COMMUNITY FOUNDATION MERGER WILL ENHANCE SERVICES TO REGION
Boards of directors for the Greater Morgantown Community Trust (GMCT) and The Community Foundation of North Central West Virginia (CFNCWV) have voted to combine the two charitable, non-profit foundations into a larger, more effective organization to be named "Your Community Foundation."
Beth Fuller, executive director of GMCT, has been named president of the new foundation. Max Francis, who directed the CFNCWV for more than three years, has retired. The merged foundations will manage assets and pledged assets of approximately $7 million and administer more than 100 endowment funds across the north-central counties of the state.
"These are two outstanding community foundations that are recognized and respected throughout the region for our wise management of donor resources and our charitable contributions to the people of the various communities," Fuller said. "Both are governed by energetic and creative volunteers who give their time and effort without compensation to make our region a better place to work and live."
The new, larger Your Community Foundation (YCF) will continue to encourage, create, market and manage endowment funds originated by individuals, families, businesses and organizations throughout the area while taking a broader, regionalized approach to community service. YCF will invest donated funds to increase their value, and distribute the net earnings from those investments to deserving recipients, as specified by the donors, in the form of scholarships and grants.
"Over the next several weeks, we will be working out the many details involved in combining these two fine organizations," Fuller said. "We will continue to administer our endowment funds as we have in the past, with the awards going to those individuals or organizations that our donors have selected. That part of our operation will not change.
"We will, however, be working with a much larger investment pool than we had as separate organizations," she continued. "By increasing our assets, we should see greater dividends that will increase the amount of money we are able to distribute on behalf of our donors."
YCF will also be more efficient by eliminating duplicate costs and by sharing the resources of the two separate foundations. Other benefits will include common asset management, a stronger brand identity and enhanced marketing efforts.
"These foundations were formed to provide an easy way for donors with means to provide long-term benefits for the communities where we live," Fuller said. "Each, on its own, has done a great deal of community good, and the new organization will be able to do even more in the years ahead. The community and its people are the real winners in this merger."
CFNCWV was founded in 2005 with three funds and assets of $30,000, and has grown quickly in a short period of time. It now manages more than 20 funds with assets and pledged assets of approximately $2 million.
Funds created through CFNCWV are used to award several annual scholarships, support the arts in a variety of ways, assist the Harrison County United Way and support such deserving organizations as the Union Mission of Fairmont, Main Street Fairmont, the Marion County Historical Society and the Bi-County Nutrition Fund of Harrison and Doddridge counties.
The Taylor County Community Funds was organized in 2008 as a part of the North-Central foundation and is working to develop an unrestricted fund to benefit Taylor County and its people.
GMCT, founded in 2001, is a public charity created by and for the people of the Greater Morgantown area, which also includes Preston County. The organization enables local people with philanthropic interests to easily and effectively support the issues they care about‚ immediately or through their estate.
GMCT manages more than 85 funds and has assets of approximately $5 million. In less than 10 years, the foundation has made gifts of more than $1 million for local arts, individual artists, our library, museum, parks, school and collegiate recreation and sporting activities. GMCT resources have led to lasting community improvements including Dorsey's Knob Park and the new University High School Athletic Complex.
Through human and financial resources, GMCT is able to extend many forms of assistance to qualified people, programs and projects. The underlying goal is always to enhance the quality of life for those they serve.