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Foundation Recognized for Compliance with National Standards
FOR IMMEDIATE RELEASE
For more information contact:
Brian Frederick (440) 277-0142
bfrederick@peoplewhocare.org
June 22, 2005, Lorain, Ohio- The Community Foundation of Greater Lorain County is being recognized for having organizational and financial practices that are in accordance with the Council of Foundations’ National Standards for U.S. Community Foundations. The Council and leaders of the community foundation field created the National Standards in 2000 to aid community foundations in establishing legal, ethical and effective operational practices that would show the foundations’ transparency and financial responsibility in light of the increased public scrutiny of foundations practices.
“Adopting and adhering to high standards is the best way we can demonstrate our ongoing commitment to maintaining the trust of our donors and the entire community,” said Brian Frederick, president and CEO of the Community Foundation of Greater Lorain County. “We are committed to reaffirming the honesty and integrity that are a hallmark of our foundation.”
Intended both as a blueprint for internal organizational development and as a tangible set of benchmarks for external assessment of performance, the 43 National Standards address six key areas of community foundation operations:
· Mission, Structure and Governance, including standards defining board accountability, compensation, independence, fiduciary responsibility and representation of the community.
· Resource Development, including parameters for administration of funds, disclosures to donors and commitment to building long-term resources for varied community issues and causes.
· Stewardship and Accountability, covering prudent investment and management of funds, transparent record-keeping, use of funds for their intended purpose, annual audits, and public availability of financial information, including standards related to due diligence and community responsiveness.
· Grantmaking and Community Leadership, including methods and practices to determine local needs and respond through grantmaking and use of other foundation resources.
· Donor Relations, encompassing guidelines for informing, educating and involving donors in responding to community needs.
· Communications, including openness to public scrutiny and frequent communications about activities and finances.
In order to achieve Confirmation of Compliance with the National Standards, community foundations must undergo an extensive review of their organizational and financial policies and procedures. The review is performed by trained, experienced community foundation practitioners.
U.S. community foundations serve tens of thousands of donors and administer more than $31 billion in charitable funds. Of the nearly 700 community foundations in the United States, more than 480 have pledged to comply with the National Standards. The Council is currently reviewing community foundations’ practices and confirming compliance with the National Standards.
Since its conception in 1980, The Community Foundation of Greater Lorain County has made over $38 million in grants and scholarships to Lorain County organizations and students. For more information on the Foundation, please visit their website at www.peoplewhocare.org.
The Council of Foundations is a Washington, DC-based nonprofit membership association of more than 2,000 grantmaking foundations and corporations. The Council provides the opportunity, leadership and tools needed by philanthropic organizations to expand, enhance and sustain their ability to advance the common good. For more information on the Council, visit its website at www.cof.org.
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