ICF and CF History
Brief History of Community Foundations in the United States
1914
- In an effort to improve the way the Cleveland Trust Company did business, company president Frederick Goff established the world’s first community foundation, The Cleveland Foundation in Ohio.
- His company, like many others, managed several small endowed charitable trusts, some of which were established for specific purposes and others which were intended simply to benefit the residents of greater Cleveland.
- Goff’s company was having difficulty identifying the most worthy recipients for the income from these trusts. His solution created a separate organization. The bank would continue to do what it did best (investments) while the foundation would do what it did best (grant making).
1950s
Private foundations came under increasing attack for a perception that they abused their tax-exempt status.
1969
The Tax Reform Act of 1969 was passed, a sweeping change in tax legislation to combat the perceived abuses of private foundations in the 1950s. These changes resulted in private foundations becoming more strictly regulated and made community foundations a more attractive option for many donors because:
- Lifetime gifts to a community foundation of certain kinds of appreciated property, such as real estate and interests in closely-held businesses, can be deducted at full fair-market value.
- The annual deduction limit for individual gifts is higher for a community foundation than for a private foundation.
- Community foundations are free from excise tax and other requirements that apply to private foundations, enhancing their appeal to many donors.
- There are no legal costs for the establishment of funds.
- There is no requirement of a 5 percent yearly distribution.
- Fund donations are 100 percent tax deductible and donors can remain anonymous.
- Separate tax returns for donors to file are not required.
- Limited public access to tax records for individual community foundation funds, though a community foundation’s general tax return is public.
Today
There are more than 700 community foundations in the United States and 50 abroad. Largest ones:
- Tulsa Community Foundation (OK); $3.8 billion in assets in 2011
- Silicon Valley Community Foundation (CA); $2.08 billion in 2011
- The New York Community Trust (NY); $1.91 billion in 2011
- The Cleveland Foundation (OH); $1.82 billion in 2011
- The Chicago Community Trust (IL); $1.6 billion in 2011
- Marin Community Foundation (CA); $1.3 billion in 2012
- California Community Foundation (CA); $1.2 billion in 2012
- The Columbus Foundation and Affiliated Foundations (OH); $1.2 billion in 2011
- The Oregon Community Foundation (OR); $1.2 billion in 2010
- Greater Kansas City Community Foundation (MO); $1.16 billion in 2011
Source: Foundation Center
History of the Idaho Community Foundation
Steering Committee:
These individuals explored the feasibility of a community foundation for Idaho and served as the Foundation’s incorporators in 1988:
| * Gordon Black |
*Robert E. Krueger |
| * John B. Fery |
* Roger A. Martell |
| * Margaret Gigray |
* Warren McCain |
| * Alice E. Hennessey |
* Daniel R. Nelson |
| * C.E. “Gene” Hill |
* John L. Runft |
| * D. Whitman Jones |
|
Founding Donors:
The Idaho Community Foundation owes its existence to the foresighted individuals, corporations, and organizations which joined together to create and endow the Foundation.
Our Founding Donor campaign concluded December 31, 1992, having raised a total of $5 million. We are pleased to give continuous recognition to the vision and generosity of those who supported the Foundation in its first stages of growth.
Many of these donors have made additional contributions to the Foundation in subsequent years.
Major Founding Donors (Gifts of $250,000 or more)
|
| J.A. and Kathryn Albertson |
Donald and Gretchen Fraser |
| Northwest Area Foundation |
Ethel B. “Stevie” Rawlinson |
| Earl C. Reynolds Jr. |
J.R. Simplot |
Leadership Founding Donors (Gifts of $100,000 or more)
|
| Albertson’s, Inc. |
Harry Bettis |
| Boise Cascade Corporation |
Charles Stewart Mott Foundation |
| Daugherty Foundation |
John B. and Delores L. Fery |
| Lewis Hower |
G. Nicholas and Sara Ifft |
| Sara M. Maas |
Warren E. McCain |
| Arthur and Jane Oppenheimer |
Treasure Valley Family YMCA |
| U.S. Bank |
The Whittenberger Foundation |
| Miles and Virginia Willard |
|
Founding Donors (Gifts of $25,000 or more)
|
| Arthur Andersen LLP |
Amalgamated Sugar |
| Boise Philharmonic Association, Inc. |
Joan Chesbro |
| Jim and Barbara Cimino |
Robert and Mary Evans |
| Roger and Sybil Ferguson |
First Security Bank of Idaho, N.A. |
| Global Travel, Inc. |
Linda Grable-Curtis |
| Green Giant/Pillsbury |
Hecla Mining, Inc. |
| Tom and Alice Hennessey |
William R. Hewlett |
| Hewlett-Packard Company |
Richard M. and Mary B. Hormaechea |
| Idaho Power Company |
Intermountain Gas Industries Foundation |
| Kenlon P. and Carol J. Johnson |
D. Whitman and Paula Jones |
| Key Bank of Idaho |
H.F. and Colleen Magnuson |
| Merrill Lynch & Co. Foundation |
Park Price Motor Company |
| David and Vaniece Petso |
Potlatch Corporation |
| Robert and Dorothy Rebholtz |
Bob and Carol Reed |
| Tom, Sheila, John and Joy Richards |
Jim and Bette Roper |
| John Roper |
Carmelita G. Spencer |
| The Terteling Company, Inc. |
Harry B. Turner |
| Union Pacific Foundation |
U S WEST Communications |
| Wells Fargo Bank (formerly First Interstate Bank) |
|