What is a Community Foundation?

A community foundation is a tax-exempt public charity that helps people like you accomplish your philanthropic goals through a named charitable fund. The funds are managed professionally and endowed assets will grow over time. There are currently over 700 community foundations in the United States.

• Personalized service - we help individuals and families achieve their charitable and financial goals by offering tools and resources that make giving easy, flexible, and efficient.
• Local expertise - we have a knowledge of local issues, needs, and organizations that allows us to help you make your giving as effective as possible.
• Community leadership - we act as a community catalyst, bringing together diverse voices and groups to address issues, foster greater giving and support high-impact opportunities.

About the Community Foundation of Burke County

Founded in 2000, the Community Foundation of Burke County (CFBC) is a nonprofit, tax-exempt organization and receives gifts, endowments and bequests from individuals, families, businesses and organizations. The Foundation uses distributions from these funds to make grants to qualified charitable agencies and institutions primarily serving the residents of Burke County, North Carolina.

The mission of CFBC is to encourage, develop and participate in philanthropy by providing flexible giving opportunities, professional support and responsible stewardship for the benefit of donors and qualified recipients.

Click here to view our Annual Report. (shown in pdf format).

Click here to view our newsletter. (shown in pdf format).

Foundation Highlights (unaudited figures)

Since 2000

• Over $2 million distributed in grants to nonprofit organizations and churches
• More than 80 funds established, most of which are permanent endowments benefiting the Burke County community - forever

Fiscal Year 2009:

• $521,344 in grants and scholarships awarded
• More than $1.1 million in contributions
• Foundation assets totaled $10.6 million
• Download 2009 Audited Financials

Fiscal Year 2008:

• $619,175 in grants and scholarships awarded
• More than $2.6 million in contributions
• Foundation assets totaled $8.5 million
• Download 2008 Form 990
• Download 2008 Audited Financials

Fiscal Year 2007:

• $378,544 in grants and scholarships awarded
• More than $2.9 million in contributions
• Foundation assets totaled $7.9 million

Our Financials

The Community Foundation of Burke County is a unique financial steward. One important focus is that the charitable dollars entrusted to us be available in perpetuity, requiring long-term investment strategies. However, CFBC also works to maximize dollars available today so that our endowment holders and the CFBC Committee can distribute these resources to invest in the community. Our close collaboration with investment partners has helped make both of these goals possible.

The CFBC has worked to diversify asset allocation and has set high performance standards for investment managers. We maintain a commitment to a total return investment philosophy, including a 4.5% spending policy to ensure the ongoing viability of funds. Any investment return earned over the spending limit is added to principal, thus combating inflation, overcoming down markets, and growing endowments, all for the benefit of grantees.

Managing CFBC's growing asset base is a key component of its philanthropic stewardship, and a positive foundation has been laid for future asset growth.

National Standards

The Community Foundation of Burke County has been recognized for having organizational and financial practices that are in accordance with the National Standards for U.S. Community Foundations. In 2000, The Council on Foundations (www.cof.org) and leaders in the community foundation field created National Standards to establish legal, ethical, and effective operational practices that would show community foundations' transparency and financial responsibility in the light of increased public scrutiny of foundation practices.