The Cherokee Strip Community Foundation (CSCF) recently distributed more than $900,000 in endowment funds and competitive grants to local nonprofits.
A total of $922,205.53 was distributed to area nonprofits, including $854,305.53 in regular annual distributions from endowed funds, and $67,900 in competitive grant awards. The combined total was the largest amount of money CSCF has ever distributed in a single year, according to the press release.
Community foundations are tax-exempt public charities that work to “identify solutions to local issues, build relationships with high-impact nonprofits leading this work, and mobilize resources to build a better future for all community members,” according to the press release. CSCF serves 17 counties spanning Northwest Oklahoma out of the Enid office.
Fifty area nonprofits currently have endowments at CSCF. Donors can start an endowment and designate any 501(c)(3) nonprofit to be the beneficiary of the earnings of that fund, or add to an existing endowment.
“The greatest benefit of these endowments is that the nonprofits will receive regular annual distributions forever, which makes facing the ups and downs of the economy and fundraising easier – especially in a year like 2020,” according to the press release.
Another way CSCF and its donors are able make an impact in is through Donor Advised Funds. These are also endowed funds, but aren’t designated to a specific nonprofit at the time. A donor-advised fund is a giving vehicle established at CSCF. It allows donors to make a charitable contribution, receive the tax deduction, and then recommend what nonprofits they want to receive their distributions each year upon approval from the board of trustees.
In 2020, donors created nine new funds, and CSCF is ending 2020 with more than $30 million in assets.
“Community Foundations are a great way to give back to your community,” said Marcy Price, president of the CSCF Board of Trustees. “The Cherokee Strip Community Foundation is an even better way to give back to Northwest Oklahoma because CSCF is willing to work with and give personal attention to our donors and supporters. CSCF works hard to ensure that the donor’s wishes and the nonprofit’s needs are aligned.”
In addition to adhering to tax reporting requirements, CSCF is overseen by a community-based board of trustees with “rigorous governance and oversight through the US National Standards for Community Foundations accreditation,” according to the press release.
CSCF is a member of the Council on Foundations along with more than 800 other community foundations in the United States with more than $70 billion in assets and more than $10 billion in local grants and distributions given each year.
For more information, visit cherokeestripcf.com or call (580) 234-3988.