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ABAG Member: Community Foundation of Anne Arundel County hits $10 million milestone

Monday, August 14, 2017   (0 Comments)
Posted by: Tausi Suedi
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Source: Capital Gazette

The Community Foundation of Anne Arundel County (CFAAC) announced it reached a major milestone this summer — its asset total had reached $10 million. That's quite number, especially when you consider the organization started from scratch almost 20 years ago.

That $10 million isn't the amount the foundation has to distribute, though. Rather, it's the pool of money the foundation has to invest. A bigger pool of money means potentially bigger returns and bigger returns means more money available for local nonprofits.

The $10 million threshold is significant for another reason, said CFAAC Executive Director Melissa Curtin. In foundation circles, it's considered something of a tipping point in terms of accelerating success. She's already set her sights on building to $12 million by the end of 2017.

The belief is that once a community foundation reaches $10 million in assets, word gets around to the extent the foundation is seen as a worthwhile philanthropic partner.

"I don't have any data on that; it's all just kind of anecdotal," she said. "But I kept getting notes saying, 'Great! Now that you're past $10 million, things will really start rolling.' I don't know if it's a sign of greater credibility or what."

Curtain said 80 percent of the new funds coming into community foundations are donated on the basis of word of mouth. A financial planner or philanthropist tells someone similarly inclined, "Well, this is what our family is doing," a phone call is made, a check is written and another donor comes on board.

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