Dear Community Foundation Fundholders,
I hope you and your family are enjoying a safe and happy summer!
Last quarter, The Community Foundation and our community of givers collectively awarded more than $18 million in grants to nonprofits addressing the most pressing needs of this region.
As a fundholder, you are making a difference in our community now and for generations to come. To help keep you informed and your giving inspired, we are excited to share with you our new Guidebook for Giving with Purpose. We hope this guidebook will serve as a handy reference for your grantmaking and fund management by outlining our policies and procedures and giving you new ideas for how to use your fund to make a meaningful difference. It also details the wide array of Community Foundation services, engagement opportunities, resources, and support available to you as a fundholder.
If you have an endowed fund at The Community Foundation, your fund’s spendable balance is now available for grantmaking until June 30, 2023. As a reminder, the spendable balance is calculated annually by applying the spending rate (currently 5%) to the average of the fund’s principal value for the previous 12 quarters (3 years). You are not required to grant the full available to spend balance — you may opt to add to the principal balance of your fund.
Like you, we have been closely monitoring the market as it hit steep declines amid extreme volatility during the last quarter. While inflation and recession are the headline risks, SEI, our Outsourced Chief Investment Officer, believes much of the damage has been done, although predicting the future is difficult. SEI has not made radical alterations to our portfolios in response to market turmoil. Now into the second half of 2022, SEI intends to selectively add to positions where they see potential value; maintain allocations to defensive equity, core property, and other inflation hedging strategies; as well as consider other opportunistic, distressed, and private strategies.
Following the launch of The Community Foundation’s new strategic plan last year, we remain committed to building equitable, just, and thriving communities where everyone prospers. Last quarter, our ongoing work to support and strengthen this community included:
Sharing Community Funds brought donors together to award $1.1 million in grants to foster an equitable recovery.
Let’s GO DMV!, a 5-year guaranteed income pilot, began its first cash distributions of $1,000 a month to 75 hospitality workers who lost their jobs during COVID-19.
The historic Health Equity Fund opened its first grant round for up to $10 million in grants to improve the health outcomes and health equity of DC residents.
Our local office in Prince George’s County brought together faith, nonprofit, and philanthropic leaders to discuss opportunities to close the racial wealth gap.
The LGBTQ+ Fund for Philanthropy renewed its inaugural investments to address the needs of our region’s LGBTQ+ community through providing services and advocacy.
The 2022 Celebration of Philanthropy brought together our strongest supporters, community partners, and friends to recognize our shared impact on this region.
Thanks to your generosity and the inspiring service of our community partners, I am hopeful about what we can continue to accomplish together.
Sincerely,
Tonia Wellons
President and CEO
Greater Washington Community Foundation