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Proposed Mission:
The Somerville Community Foundation generates and distributes financial
and community resources to support the community programs of Somerville.
The intent of the Foundation is to serve a broad spectrum of community
needs for current and future generations.
The Foundation strengthens and enriches the Somerville community by:
- Partnering with donors to receive and manage funds that will support
the Somerville community for decades to come.
- Identifying important community needs, concerns and opportunities.
- Grantmaking to respond to community needs and effect change.
The fund encourages a pride in the local community, increased awareness
of community needs, and a means of working with others to invest in
Somerville’s future.
Why a Somerville Foundation?
1) LOCAL FOCUS - The Somerville Foundation encourages giving that serves
the people of Somerville and provides the means to effectively do so.
The Foundation’s vision embraces the entire spectrum of quality of life
in our city including human services and health, economic development
and education, athletics and the arts.
2) LEGACY GIVING - The Foundation helps donors create a legacy of giving
to the local community. Through a permanent endowment fund one-time
gifts will be invested, grow and continue to be used for current and
future generations.
3) ACCESSES NEW SOURCES OF SUPPORT - The foundation will be able to
accept a wide variety of assets and can facilitate complex forms of
giving that might otherwise not be invested in Somerville concerns or
contributed to Somerville organizations.
4) INCREASES IMPACT - A community foundation multiplies the impact of
donations by pooling them with others. A larger pool of assets can lead
to greater growth, greater income and lower investment fees from the
fund.
5) IDENTIFIES NEEDS - Wise management of the endowment and expertise in
identifying community concerns means contributions can best meet local
needs. For those unfamiliar with our city or those with a city-wide
interest, the Foundation provides a trust-worthy agent to accept and
distribute funds that meet priority community needs.
6) FLEXIBILITY - The Somerville Foundation will be flexible enough so
that legacy gifts can meet the needs of changing times.
7) CITY-WIDE FUNDRAISING RESOURCES - The Foundation can help donors
respond to needs they care about in the near and far term. The
Foundation will be a resource for fundraising and grantmaking for
immediate community crises such as last year’s school fire as well as
ongoing concerns such as poverty, education and the arts.
8) DIVERSIFIED SUPPORT FOR NON-PROFITS - General operating and
unrestricted support continues to be a challenge for non-profits to
secure. The Somerville Foundation will provide another resource for
community groups seeking financial contributions.
9) COMMUNITY ENGAGEMENT - The Somerville Foundation will engage a
diversity of local stakeholders as both donors and grantmakers. With a
common purpose of legacy giving, a collective interest in broad
community needs and a mutual understanding that everyone has something
positive to contribute, the Foundation is managed with transparency and
fairness.
10) CLEAR FOCUS - There are services the Somerville Foundation might
eventually provide such as acting as fiscal agent for community groups
without formal tax-exempt status or as convener of the community to
educate on local needs and coordinate services. While this work is
valuable, it is secondary to Foundation’s primary mission of fundraising
and grantmaking.
Presented by:
Mimi Graney, Union Square Main Streets
For additional information contact:
Mimi Graney, mimi@unionsquaremain.org, 617-623-1392 x119
Mark Niedergang, Somerville School Committee, m.niedergang@comcast.net
Melissa McWhinney, Community Action Agency of Somerville, mmcwhinney@caasomerville.org
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