What is a Community Foundation?
Ohio is the birthplace of one of today's fastest growing forms of philanthropy – the community foundation. In 1914 a Cleveland attorney, Frederick Goff, envisioned a single entity that could steward the charitable wishes of many different citizens for a community's perpetual benefit. His vision was compelling and took hold.
Community foundations invest and administer a pool of funds contributed by numerous donors. Together, these donors contribute to endowments – in essence community savings accounts – designed to ensure the long-term health of the community. Donors who give through the community foundation enjoy the satisfaction of knowing that their gifts will be safely and efficiently administered for the charitable purposes they specify, plus they receive the maximum tax deduction for their contributions.