Lexington, VA (Nov. 14, 2016) - 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 sixty-two guests were in attendance for the event, including foundation donors, special guests, grant recipients, local government representatives and past and present board members.
In her opening remarks Lori Turner, Executive Director explained “Tonight we are celebrating philanthropy – your philanthropy individually and our foundation’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 future…forever”
The Community Foundation for Rockbridge, Bath and Alleghany has quickly grown have to more than 4 million dollars in assets in a few short years. The Foundation was able to distribute more than $162,000 to area not-for-profit organizations during this fiscal year. Forty two area organizations received grant distributions at the event.
Guest Speaker Clyde Moore spoke to the crowd on behalf of CFRBA. Clyde shared his experience not only as a former board member but also as a donor advisor to his family fund at the foundation. His expertise in the area of endowments and finance gave the guests insight on how their commitment to CFRBA can make a difference.
The reception honored Woody Sadler and Dan Vance for 15 years of service to the foundation. Both were critical components as the organizations founders. Buddy Bryan presented both with well-deserved honor. “It is because of donors who believed in our mission that we are here tonight, said Woody Sadler.
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 Foundation’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.
CFRBA offers several types of funds including:
Pass Through: At your convenience you may recommend grants into the future to qualified not-for-profits, using both income and principal.
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:
Designated Endowed Funds: There are endowed funds in which you designate the agency you wish to receive your support.
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.
Unrestricted Endowed Funds: These are endowed funds, which can be used for the greatest need in the community.
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.
Not-For-Profit organizations may set up endowments with the foundation to benefit their own organization in perpetuity.
CFRBA Board Chair Dan Vance concluded the evening’s activities by thanking all the donors who make the Foundation’s work possible through their philanthropy, and by recognizing and thanking all of the organizational representatives present for their good work in the community.
More information on the CFRBA can be found at the Foundation’s website (https://cfrba.org) or by calling the office at 540-463-0943 and speaking with Executive Director Lori Turner (lori.turner@cfrba.org). |  | Dr. Robert Glidden, CFRFBA Vice Chairman speaks to the guests about CFRBA.
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