Philomath Community Foundation Began Where Legacy Project Philomath 2000 ended
The path to establishing Philomath Community Foundation (PCF) in 1998 actually begins in1986, when Project Philomath 2000 was established. Thanks to their vision and hard work, residents got a library in1995; a city hall and property for Mary’s River Park in 1996; and a community foundation in 1998. Harnessing the power of our community created a legacy.
The Foundation continues building on this legacy and on what has been accomplished over the past 20 years of our existence. We will continue to work with individuals and organizations for a strong, thriving community.
COLLABORATION AND TRANSITION
In the 1990s, parties (too many to list here) with overlapping interests transformed Project Philomath 2000 into Philomath Community Foundation (PCF). Signed agreements transferred Project Philomath 2000’s non-profit 501(C)(3) non-profit status status to PCF, and a major gift was made by Steven Kearsley. A new board of directors would be representative of a range of community organizations.
At its last meeting, April 1998, Project Philomath 2000 revised by-laws and articles of incorporation, and changed its name to Philomath Community Foundation. At its first meeting, May 12, 1998, PCF added four people to the board of directors, bringing the total to nine, and the first two grants awarded
At subsequent meetings, the board made changes as required by the State of Oregon, and approved by the state on Sept. 2, 1998. Approval of 501(c)(3) tax exempt status in a tax exempt status in a letter from the Internal Revenue Service (IRS) was delayed until Sept. 9, 2003, due to unexpected complications that had to be addressed first. The board worked to increase community awareness of the new community foundation.
ASSET GROWTH & FINANCIAL IMPACT
As assets grow, greater amounts become available for distribution. The Philomath Community Foundation ended its first year of operation with less than $10,000 in assets. Year end 2017, assets were $626,000. Over the 20 years since being established in1998, the foundation distributed a total of $329,621 in the form of community grants ($103,470), distributions from fiscal sponsored funds ($157,351), and scholarships ($68,800). Your gifts helped make this possible. Thank you!
Philomath Community Foundation continues building on the legacy of local giving and volunteering. Our goals are to continue the growth of foundation assets and to better serve our community. With your ongoing support, we can continue building on the successes of our first 20 years. Thank you!
Note: Above is found in the 20th Anniversary, June 2018 issue of our Annual Report to the Community.