ASPEN COMMUNITY FOUNDATION

March 28, 2008

by Andrew Kole

What is a community foundation? I like this quote from Dan Caplinger, The Motley Fool, January 4, 2007.

“Because community foundations are essentially local entities, they have deep roots within the particular community they serve... Community foundations generally provide a one-stop shop for donors who want their gifts to have an impact throughout their communities.”

The first community foundation was established in Cleveland in 1914. In the past 20 years community foundations have grown in number by 300%. One reason is that the model fit nicely with individuals interested in Donor Advised Funds. Community foundations offer significant benefits for meeting their philanthropic needs by providing:

Knowledge of the community, professional grant making and evaluation, the ability to accept complex gifts, and favorable tax treatment for donations, to name just a few.

The Aspen Community Foundation came to being in 1980 by the Aspen Skiing Company to promote philanthropy in the community. The Aspen Foundation, as it was originally named, raised funds by distributing Bronze Medallion Ski Passes to donors: a similar tradition that exists to this day. The introduction of Donor Advised Funds in 2000 further guided the Community Foundation towards fiscal and administrative self-reliance. By the end of 2006, the Foundation had grown to over $31 million in assets, with an endowment of nearly $12 million. A year later in 2007, the Aspen Community Foundation gave grants totaling $7,044,847 to 313 nonprofit organizations.

Looking forward, Aspen Community Foundation aspires to fulfill a three-pronged purpose: to enrich the community through permanence, a collective consciousness, and civic leadership by bringing donors, leaders, and community members together.

Based on what the foundation has accomplished to date, Aspen’s philanthropic future looks very bright.

The Aspen Community Foundation can be reached at aspencommunityfoundation.org