The Community Foundation today released the following news (for a PDF of our news release, click here).
Community Foundation Announces Establishment of First Place Fund
Youngstown/Warren, Ohio – The Community Foundation of the Mahoning Valley today announced the establishment of the First Place Community Fund, a new fund that will continue and expand the work of the First Place Community Foundation.
The First Place Community Foundation, created by First Place Bank in 1998 to manage its charitable activities, will convert to a donor-advised fund within the Community Foundation, which provides investment management, grant-making and administrative services to nearly 100 donors and agencies throughout Mahoning and Trumbull counties. The fund is the third local fund to turn to the Community Foundation for these services in the past year.
The bank foundation has always operated separately from First Place Bank and was not part of the 2013 acquisition of the bank by Talmer Bancorp.
“We are thrilled that the intent of the bank foundation will be fulfilled through the new First Place Community Fund,” said Bob Grace, who was Chair of the bank foundation and now leads the advisory board of the new fund. “The fund will continue to support community programs and services, just as the bank foundation had done since 1998. Also, as part of the Community Foundation, the fund will enjoy tax advantages that were not available to us as a private foundation.”
Individuals and organizations can contribute to the new First Place Community Fund and many other local charitable organizations through the Community Foundation, which maintains a website at cfmv.org.
Shari Harrell, President of the Community Foundation, added, “This transition is a great example of how a community foundation can preserve and extend the intent of a private foundation’s creators, even after changes occur. We’re very pleased to be a resource for the donors and beneficiaries of these funds.”
The Community Foundation of the Mahoning Valley enhances the quality of life for residents and future generations of the Mahoning Valley by managing donor assets, distributing grants and advancing philanthropy and good works. The foundation and its affiliates hold nearly $45 million in assets and distributed nearly $1 million in grants during its 2013 fiscal year. It is the only local foundation with certification from the Community Foundation National Standards Board. More information is available at the foundation’s website, www.cfmv.org.
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