The Community Foundation
of Greater Chattanooga, Inc. is a nonprofit organization which receives,
holds, invests and distributes assets contributed by individuals
and organizations for the benefit of Chattanooga, its citizens and
its institutions. The Community Foundation is recognized by the
Internal Revenue Service as a 501(c)3 public charity, and is required
to meet a public support test. The Foundation is led by a Board of Directors.
Community foundations are unique in the world of philanthropy. Although created to address issues within a certain geographic area, through grantmaking from the foundation's endowment, community foundations also serve as vehicles for all citizens to impact the region's future. Unlike private or corporate foundations that are endowed by a particular person, family or business, a community foundation holds funds contributed by many individuals and businesses that see the value of pooling their assets with fellow citizens to improve the community.
Many individuals and organizations choose to use the Community Foundation as a tool for their giving because the Foundation offers resources and grantmaking experience to donors; and donors are able to avoid the costly undertaking of creating and maintaining a private or corporate foundation.
Another unique quality of a Community Foundation is the number of different types of fund options the Foundation offers donors to help meet their charitable goals.
Donors may contribute to the Foundation's Fund for Chattanooga. The Foundation's Board distributes these unrestricted assets through a grantmaking process to address needs in the community. The endowment now stands at over $25 million and the income from the endowment is used for grantmaking to local organizations.
Donors may also contribute to a restricted fund within the Foundation. The Foundation has over 200 restricted funds and each has a different charitable purpose and a different base of local citizens building its assets.
Among the different types of restricted funds available to donors are: Donor-Advised Funds, Field of Interest Funds, Agency Funds, Project Funds, Designated Funds, Scholarship Funds and Pass Through Funds.
History
In 1960 a group of forward-thinking businessmen began to explore what they felt would be an important community asset—the creation of the Community Foundation of Greater Chattanooga, Inc. In the past, individuals of great wealth had created private foundations, but there was no way for the contributions of many citizens, people of all financial means, to be joined together to make a significant impact on the needs of their community.
A study committee was formed in 1962 composed of Raymond Witt, Sam Miles, Sam Parry, Roy Meyers and John Guerry, and the first board was slated in 1963. The Foundation began with assets of $348,377; today the Foundation's assets total over $70 million.
Community Foundations are the fastest growing sector of philanthropy in the United States. They are recognized as both builders of communities and builders of permanent endowments that enable the foundation to meet the pressing needs of their communities now and in the future.
