Community Foundation accepts largest fund to date
The Community Foundation has accepted the largest fund in the 24-year history of the Fredericksburg-based nonprofit.
The Fredericksburg Savings Charitable Foundation has moved its $13 million private fund to The Community Foundation as an unrestricted fund.
Established in 1998, the Fredericksburg Savings Charitable Foundation has donated generously to many community organizations. Last year, it contributed $691,000 to almost 80 local nonprofits.
“We’re happy to pass it on to The Community Foundation because it’s a perfect fit,” said Sam Harding, president of the Fredericksburg Savings fund. “It’s time for a younger generation to become its steward so that the fund can continue to support the community as we’ve always done.”
In the fall, The Community Foundation will announce the application process for nonprofits interested in submitting proposals for grants from the Fredericksburg Savings Charitable Fund.
Created in 1997 by a group of local community leaders, The Community Foundation’s assets did not reach $1 million until 2000. The foundation currently holds assets of over $43 million. In its first year, the Community Foundation awarded $1,000 in grants. Last year, it awarded $2.3 million in grants and scholarships, including almost $500,000 through its new Community Relief Fund to nonprofits serving the region’s most vulnerable citizens during the COVID-19 pandemic.
“The Community Foundation’s Board of Governors and staff are honored that the Fredericksburg Savings Charitable Foundation’s board has entrusted its assets to our collection of over 170 permanent funds. We have always shared the same goal: to advocate for the vitality and well-being of the Rappahannock River Region. The transfer of this fund to The Community Foundation will ensure its positive impact upon the region in perpetuity,” said Community Foundation Executive Director Teri McNally.For more information call 540 373-9292, email [email protected] or visit www.cfrrr.org.