Introduction to the Foundation

Mission
Permian Basin Area Foundation facilitates the creation of permanent charitable funds, in partnership with many donors, and provides grants to address changing community needs and enrich the quality of life in the Permian Basin.

History
The first community foundation was founded in 1914, when Cleveland banker Frederick Goff created an organization that would manage permanent funds for charitably-minded citizens and, on their behalf, distribute grants to help local causes. Community foundations spread coast to coast as the virtues of Goff's concept became evident to civic leaders. Today, there are nearly 700 community foundations across the U.S. with assets of approximately $45 billion under stewardship.

Permian Basin Area Foundation was founded as an independent community foundation in 1989 with initial funding of $400,000. As of December 31, 2009, the Foundation's assets totaled approximately $53 million with 220 permanent funds. The Foundation was certified as compliant with National Standards for U.S. Community Foundations in 2006.

Nonprofit
The Foundation is an independent 501(c)(3) organization, and contributions are tax deductible to the full extent permitted by law. Donors may choose charitable organizations or specific areas of interest, or permit the Foundation's Board of Governors to apply earnings to meet the variety of philanthropic needs as they change over time. The donor may choose a name for his or her permanent fund or retain anonymity, which will be dutifully honored.

Perpetual Life
The Foundation is a permanent philanthropic endowment for providing resources for serving people and people-serving organizations in our region. We are the caretakers for permanent funds that will long outlive their donors, our staff and the Foundation’s Board of Governors.

Financially Responsible
Among the Foundation’s fiduciary responsibilities to donors and agency endowments, none is more important than the prudent investment of assets. The Foundation’s Investment Committee is composed of astute financial managers and business people from the Board of Governors and the business community-at-large. This committee sets investment policy and oversees the performance of the investment managers who are reviewed quarterly. Investment managers are instructed to preserve endowment principal as a primary objective.

Convenient
Creating a charitable fund is simple and drafting a fund agreement can take just a few minutes after we learn the donor’s charitable intent. We also welcome the opportunity of working with professional advisors on behalf of a client.

Efficient
Each fund shares proportionally the cost of professional staff and investment advisors. Fees to support Foundation services are minimal.

Flexible
In a relationship with Permian Basin Area Foundation, donors may embrace the general charitable goals of the Foundation, direct their gifts toward needs of a specific community or nonprofit organization, or select certain causes to support, such as assisting the elderly or providing scholarships to high school graduates.

Geographically Focused
The focus of Permian Basin Area Foundation is on the communities of West Texas. We know the people, the institutions, the cultural fabric, and the social issues of this region we call home. Donors benefit from this body of knowledge and understanding when they adopt our general goals or choose a broad field of interest for their fund.

Leadership Dedicated to Service
Our Board of Governors provides leadership and diligent stewardship for funds contributed to the Foundation. Serving without compensation, the Governors approve all grants, review investment performance and provide strategic planning for the Foundation. The men and women who make up our Board of Governors are among the Permian Basin’s most distinguished civic and business leaders. Collectively, they offer extensive knowledge of our region and experience in institutional management, law, finance and philanthropy. Each Governor serves a maximum of two consecutive three-year terms.

Top of Page


Home Page Introduction News Annual Report Leadership Creating A Fund Types of Funds Investments Seeking A Grant Scholarships Professional Advisors Legacy Society Nonprofit Management Center Search this website: Permian Basin Area Foundation 200 N. Loraine, Suite 500 Midland, Texas 79701 phone 432.617.3213 fax 432.617.0151 email Pres/CEO	Introduction to the Foundation Mission Permian Basin Area Foundation facilitates the creation of permanent charitable funds, in partnership with many donors, and provides grants to address changing community needs and enrich the quality of life in the Permian Basin. History The first community foundation was founded in 1914, when Cleveland banker Frederick Goff created an organization that would manage permanent funds for charitably-minded citizens and, on their behalf, distribute grants to help local causes. Community foundations spread coast to coast as the virtues of Goff's concept became evident to civic leaders. Today, there are nearly 700 community foundations across the U.S. with assets of approximately $45 billion under stewardship. Permian Basin Area Foundation was founded as an independent community foundation in 1989 with initial funding of $400,000. As of December 31, 2009, the Foundation's assets totaled approximately $53 million with 220 permanent funds. The Foundation was certified as compliant with National Standards for U.S. Community Foundations in 2006. Nonprofit The Foundation is an independent 501(c)(3) organization, and contributions are tax deductible to the full extent permitted by law. Donors may choose charitable organizations or specific areas of interest, or permit the Foundation's Board of Governors to apply earnings to meet the variety of philanthropic needs as they change over time. The donor may choose a name for his or her permanent fund or retain anonymity, which will be dutifully honored. Perpetual Life The Foundation is a permanent philanthropic endowment for providing resources for serving people and people-serving organizations in our region. We are the caretakers for permanent funds that will long outlive their donors, our staff and the Foundation’s Board of Governors. Financially Responsible Among the Foundation’s fiduciary responsibilities to donors and agency endowments, none is more important than the prudent investment of assets. The Foundation’s Investment Committee is composed of astute financial managers and business people from the Board of Governors and the business community-at-large. This committee sets investment policy and oversees the performance of the investment managers who are reviewed quarterly. Investment managers are instructed to preserve endowment principal as a primary objective. Convenient Creating a charitable fund is simple and drafting a fund agreement can take just a few minutes after we learn the donor’s charitable intent. We also welcome the opportunity of working with professional advisors on behalf of a client. Efficient Each fund shares proportionally the cost of professional staff and investment advisors. Fees to support Foundation services are minimal. Flexible In a relationship with Permian Basin Area Foundation, donors may embrace the general charitable goals of the Foundation, direct their gifts toward needs of a specific community or nonprofit organization, or select certain causes to support, such as assisting the elderly or providing scholarships to high school graduates. Geographically Focused The focus of Permian Basin Area Foundation is on the communities of West Texas. We know the people, the institutions, the cultural fabric, and the social issues of this region we call home. Donors benefit from this body of knowledge and understanding when they adopt our general goals or choose a broad field of interest for their fund. Leadership Dedicated to Service Our Board of Governors provides leadership and diligent stewardship for funds contributed to the Foundation. Serving without compensation, the Governors approve all grants, review investment performance and provide strategic planning for the Foundation. The men and women who make up our Board of Governors are among the Permian Basin’s most distinguished civic and business leaders. Collectively, they offer extensive knowledge of our region and experience in institutional management, law, finance and philanthropy. Each Governor serves a maximum of two consecutive three-year terms. Top of Page