May 2, 2007, Escondido – The response has been overwhelming by those who want to help Escondido. In less than six months, the newly formed Escondido Community Foundation has $517,000 in commitments over the next five years from its 91 members, already making $73,000 available for grantmaking before the end of 2007.
The Escondido Community Foundation’s half-million dollar fund building efforts are raised through paid and committed memberships from a variety of community leaders from across the spectrum of local business, philanthropy and public service. More than two-thirds of these members are Founders, committing between $1,000 and $10,000 each year for the next five years. With only 9 spots left, the Foundation hopes to reach its first 100 members before long.
Through these commitments, the Escondido Community Foundation plans on granting back to Escondido up to $75,000 before the end of 2007. This is made possible because half of each member’s donations go immediately into annual grantmaking, while the other half are placed in a permanent endowment. The members of the Escondido Community Foundation vote annually and decide where the grantmaking dollars go and to which causes they feel are most appropriate for Escondido.
Jack Raymond, Founding chair and Escondido resident stated, “through this opportunity, residents, businesses and community leaders have created a legacy that will give back to their community now and for generations to come. This is the first time that formal grant making is happening in Escondido in a way that is open to so many individuals. I am so proud of this opportunity and historic accomplishment, and we’ve only just begun.” Jack is also “honored to be included in a membership list of such distinguished and dedicated individuals and businesses.”
Ken Lounsbery, chair-elect for the Foundation added “the advantage of being able to leverage a $1,000 contribution into approximately $75,000 in grants allows the members to make a much larger impact than any one member could accomplish individually.”
The Escondido Community Foundation is a community-specific effort to meet the emerging needs of Escondido by encouraging and increasing responsible and effective philanthropy by and for the benefit of all who live and give in Escondido.
The Escondido Community Foundation is part of a network of local affiliates of The San Diego Foundation, each serving the unique needs of communities throughout the region. These local affiliates are being formed within the 'Endow Your Community' effort of The San Diego Foundation's region-wide initiative, Endow San Diego. This multi-year initiative informs and inspires San Diegans regarding the benefit of endowment. Communities that have already joined this effort include Carlsbad, Rancho Bernardo and 4S Ranch.
Endowments are permanent charitable funds with the requirement that the principal is never spent. The balance of these funds is invested, earning income that is then spent to support charitable works in perpetuity.
If you would like to join the Escondido Community Foundation, or to get more information, please call Heather Dugdale at 858-385-1595, or e-mail heather@sdfoundation.org.
About The San Diego Foundation
Founded in 1975, The San Diego Foundation is a broad-purpose community foundation helping individuals, families and organizations carry out their charitable plans, with the common goals of improving the quality of life in the greater San Diego region, now and for generations to come.
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Confirmed in Compliance with National Standards for U.S. Community Foundations.