»»  Gift of Manufacturing Firm puts Community Foundation over $50 Million Mark
Past Board Chairs Reflect on Milestone, Impact of Cornerstone Fund

The Community Foundation reached an organizational landmark recently when it received a $4.1 million gift  that brought its total asset level past the $50 million mark. The growth of the Community Foundation in recent years is significantly linked to the 2003 Cornerstone Campaign that provided a one-time injection of operating support to boost the foundation's capacity. 
 
 
"When the Board established the Cornerstone Fund, I don't believe any of us could foresee how important it would be. With the subsequent fluctuations and uncertainties in the financial markets, the stability provided by the Cornerstone Fund was a key component of the Community Foundation’s success."
                                                                                            - Steve Hagberg, Past Chair
“In 2003 when the Community Foundation was at the $14 million level, it was hard to imagine reaching $50 million in less than 10 years. It is exciting to think where we might be 10 years from now in terms of building charitable endowments for our region.”
                                                                                             - Dave Edwards, Past Chair

"The year 2003 was decision time. We had a new Executive Director and new ideas for growing the Foundation, but no sustainable income stream to fund operations. As I look back over the last few years of the Community Foundation’s history, I see that what we considered a lofty goal ($50 million in assets) has been realized, not by one individual, one group of trustees or one community, but by all of them collectively. I extend to the Community Foundation my congratulations as well as a challenge to move to $75 million and beyond." 
                                                                                             - Mike Dellenbach, Past Chair

Press Release: December 21, 2011

The Community Foundation of Northern Colorado saw 2011 come to an end with over $50 million in total assets, a major milestone in the organization’s 36-year history. The Community Foundation received more than $8.4 million in contributions during 2011, which included the gift of a small manufacturing firm valued at $4.1 million.

“Thanks to the support of thousands of donors and the visionary leadership of those who founded the organization in 1975, we have a community foundation with the critical mass to impact our region in significant ways,” said Ray Caraway, the Foundation’s president.

Approximately 70% of the Community Foundation’s assets are permanent endowments, which are invested with a long-term perspective. The funds will forever produce an annual revenue stream that supports nonprofits, schools and churches.

“The Community Foundation creates permanent legacies for the benefit of Northern Colorado,” said Bruce Hach, Chairman of the Foundation’s board of trustees. “It will be here generations from now and in all likelihood will be many times larger and more impactful.”

In 2011 the Community Foundation received as a gift 100% of the stock in Aqua-Hot Heating Systems, a Weld County manufacturing firm that employs 35 people and specializes in heating units for recreational vehicles. Its founder and owner, Hap Enander, died in 2009, leaving the company to a trust with instructions that it be utilized for charitable purposes.

“It seems that the more we learned about creating and operating a private foundation, the more daunting the task became,” said Paul Harter, President of Aqua-Hot Heating Systems. “When we found that we could tap into the resources of an already established and professionally run foundation, we were excited.”

The gift of Aqua-Hot Heating Systems is one of the largest gifts the Foundation has ever received. Revenue from the company will be used to fund grants, and a group of advisors selected by the donor before his death will advise the Community Foundation regarding the selection of grant recipients. The company will be sold within the next five years, and revenue from the sale will be held in a charitable fund at the Community Foundation. The Foundation appointed a board of directors to oversee management of the company.

The Community Foundation is a nonprofit, public foundation working to build permanent endowments for the benefit of charitable causes and organizations in Northern Colorado. It manages more than 320 individual charitable funds and more than $50 million in assets. More than 30 local nonprofit organizations have their endowments housed with the Community Foundation, and many individuals and businesses have established donor advised funds. For more information, contact the Foundation at info@CommunityFoundationNC.org or  (970) 224-3462.