2016-2017
Board of Directors Susan C. Picotte, Esq., Chair Christine Standish, First Vice Chair Kevin M. O’Bryan, Second Vice Chair Jeffrey M. Rosenbaum, JD, CPA, Treasurer William M. Kahn, CPA, Assistant Treasurer Amy S. O’Connor, Esq., Secretary Jan Smith, Assistant Secretary Ellen Sax, Immediate Past Chair Dorcey L. Applyrs, DrPH, MPH Matthew Bender IV Gloria DeSole Mark Eagan Virginia C. Gregg Robert T. Hennes, CFP Donovan Howard Hyacinth Mason, Ph.D. Murray Massry Victor A. Oberting III Betsy Clark O’Haire G. Neil Roberts John W. Rodat Ann M. Sharpe, Esq. James A. Sidford, RHU Frank M. Slingerland Bethlehem Central Community Foundation Liaison Patricia Michaelson Niskayuna Community Foundation Liaison Maggie Rush Vinciguerra
Staff John G. Eberle, President & CEO Shelly Connolly, Program Assistant Jenna L. Cuilla, Donor Relations Manager Mindy Derosia, Development Officer Siobhan Kent, APR, Communications Director Jackie Mahoney, Vice President of Programs Beth McHale, Office and Database Administrator Laura Yaun, Chief Financial Officer
Contact Us 6 Tower Place • Albany, NY 12203 (518) 446-9638 • www.cfgcr.org Philanthropy518.org • www.facebook.com/cfgcr www.twitter.com/CommFound518
2016 Year-End Results I’m happy to share with you the Foundation’s results from 2016. It was a year of change and growth, and we couldn’t have done it without the encouragement and assistance of our Board of Directors, our generous donors, and partners across a wide range of sectors.
“People matter most. Every interaction is an opportunity to love people, love community, and give back.” —John G. Eberle
John G. Eberle President & CEO
The Community Foundation is committed to retaining wealth and growing philanthropy, strengthening regional cooperation across industries, and helping people, families, and organizations create positive change throughout the greater Capital Region–change that will improve lives for years to come. I hope you are as inspired by our 2016 results as I am. I look forward to working with you in 2017 to continue strengthening our region through philanthropy. Thank you for your support!
$4.2 million
awarded in grants and scholarships
1,311
approved grant requests
12
new charitable funds established
$11.7 million
in gifts to the Foundation
8.5%
return on investments
$70 million
in assets under management All numbers as of December 31, 2016.
• New Funds, Increased Impact •
The Hortense and Louis Rubin Community Health Fund In November 2016, the Community Foundation and the Board of Directors of the Rubin Dialysis Center established the Hortense and Louis Rubin Community Health Fund. This Fund will provide grants to support nonprofit organizations and programs dedicated to the prevention, management, and treatment of kidney disease and associated co-morbidities. The Rubin Dialysis Center was created in 1986 with a charitable gift from Hortense and Louis Rubin, generous local residents wishing to help those with kidney disease and related illnesses. The Hortense and Louis Rubin Community Health Fund, made possible by the proceeds from the operations and subsequent sale of the Rubin Dialysis Center, was established with an initial gift of $7.25 million—one of the largest gifts ever received by the Foundation. The net assets of the Rubin Dialysis Center are expected to be between $15-20 million, after all outstanding financial obligations have been met by the Dialysis Center. This money will be added to the Hortense and Louis Rubin Community Health Fund, potentially doubling the amount of annual grants made from the Fund. “It was important to the Board of Directors of the Rubin Dialysis Center that the proceeds from the sale of the Center maintained the spirit of Louis and Hortense Rubin’s original gift,” said Neil Roberts, President of the Rubin Dialysis Center Board and member of the Community Foundation Board.
From left: Robert Audi, Richard Ianello, John Rodat, and Neil Roberts at the celebration for the Hortense and Louis Rubin Community Health Fund Rubin on Dec. 13, 2016.
“The Community Foundation has the ability to continue the innovative approaches of the Rubin Dialysis Center in working to prevent the conditions that lead to kidney disease and helping those suffering from the effects of poor renal function.” — Neil Roberts “The Hortense and Louis Rubin Community Health Fund will strengthen the region’s continuum of care for people affected by kidney disease and related issues,” continued Roberts. “We are glad to acknowledge the creation of this new Fund, and we are pleased that Emily Briskman From left: Emily and [daughter of Ellen and granddaughter Ellen Briskman of Hortense and Louis] will serve on the Fund’s Advisory Committee,” said Betsey Rubin-Rosenbaum, Ellen Briskman, and Robert Rubin, Hortense and Louis’s three children. “The Troy Center began because the Rubins saw the enormous challenges patients and families of patients needing Robert and Avril Rubin pose dialysis experienced. Our parents with a picture of Robert’s loved this community and showed parents, Hortense and Louis this love by their deeds and Rubin. actions. Many families have been served by the Rubin Dialysis Center and many more will benefit from the Fund in the future.” The Community Foundation anticipates formal grantmaking from the Hortense and Louis Rubin Community Health Fund will begin in late 2017.
Betsey Rubin-Rosenbaum
New Funds at the Foundation The Board of Directors and staff of the Community Foundation welcome the following new funds to our family of 420+ separatelymanaged charitable funds. The following funds were established by generous donors between January 1, 2016 and December 31, 2016. Amboy Angels Fund • BFF Fund • Patrick D. Casey Memorial Fund • The Dr. John H. and Sally M. Carter Endowed Fund Gary Graber Memorial Scholarship Fund • John and Kelly Murray Advised Fund • BettyAnn Prindle Memorial Fund Leo & Viola Pulcher Memorial Scholarship Fund • Hortense and Louis Rubin Community Health Fund Simeone Family Charitable Fund • Staying Out - Doing it Right Fund Dean P. Taylor Library at the Rensselaer County Historical Society Fund
• Leading and Inspiring •
Press Play! Want to see some of the people and places helped by the Community Foundation?
Visit www.cfgcr.org to see our new video, “Rooted in Community,” and learn how... One Foundation donor turned the proceeds from an unconventional asset into the Lincoln Fund; and now the Community Foundation and the Lincoln Fund are working with AVillage, Inc., to empower residents in Albany’s South End. The Community Foundation’s partnership with CARES and the Capital Region Coalition to End Homelessness has translated into more than $200 million in state and federal support for regional homelessness prevention and homeless support programs, impacting families in need in the Capital Region. The Foundation and Agricultural Stewardship Association are working together to preserve and protect the region’s farmland, support a new generation of farmers, and increase access to healthy local food.
Committed to
the Highest Standards The Community Foundation is pleased to announce our re-accreditation with National Standards for U.S. Community Foundations™. This accreditation program affirms that the Foundation has met or exceeded the most rigorous benchmarks in philanthropy. National Standards affirms our commitment to excellence and accountability. It provides assurance that we have sound policies and procedures in place for governance, grantmaking and operations. In short, the Foundation meets the highest standards for local philanthropy, and is able to address the unique, changing needs of the greater Capital Region.
The Lights Have Gone Out...
What Happens Next? Breathing Lights, for which the Community Foundation served as fiscal agent and convener, brought together dozens of partners to shine a light on the need for community revitalization in the Capital Region. The project was the brainchild of artist Adam Frelin and architect Barbara Nelson. In October and November of 2016, Breathing Lights illuminated hundreds of abandoned houses in the cities of Albany, Schenectady, and Troy.
“These are deeply sad places and at the same time, these are places that have a lot of potential; these are places where new beginnings can start.” —Adam Frelin Breathing Lights was featured in the New York Times, Washington Post, Huffington Post, WMHT’s AHA!: A House for Arts, Fox News, and many other media outlets as an innovative example of economic revitalization through the arts. The project has also been studied by groups around the nation as a model for projects in other communities. In November 2016, John Eberle and other Breathing Lights representatives presented the project to a visiting group of representatives for the national Center for Community Progress, a nonprofit organization dedicated to finding solutions for vacant, abandoned and blighted properties. Visit www.BreathingLights.com to learn all about this innovative project, from videos and stories from neighborhood residents to reflections from those involved. The Breathing Lights team will hold a summit on April 7, 2017, to discuss the project, lessons learned, and next steps. Special thanks to the many fund holders and donors of the Community Foundation who supported Breathing Lights!
•
Financial Stewardship • Investment Summary For the period ending December 31, 2016. Since Inception
1 Year
5 Year
10 Year
8.5%
7.3%
5.2%
7.1%
Market Benchmark
8.2%
7.3%
4.4%
7.4%
CPI + 5%
7.2%
6.4%
7.0%
7.4%
Total Managed Assets
Target Asset Allocation Real Estate - 5%
Private Equity - 3% Large Cap Equity - 18%
Liquid Real Assets - 5%
Small/All Cap Equity Composite - 6%
Emerging Markets - 8%
$70,251,485 Assets Under Management
International Equity Composite - 18%
Mid Cap Equity Composite - 9%
Hedge Funds - 12%
Effective stewardship of philanthropic assets is fundamental to the Foundation’s mission to collectively invest our community’s charitable resources, to grow resources over time, and to serve the community forever. Finance and Investment Committee Oversight Members of the Community Foundation’s Finance and Investment Committee have extensive experience in business, investments, and financial services. The committee sets the investment strategy, hires outside professional managers, and monitors investment performance against industry benchmarks. The Foundation’s assets are managed by investment managers who are retained for their proven long-term investment results and expertise in specific asset classes or market sectors. The investment results of each individual manager are regularly monitored by the Finance and Investment Committee and Colonial Consulting.
Fixed Income Composite - 16%
Investment Advisors The Community Foundation benefits from the expert counsel of Colonial Consulting, LLC, which works with the Finance and Investment Committee to monitor the investment performance of individual managers and provides advice on investment strategy, asset allocation, and manager selection. Colonial primarily works with nonprofits, and provides investment advice to more than 30 community foundations across the nation. Investment Strategy The Community Foundation’s investment strategy calls for a portfolio that is diversified across domestic and global asset classes. This diversification reduces the impact of market volatility and helps to control risk. In addition, the Foundation uses multiple investment managers in some asset classes, a diversification technique that further reduces risk.