) or by calling the office at 540-463-0943 and speaking with Executive Director Lori Turner (firstname.lastname@example.org).
|CFRBA Board Member Bill Russell presents check to Chief Sam Roman of the Lexington Police Foundation|