Community Foundation announces record-setting year
The Community Foundation of Greater Memphis announced record numbers for FY 2018 at its annual meeting, held May 8 at the Children’s Museum of Memphis Grand Carousel.
During FY 2018, the Community Foundation granted $178.5 million to nonprofits, compared to $161.6 million in FY 2017. Grants today are more than five times what they were just six years ago. More than 76 percent of the grants out of the Community Foundation stay local.
Other milestones from FY 2018 include:
- Gifts of $210.2 million received from Foundation donors, the first time that gifts have topped $200 million
- 72 new funds with aggregate balances of $29.3 million
- 7,026 grants to 1,882 different nonprofit organizations
- 10.7 percent increase in grants over FY 2016 (to $178.5 million)
- Total historical grants made to nonprofit organizations: $1.3 billion
“Two things have traditionally driven year-end giving for us: changes in the tax law and robust stock market. This year we had both,” explained Community Foundation President Robert Fockler, citing an uptick in activity that saw the Foundation take in almost $60 million in December alone.
Donor-advised funds are set up by individuals, families and organizations and managed by the Community Foundation. The donor decides how to allocate the funds; the Community Foundation is the vehicle for distribution. “Through their grantmaking, our donors are seeking to intentionally build for the long-term future of our community,” Fockler said.
The Community Foundation of Greater Memphis is the largest grantmaker, public or private, in the region. The Grantsmanship Center reports that, based on the most recent numbers available, it is the top giving foundation in the state of Tennessee.
Founded in 1969, the Community Foundation of Greater Memphis is a collection of about 1,000 charitable funds established by individuals, families and organizations. Donors can maximize charitable gifts during their lifetimes and provide perpetual gifts through endowments.