FROM THE PRESIDENT:
The recession that has gripped our nation for the past three years has had a significant impact on foundations and their ability to support community needs. The drop in market value of the fund reduces the amount of funds available for grants while at the same time demands on our community organizations have never been higher.
I am pleased to report however, that the Legacy Foundation has come through this difficult time in very good shape. Our investment strategy enabled us to minimize losses and thanks to solid market performance in 2010, the fund is nearly back to pre-recession levels. The Foundation has experienced growth in its endowment, however not to the extent required to generate a larger grant fund pool to meet the community’s needs. Government funding sources continue to shrink dramatically as the private funding sources slowly grow, causing pressure on the funding decisions in response to grant requests.
The 2010 grant summaries presented in the following pages represent our mission of supporting a wide range of organizations that enhance the quality of life for Tompkins County citizens. We are dedicated to serving that mission each year by responsibly managing the endowment and sharing the investing results across a broad spectrum of needs.
We are very fortunate to have a dedicated, all volunteer board that consists of persons with a wide background of experience in business and community volunteerism. Members are chosen on a staggered schedule to ensure there will always be a level of experience in foundation tradition and a level of new thinking and creativity. Please contact any of us for further information relative to foundation works or donation opportunities.
We are grateful to our annual supporters and to the several estates that provide additional funds in support of our grant making. Visit our website, www.tclegacy.org to get further donation information and guidelines for grant requests.
We would like to thank the many volunteers who commit their time and resources to the many organizations that make this community such a fantastic place to live.
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