A community foundation is a tax-exempt public charity, commonly referred to as a 501(c)(3) – a nonprofit. Contributions to a community foundation are tax-deductible to the fullest extent of the law. Today, Permian Basin Area Foundation is one of approximately 700 community foundations in the United States.
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 $50 billion under stewardship.
A community foundation is a permanent philanthropic endowment. As a grantmaking organization, it brings together the financial resources of individuals, families, and businesses to support worthy endeavors of nonprofits in a specific geographic area. In addition, a community foundation uses these financial resources to support scholarship opportunities for deserving students.