Escondido, CA, December 4, 2006 – Amidst the year-end giving season, community leaders today announced the formation of the Escondido Community Foundation. This new foundation created a partnership with The San Diego Foundation that will serve the community of Escondido exclusively.
Already recognizing the need for the Escondido Community Foundation, are 28 community leaders, who have made an initial contribution of $1,000 for a first year of membership. Further, 24 of these initial members are considered Founding members because they have made a commitment of $1,000 per year, for five years. Chaired by Jack Raymond, the recently established Escondido Community Foundation already has pledges and contributions totaling $179,000, including a $10,000 challenge grant from the Escondido Rotary Foundation and $25,000 from the City of Escondido.
"Our community has arrived at an historic moment'" shares Founding Member Jack Raymond. "The formation of the Escondido Community Foundation marks the beginning of what will become a well of charitable support for our local nonprofit organizations. It's about connecting people who care with causes that matter."
Half of the donations will immediately go into annual grantmaking, while the other half will be placed in a permanent endowment. The members of the Escondido Community Foundation will vote annually and decide where the grantmaking dollars go and to which causes they feel are most appropriate for Escondido.
The aim is to build endowments, which will provide support for charitable causes in Escondido, enhancing residents’ quality of life now and for generations to come.
Ken Hugins, an Escondido Community Foundation Founder and Board Secretary knows that “the Escondido Community Foundation is a great addition to our local philanthropic sector; it will support our many excellent nonprofit agencies here in Escondido. And it will allow for improved education and involvement for the citizens of Escondido to make our community an even better place to live.”
The Escondido Community Foundation is the latest development in The San Diego Foundation’s region wide initiative, Endow San Diego. The initiative informs and inspires San Diegans regarding the benefits of endowment. 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.
“I was excited when I learned that a community foundation for Escondido was being formed under the San Diego Foundation. The San Diego Foundation is experienced with investing funds, making grants, and filing tax reports. Now we will have another way of supporting Escondido,” states Founder Jill Campbell. Her husband Jack added, “By setting up a Community Foundation just to benefit Escondido we make it easy for people to permanently support the charitable work here.”
The Escondido Community Foundation is a community-specific effort to meet the emerging needs of Escondido by encouraging and increasing responsible and effective philanthropy and for the benefit of all who live, work and play in Escondido.
"Across the San Diego region, communities are beginning to build permanent endowments,” states Bob Kelly, CEO of The San Diego Foundation. “The vision of Endow San Diego has inspired an 'endow your community effort leading the formation of the Escondido Community Foundation and an initiative to Endow Escondido. These are Escondido residents providing for Escondido's needs and charitable causes, not only for today but for the future."
Although newly established, the Escondido Community Foundation would like to fulfill their goal of having $5 million in endowments by 2011, by that time also providing at least $250,000 per year to benefit organizations and individuals in Escondido.
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.