Community Foundation of Greater Memphis announces record-setting year
Record-breaking FY 2016 puts Community Foundation at top of giving for Tennessee
May 13, 2016 – The Community Foundation of Greater Memphis announced record numbers for FY 2016 at its annual meeting, held last evening at the Memphis Botanic Garden, according to Julia McDonald, director of marketing and communications.
“We’ve seen impressive growth year over year, both in terms of gifts to the Community Foundation and in grants out to nonprofits,” McDonald said.
During FY 2016, which closed at the end of April, $195.2 million in new gifts were given to the Community Foundation. The Community Foundation granted $143.4 million to nonprofits, compared to $114.2 million in FY 2015. Eighty-four percent of the grants out of the Community Foundation stay local.
The Community Foundation of Greater Memphis is the largest grant maker, public or private, in the Memphis area, according to Community Foundation President Robert Fockler. The Grantsmanship Center reports that, based on the most recent numbers available, it is the top giving foundation in the state of Tennessee.
“Once again, the efforts of our donors have made the Community Foundation the largest grant maker in our region,” said Fockler. “But that is precisely the power of a community foundation – to build charitable wealth in our community, not through a few wealthy families or corporations, but through the collective action of hundreds of individuals, families, corporations, and organizations.”
Founded in 1969, the Community Foundation of Greater Memphis is a collection of more than 900 charitable funds established by individuals, families and organizations. Donors are able to maximize charitable gifts during their lifetimes and provide perpetual gifts through endowments.
Other milestones from FY 2016 include:
- 46 new funds totaling $6.9 million
- 6,433 grants to 1,848 different nonprofit organizations
- 25.6 percent increase in grants over FY 2015 (to $143.4 million)
- 61.7 percent increase in grants over the past two years
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.