Dean Jacob: Marion Community Foundation 101
A “jack of all trades” is an expert at none; or, so the saying goes. I beg to differ, at least as far as Marion Community Foundation is concerned.
If you don’t know by now, Marion Community Foundation is celebrating its 25th year in the community. Because we are a charitable endowment institution, we’ll be around for many more quarter century celebrations. That’s because endowments are permanent charitable funds established by donors to leave a legacy in their community.
For example, when Thurman and Rose Mathews created an endowment fund at Marion Community Foundation through their trust, they knew that grants from their endowment fund would be made annually forever. That’s because the donations to an endowment fund at a community foundation are prudently invested and grants are based on an equally prudent spending formula that ensures the fund will keep giving every year, even if no additional contributions are ever made to the endowment fund.
Where do the annual grants go? Just about every charitable organization in Marion has benefitted from a Marion Community Foundation grant at some point in the last 25 years. These grants support charitable causes in the fields of animal welfare, arts, history and culture, children, families and seniors, community development, education, faith-based, food, shelter and support, health and wellness plus parks and environment. So, yes, we are a “jack of all trades,” but when you couple that with our professional staff of six, our 22 financial advisors, our professional investment consultant, our 15-member board of directors from a diverse field of knowledge, and our dedicated volunteers, you now get the expertise.
How are the Foundation's funds spent?
How do we decide where grants are spent? We are donor-centric, meaning our donors initially set the parameters for grants when they establish their endowment. Some of these are specifically designated by the donors, but others are unrestricted. Use of these unrestricted grant dollars is determined by our staff leadership, Grants Committee, and Board of Directors. Because these dollars are unrestricted, we can assist such broad interests as the Peanut Butter Jelly Truck or the Palace Theater, Mobile Meals or mobile mammograms, Veterans Memorial Park or Victims’ Assistance Program.
This flexibility allows us to meet various needs in our community as they change over time. Our Grants Committee always has a healthy discussion when it comes time to make these decisions. One member of the committee might want to favor an arts and culture program, while another favors parks, and someone else favors safety net and basic human needs. The decisions are difficult, especially given the fact that we don’t have enough money to fund all the worthwhile programs serving our community. So, we have a healthy debate, seek further information and answers to questions, and then make the best decision we can with our grant dollars.
“For You. For Marion. Forever.” is the refrain at Marion Community Foundation, whose mission is to continually improve the Marion area through philanthropy, leadership, and civic engagement — somewhat like a “jack of all trades.” The Foundation expertly works to achieve its vision of a generous, educated, healthy, collaborative and vibrant community.
Dean Jacob is president & CEO of Marion Community Foundation, which celebrates its 25th year in 2023. For more information about grants and scholarships, or to donate to, or create, an endowment fund, visit MarionCommunityFoundation.Org.
This article originally appeared on Marion Star: Marion Community Foundation, endowment funds and grants
