Community foundations, such as ours, exist to make it easy for people to be philanthropists, and to build an endowment to help meet changing needs over time.
The first community foundation was started in 1914 by a Cleveland banker who felt the practices of the day were needlessly eroding charitable funds. It was expensive to administer charitable trusts in banks, which knew more about investing money than giving it away. And when charitable funds had outlasted their purposes, it was expensive to go to court to make the changes needed for the funds to stay useful.
Today, there are more than 800 community foundations in all 50 states. Some continue to use the original trust model and others are organized as charitable corporations. In addition to building a permanent endowment through wills and bequests, community foundations today offer services to donors during their lifetimes.
Donor Event: Donors and board members come together at the Holocaust Memorial and Tolerance Center of Nassau County to learn about its teachings of antisemitism, racism, bullying and other manifestations of intolerance. They also enjoyed a moving performance from Project: Music Heals Us.
Restoring Native Habitats in Long Island Waters: At the northern portion of Swan River, Seatuck Environmental Association releases river herring to help restore migratory fish habitats in a program funded by LICF.
What is commonly known as The New York Community Trust is actually two entities: The first, The New York Community Trust, is an unincorporated association of charitable trusts. Each component fund is held in trust by one of our approved bank trustees which has adopted “The Resolution and Declaration of Trust creating The New York Community Trust” (the R&D).
The second, Community Funds, Inc., is a New York State not-for-profit corporation. A fund established in Community Funds does not have a trustee. Charitable funds within Community Funds are invested by money managers retained and overseen by our distinguished Investment Committee.
The two entities are both public charities and file a combined report with the IRS. Both exist for the same essential purpose: to ensure donors’ giving makes the greatest possible difference to their chosen causes.