Cfwnc annual report 2013

2013 YEAR END REPORT FRIENDS. NEIGHBORS.

PHILANTHROPISTS

the community foundation of western north carolina

2013 YEAR END REPORT

Wilson Creek, Wes Harkins Photography

THE YEAR in REVIEW ILLION M .4

of CFWNC COUNTIES RECEIVED GRANTS

940

28

TOTAL FUNDS

NEW FUNDS

STEWARD

168

NONPROFIT FUNDS

2,663

GRANTS

TO NONPROFITS

9

IN

$11

100%

GRANTS

REGIONAL AFFILIATES

BUILDING PHILANTHROPY

$20

MILLION in NEW GIFTS

151

211

$

MILLION

ASSETS UNDER MANAGEMENT

STUDENTS RECEIVED

$321,000

IN SCHOLARSHIPS

$263,000 WOMEN for WOMEN GRANTS

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Board of Directors Ernest E. Ferguson Chair James W. Stickney, IV Vice-Chair Terry Van Duyn Secretary G. Edward Towson, II Treasurer Marla Adams Maurean B. Adams Louise W. Baker David S. Dimling Jennie Eblen Thomas Lee Finger Charles Frederick Howell A. Hammond Darryl Hart A.C. Honeycutt, Jr. Stephanie Norris Kiser T. Wood Lovell Tina McGuire Lowell R. Pearlman Ramona C. Rowe George W. Saenger Anna S. (Candy) Shivers Jerry Stone Sarah Sparboe Thornburg Laurence Weiss Sharon Kelly West

Staff Sheryl Aikman Vice President, Development Philip Belcher Vice President, Programs Elizabeth Brazas President Spencer Butler Donor Relations Officer Diane Crisp Grants Manager Becky Davis Development Officer Naomi Davis Accounting Associate Virginia Dollar Program Officer Lucy McCullough Hazlehurst Development Administrative Assistant Lindsay Hearn Communications Director Maria Juarez Scholarship Officer Graham Keever Chief Financial Officer Tim Richards Senior Program Officer Jennifer Sadler Finance Administrative Assistant Tara Scholtz Senior Program Officer Beth Semadeni Office Manager Janet Sharp Staff Accountant Sally Weldon Director of Information Technology Marcia Whitney Regional Development Officer

CONTENTS The Year In Review.........................................................2 From the Chair and President.................................... 4 Sources Of Grantmaking.............................................5 Preserving Natural And Cultural Resources.............7 Early Childhood Development................................... 9 Food & Farming............................................................11 People In Need.............................................................13 Our New Home...........................................................15 Women’s Philanthropy................................................ 17 Scholarships And Learning ........................................19 Regional Affiliate Funds..............................................21 Other Grant Programs .............................................23 Working With Our Nonprofits.................................25 Giving With CFWNC ............................................... 27 Stewardship Of Community Assets........................29

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Financials......................................................................30

FROM THE

CHAIR & PRESIDENT As we look back on a year of productivity, growth and engagement, we continue to refine how we work and learn from our experiences. At this time of year, we review our progress, assess the challenges we face and celebrate our successes. It is our pleasure to share that reflection with you in this report.

In January, we moved into new offices in the historic Biltmore School building.

Owning our office space was a strategic goal and part of our plan for sustainability.

The Foundation is a permanent resource, and the purchase enables us to build equity and secure our future. The renovation and move required a great deal of effort on the part of our staff, and they are to be commended on an efficient relocation with no interruption of business.

We ended our fiscal year on June 30 with a record $211 million in assets under management. Contributions of nearly $20 million, combined with the continued economic recovery, allowed us to reach this milestone. Generous people who care about our communities, region and nonprofits work in partnership with us, trusting us to help guide their philanthropy now and to steward these assets with integrity into the future.

Stewardship of the funds in our care is a core responsibility. Two years ago, the Janirve Foundation entrusted $10 million to us to fund nonprofits serving people in need. This year, a portion of this gift, together with assets from our affiliates and fundholders, enabled us to make grants of nearly $900,000 across our 18-county region. A portion of these funds also enables us to meet nonprofits’ sudden or urgent needs through the Janirve SUN grant program, the only regional source for this type of assistance.

The area we serve is vast and diverse. To ensure that we encourage philanthropy and meet needs regionally, we continue our work with local volunteer leaders to grow affiliate funds (see page 21). This year we recommitted to these relationships and have a plan in place to help the smaller ones grow and to support the larger ones in more autonomous grantmaking.

Deeper engagement with our donors is paramount; it allows us to serve as true philanthropic advisors. Our donor engagement approach acknowledges that it’s not “one size fits all” philanthropy.

We are listening to donors and using our knowledge of the region to match them with opportunities. These connections are putting resources where they are needed and helping fundholders realize their charitable goals. With our limited discretionary resources, these relationships and the trust we are building hold the most promise for our region now and in the future.

Our offices in the Biltmore School building are the first permanent home for the Foundation in its 36-year history. Photos by Michael Oppenheim.

Ernest E. Ferguson Chair of the Board of Directors

This year, we partnered with fundholders and others to make $11.4 million in grants and scholarships. We continue to devote discretionary resources to our focus areas and to strengthen nonprofits through our support of WNC Nonprofit Pathways.

These are only some of the many ways we work to enrich lives and communities across the region. The title of this report is Friends, Neighbors, Philanthropists. The generosity of our fundholders and those who came before makes all of this good work possible.

CFWNC is in its 36th year, and 2014 marks the centennial of community foundations. Together, we continue a great tradition of caring and giving. We are honored to serve this region and to work with our friends and neighbors for the greater good.

Elizabeth Brazas President

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SOURCES OF

GR ANTMAKING In 2012-2013, CFWNC’s grantmaking totaled $11.4 million. Grants recommended from donor advised funds comprise $8.3 million of the total amount. Nonprofits received $3.1 million through the Foundation’s competitive grant and scholarship programs, those for which funding decisions are made

by CFWNC Board, staff and other advisors. The graphs on the facing page illustrate this giving by program area.

Donor advised grants support the broad nonprofit sector and are awarded according to the donors’

philanthropic interests. Some donors choose to coinvest in our four focus areas.

The Community Foundation holds 940 funds that fall into categories. The Sources of Grantmaking chart below illustrates our assets by fund type. By working with passionate, committed donors and through effective stewardship, responsive service, strategic partnerships and smart investments, we enrich lives and communities in Western North Carolina, now and forever.

1% ed ict % str 1 re iate Un l Affi 2% ip sh lar ho 6% Sc ted na sig % De t 12 es er Int % of 13 t eld Fi profi on N 66% d ise dv rA no Do Donor Advised Funds support broad charitable purposes specified by the donor.

Nonprofit Funds provide cost-effective investment strategies and enhanced stewardship for nonprofit organizational assets.

Affiliate Funds support regional philanthropic and fundraising efforts by partnering with local leaders to build permanent charitable capital and making grants to local nonprofits.

Field of Interest Funds support broadly-defined areas of charitable interest.

Unrestricted Endowment Funds offer broad flexibility for addressing the needs of the region.

Designated Funds benefit one or more named charities.

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Scholarship Funds provide assistance to students.

2013 NON-COMPETITIVE GRANTS BY PROGRAM AREA (Includes Donor Advised, Designated and Agency Distributions) Total: $8,268,201

An A E H R E P E im nvir ealt duc eop rts • con elig o l a al W on h• mi ion tio e in $6 m 0 • c n $ N elf e are nt • 1,00 • $2 eed 3,33 Vital $1,0 ity 20 • $ $59 6,9 ,653 • $ 2 • $ ,20 1 84 1,7 14 , , 02 211 1,0 2 ,01 72 ,12 8 97 7 6 ,81 0

2013 COMPETITIVE GRANT PROGRAMS & SCHOLARSHIPS

BY PROGRAM AREA (includes Focus Area Grants) Total: $3,106,041

Arts

$112,525 $770,534

People in Need Economic Vitality Environment Education Health Scholarships

$588,971 $357,815 $603,125 $351,771 $321,300

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$172,500

Total Focus Area Investment

$170,000 FY 2013 Investment* Town of Rutherfordton $1,250 Town of Murphy $1,250 WNC Alliance $30,000* The Wilderness Society $15,000* Friends of WNC Nature Ctr

$50,000*

HandMade in America $75,000 *

P R E S E R V I N G N AT U R A L

AND CULTURAL RESOURCES The 2013 Preserving Natural and Cultural Resources grants achieve regional impact and build on unique assets of Western North Carolina. The grant to HandMade in America expands its program of successful work recognizing and promoting arts and culture as economic forces in our small towns.

Funds for the WNC Nature Center are enhancing conservation efforts and the visitor experience at a beloved educational resource that attracts children and families from across the region.

Grants to the WNC Alliance and The Wilderness Society, detailed below, support collaborative planning for our forests.

Our work in this area recognizes that the arts and the environment are not only significant assets but important economic drivers for our region – offering promise and potential for the future.

Grants totaling $45,000 to the Western North Carolina Alliance (WNCA) and The Wilderness Society (TWS) supported regional engagement in planning for the Nantahala and Pisgah National Forests.

Both organizations are members of the Nantahala-Pisgah Forest Partnership, a diverse cross-section of key stakeholder and interest groups.

The Partnership is working collaboratively with the Nantahala-Pisgah National Forest planning process to initiate public dialogue.

The new forest plan will determine the management direction for the highest mountains in eastern North America. These peaks provide drinking water for millions of Americans and are a global hotspot for biodiversity. From water supply to recreation destinations to main street businesses, a solid plan is important to our local economies and will affect the experience of millions of visitors to our region.

The counties containing NantahalaPisgah National Forest lands are diverse in character and composition, and

aligning competing agendas across the region is the greatest challenge in the process.

WNCA received $30,000 for scientific research, public engagement and citizen volunteerism. WNCA is analyzing and categorizing forest conditions using stateof-the-art conservation planning tools and training volunteer “Forest Keepers.”

A $50,000 grant to the Friends of the WNC Nature Center to fund enhancements to the Red Wolf Exhibit will convey the importance of animal protection through the center’s role in the Red Wolf Species Survival Program. With the birth of four red wolf pups, the Nature Center houses 2% of the world’s population.

The center educates more than 100,000 visitors a year including 15,000 school-aged children. Photo courtesy of Friends of the WNC

TWS was awarded $15,000 to engage Tom Hatley, a respected facilitator dedicated to environmental work, to lead community-based collaboration sessions.

TWS laid groundwork for this process by publishing North Carolina’s Mountain Treasures, a proposal outlining the need for permanent protection of 330,000 acres of regional wildlands.

These two grants engage community partners in an intentional, professional and facilitated process. The resulting plan will inform Forest Service decisions on proposed Wilderness, Scenic and Recreation area designations; levels of timber harvesting and early successional habitat; ecological restoration; heritage designations; and Wild and Scenic River recommendations.

Since the Nantahala-Pisgah is one of the first eight national forests to undergo a plan revision under new guidelines encouraging collaboration, it will set a national precedent. The new forest plan will reflect current values and science and benefit generations of Western North Carolinians.

Photos opposite: West Fork, Pigeon River, Wes Harkins Photography; Forest Planning Partnership Meeting, photo courtesy of The Wilderness Society; Glass, New Beginning 1, Tadashi Torii, and Necklaces, Amy Brandenberg, photos courtesy of HandMade in America

Nature Center

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$240,000

Total Focus Area Investment

$215,000 FY 2013 Investment* Reach Out and Read Carolinas

$25,000

Region A Partnership for Children

$75,000*

Southwestern Child Development Commission $75,000* NC Partnership for Children

$65,000*

E A R LY C H I L D H O O D

DEVELOPMENT Improving educational and developmental outcomes for the youngest residents of Western North Carolina is a perennial challenge. In today’s climate of pressure on providers to do more with less, the difficulty is magnified. In that environment, our early efforts to improve the lives of children ages 0-5 years yielded an important lesson: the most effective way to deploy our resources is to invest in a diversified portfolio of projects by funding programs such as Reach Out and Read that provide tools for early literacy, family support initiatives such as the evidence-based Parents as Teachers home-visitation program and public awareness and advocacy efforts such as the Child Care Subsidy Consortium and the Champions for Children campaign.

Our $25,000 grant to Reach Out and Read provided books to 3,500 children through four medical practices in Transylvania, Madison, Graham and McDowell counties. Reach Out and Read also helped these practices develop literacy-rich waiting areas, providing underserved families with resources each time they visit the doctor.

CFWNC funding is also helping Region A Partnership for Children expand its Parents as Teachers (PAT) program in Cherokee, Clay, Graham, Haywood, Jackson, Macon and Swain counties. PAT helps families through home visits, group connections, child screenings and resource referral. The program’s flexibility makes it possible to serve families in a wide range of circumstances and to coordinate across counties.

Data shows that PAT helps reduce welfare dependence and improves positive parenting practices, identification of developmental delays, physical and social development and school readiness.

Grants supporting public awareness and advocacy were made to the North Carolina Partnership for Children for the Champions for Children effort and its First 2000 Days campaign and to Southwestern Child

Development Commission (SWCDC) for the WNC Child Care Subsidy Consortium. There are 2,000 days between the time a baby is born and the first day of kindergarten. Children’s earliest experiences literally determine how their brains are wired, lay the groundwork for future health and form the foundation of the social and emotional skills needed for academic and workplace success. CFWNC funding expands the Champions for Children effort from two to sixteen Western North Carolina counties.

Within the Foundation’s 18-county region, the rate of poverty for children under six has increased over the past decade, averaging 27 percent, higher than the statewide average of 25 percent. In McDowell County, for example, 39 percent of children live in poverty, up 21 points from 2000. Many of the state’s budget cuts have hit rural areas hard, and programs that communities rely on are either in jeopardy or have disappeared. Photo courtesy of Reach Out and Read

The WNC Child Care Subsidy Consortium includes SWCDC, Children First/Communities In Schools of Buncombe County, Mountain Area Child and Family Center, Children & Family Resource Center of Henderson County and Pisgah Legal Services. Many families cannot afford high-quality child care without NC’s child care subsidy. The calculation and distribution formulas for the subsidy, however, often lead to significant inequities in funding, resulting in long waiting lists in some counties and unspent funds in others. The WNC Child Care Subsidy Consortium is working to address these issues through education and advocacy - locally, regionally and statewide.

There is irrefutable evidence that highquality early care and education produce significant social and economic returns, yet public investment in our children is perpetually threatened. Although private investment cannot meet the challenge alone, CFWNC is committed to funding evidence-based programs, advocating for the youngest and most vulnerable members of our society and working with partners who share that passion.

Photos opposite, from top: photo courtesy of the YWCA; Reach Out and Read photos courtesy of Dr. Amy Ende and Reach Out and Read; photo courtesy of the YWCA

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Farmers. Family. Philanthropists.

John and Annie Ager’s partnership with The Community Foundation began more than a decade ago when John moved a private foundation to CFWNC to simplify grantmaking and record keeping. Working with CFWNC allows the Agers to continue a nearly century-old family tradition of giving back to their community.

$136,055 Total Investment $63,000 FY 2013 Investment* Carolina Farm Stewardship Association $25,855 Haywood Farm to School $22,200 TRACTOR $25,000 Land-of-Sky Regional Council $25,000* The Lord’s Acre $ 1,000* Greater Kanawha Valley Foundation $ 2,000* Appalachain Sustainable Agriculture Project $35,000*

FOOD &

FARMING One goal of the Foundation’s Food and Farming work is to support the local food movement while preserving the region’s traditional farm heritage. This work, closely tied to economic development, supports farmers, entrepreneurs and WNC farms.

Clearly, public interest in local food is high and rising. Appalachian Sustainable Agriculture Project (ASAP) reports that in 2012, WNC farms sold more than $120 million of fresh local food products.

As impressive as that is, the demand is substantially higher. WNC residents purchased more than $547 million in fresh fruits, vegetables, meats and eggs in 2012, representing a continuing opportunity for Western North Carolina.

Successful economic development requires momentum in two parallel activities: (1) the development of a supportive community for entrepreneurs; and (2) appropriate infrastructure for the industry under development. In 2013, the Foundation invested in each of these core requirements by supporting farmers and access to markets, processing facilities and food hubs.

A $35,000 grant from the Food and Farming Focus Area is expanding ASAP’s Appalachian Grown regional food branding and certification program. Appalachian Grown labels and promotes locally-grown farm products to enable consumers to easily identify and act on their desire to buy local.

Formally launched in 2007, Appalachian Grown has experienced significant growth, and in 2012 marked sales of $120 million of Appalachian Grown certified products.

By opening new markets for local food products, ASAP is making the connections necessary for the local food system to grow and thrive.

Ingles Markets began featuring Appalachian Grown promotional materials in its stores in 2006; today more than 60 Ingles stores across multiple states feature Appalachian Grown products and Appalachian Grown

promotions. Earthfare and Greenlife Grocery/Whole Foods Asheville also participate in the program. In 2007, the first full year of ASAP’s Appalachian Grown program, 117 farms were certified Appalachian Grown. In 2013, 764 farms have certified, an increase of more than 500%. Certified Appalachian Grown businesses have increased from 98 in 2007 to 469 in 2013. “It’s important for shoppers to be able to walk into their neighborhood grocery and easily find certified local foods.

It is an exciting time in which local has clear, honest meaning in our region,” said Maggie Cramer, ASAP Communications Manager.

Appalachian Regional Commission (ARC) launched its Appalachian Foodways Tour initiative in March. Earl F. Gohl, federal co-chair of ARC, attended the annual gathering of the Appalachian Funders Network, which works to identify shared strategies for accelerating the economic transition of central Appalachia.

Photo courtesy of Rural Support Partners

The Foundation also invested in the second core component of serious economic development efforts— ensuring that adequate infrastructure is in place to support the industry.

Through a grant to Land-of-Sky Regional Council for the support of the WNC AgriVentures collaborative, CFWNC is contributing to a key regional effort for the local food system.

AgriVentures is garnering institutional support for local and agricultural, highimpact ventures in businesses as an economic development strategy for our communities. AgriVentures believes that local agriculture—an activity that has succeeded in the rural and rugged parts of WNC for centuries—is a viable and promising strategy, and the Community Foundation is committing its resources as a partner in this work.

Exciting work to address healthy eating and the continuing plagues of hunger and food insecurity in Western North Carolina, another goal of this focus area, is being developed with regional partners. You will hear more in our 2014 annual report.

Photos opposite, from top: John and Annie Ager, Michael Oppenheim Photography; Appalachian Grown photos courtesy of ASAP

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Nearly $900,000 was awarded to 56 nonprofits in 2013 to strengthen human service organizations.

The grants funded programs in all 18 counties and were made possible through the Janirve Legacy Fund, our nine affiliates, generous fundholders and the Foundation’s discretionary dollars.

PEOPLE

IN NEED Support for our region’s most marginalized populations is an important part of our work. The 2012 People in Need Focus Area grant cycle is made possible by a combination of funding sources including $300,000 from the Janirve Legacy Fund, $281,165 from CFWNC fundholders, $188,820 from our affiliate funds and $123,799 in CFWNC discretionary dollars. CFWNC funds that supported this cycle include: Luther and Ruth Barnhardt Charitable Fund, Connestee Falls Endowment Fund, Gerald R. and Cornelia C. De Land Fund, Delphinium Fund, Dogwood Charitable Endowment Fund, Little Acorn Fund, Lipscomb Family Foundation Fund, MAC Mountain Fund, Oliver Family Fund, Penny Fund, Peterson Endowment Fund, Sycamore Fund, Wasson-Stowe Charitable Fund and an anonymous endowment fund.

A $20,000 grant to Asheville’s Haywood Street Congregation (HSC) is a great example of our work in this area. The grant helped fund a medical respite program to serve homeless people too ill or frail to recover from illness or injury on the streets, but not sick enough to be hospitalized.

Designed to be short-term and recuperative, respite allows for the continuation of hospital recommendations and recovery in a safe environment.

Studies show that homeless patients discharged to a medical respite program experienced 50% fewer hospital readmissions at 90 days and 12 months than patients discharged to their own care. The demonstrated savings for hospitals across the United States that partner with medical respite programs is significant.

Grant funds supported the renovation of 3,000 square feet on the HSC campus of

Central United Methodist Church to accommodate a 10-bed facility with two handicapped-accessible restrooms, a laundry facility and administrative area. The campus already houses The Downtown Welcome Table, serving 300 to 400 meals each week for the homeless and urban poor, a free clothing closet, some medical services and other outreach programs of the Congregation.

Janirve Sudden or Urgent Need (SUN) grants assist nonprofits experiencing an unforeseen crisis that impacts their ability to provide services. This year, $68,383 was awarded to 10 organizations. A $10,000 grant enabled God’s Way Fellowship Food Pantry to replace its cooler and cover the cooler and dock area. God’s Way provides food assistance for more than 400 families in Transylvania, Jackson and Haywood counties. Photo courtesy of God’s

Angel, a client of HSC pictured opposite with Director Laura Kirby, Co-Pastor Brian Combs and Jody Halstead, R.N., was readmitted to the hospital three times while homeless. “This will be a place to go when you are broke or humiliated and affected by the weather,” she said. “It’s giving someone a chance and is a big deal. I thank the Lord for it.”

“If you don’t want to think about where a homeless person goes when they get out of the hospital, you don’t have to, but they have to go somewhere,” said Halstead, a nurse and the Respite Program Development Consultant.

Community partners include Homeward Bound, Pisgah Legal Services, WNC AIDS Project, City of Asheville through the Homeless Initiative and Central United Methodist Church.

The Foundation also offers grants supporting people in need through the Melvin R. Lane Fund, Women for Women, Biltmore Lake Charitable Fund and Ramble Charitable Fund grant programs. Lists of all our grants are available on our website.

Haywood Street Congregation photos by Michael Oppenheim.

Way Fellowship

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CFWNC moved into new offices in the historic Biltmore School building in January. Purchasing office space was a strategic goal and helps to ensure the Foundation’s sustainability and future.

OUR NEW

HOME The Biltmore School building was completed in 1927. William H. Lord designed the 57,000 square-foot Classical Revival style structure and many private residences and public buildings in the area. In its earliest days, it housed Biltmore High School, Biltmore Elementary School and Buncombe County Junior College. Later, it served as office space for the Buncombe County Sheriff’s Department and the 911 Call Center. It stood empty for more than a decade after the Sherriff’s Department vacated in late 1999. Previous attempts to renovate it for a museum or condominiums were unsuccessful.

The building renovation was undertaken with sensitivity to the school’s history. Architect Alan McGuinn led the restoration. Local contractors Rick Grant, Allen Peele and Chris Smith of Beverly-Grant supervised the construction. The conversion upgraded all major systems including plumbing, electrical and high-efficiency HVAC, with the addition of fire protection, elevators and ample parking.

B UI LD I NG Joel & Marla Adams Maurean Adams John & Annie Ager, honoring James & Elizabeth McClure, James & Elspeth Clarke Blan & Kay Aldridge Louise Baker Dr. Luther Barnhardt, in honor of his wife Ruth W. Barnhardt John Bernhardt Charlotte Lunsford Berry, in memory of Dr. Lewis Lunsford, Jr. George & Sandra Beverly Tom & Betsy Bolton Boys Arnold Charitable Fund, honoring Waring Boys Brazas Family Ellen Burgin Jones & Sandra Byrd Phil & Ruth Carson Bill & Mimi Cecil CFWNC Board Fund CFWNC Staff Chuck Cole, in Memory of Nancy Yeager Cole Don & Lisbeth Cooper Rebecca Cross

Generous donors and friends helped to make the purchase and renovation of our new space possible. Donations of $1,000 or more are acknowledged on beautiful ceramic tiles installed in our reception area, created by Weaverville artist Kathy Triplett. Work from other local artists enlivens the new space. Woodworker Lang Hornthal used wood salvaged from the building to create a beautiful reception desk. A painting by Dawn Rentz hangs in the Cooper Community Room under original restored light fixtures. A Bee Sieburg landscape pays tribute to Pat Smith’s tenure as president in the CFWNC Conference Room. And, gorgeous landscape photographs by Wes Harkins hang in the gallery, thanks to the support of Phyllis Penley Patton.

Building and donor photos by Michael Oppenheim

FU N D

Rosemary & Jerry Crow, honoring Dr. & Mrs. Samuel Crow Paul (Bubba) & Susan Crutchfield Charlie & Jeanne Cummings Carol & Bob Deutsch, in honor of the CFWNC Staff & Board Jennie Eblen & Rick Perkins Iris & Durward Everett Charitable Fund Ernest & Shirley Ferguson Tom & Kay Finger John & Amy Fleming Charles & Sandy Frederick Jeff & Barbara Gould Howell & Beverly Hammond Darryl Hart, in memory of Louise and Osborne Hart John Hickman, in honor of William P. Hickman & his descendants The A.C. Honeycutt Family Ken Hughes Stell Huie Janirve Foundation John Kelso Art Kiser William & Barbara Lewin The Litzenbergers

DO N O RS

Doris Phillips Loomis, in memory of Ruth Paddison Wood Lovell Greg Lucas, in loving memory of Daniel James Lucas Lipscomb Family Foundation John & Dee Mason The McClinton Family Hugh & Carol McCollum Charlie & Shirley Anne McCullough Tina McGuire, in honor of CFWNC Ray & Diane McPhail Stephen P. & Deborah L. Miller Marjorie Cole Newton, in memory of Chuck Cole Oliver Family Charlie & Cary Owen Charlie & Eleanor Owen Phyllis Penley Patton Lowell Pearlman Bob Peterson, In memory of Myron C. Peterson Emily Partin, honoring Ken Partin Chuck & Dini Pickering Jim & Bitsy Powell

Winston Pulliam Maloy Rash Sally Rhoades, in fond memory of Ray Hust & Maury Winger Charlie & Ramona Rowe George W. Saenger Lary & Jan Schulhof Al & Candy Shivers Phil & Pat Smith, in honor of CFWNC’s wonderful staff Ray Spells, in memory of Ned S. Dorn Worth, Hart & Mark Squire, in memory of Chick & Elizabeth Jack & Cissie Stevens Jim & Robin Stickney Jerry Stone William C. Sword Mike & Lynne Tanner Ed & Cindy Towson Ted & Terry Van Duyn Laura Webb & John Hoskins Larry Weiss John & Cindy Winkenwerder Women for Women Steve Woody Diana Gayle Wortham

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WOMEN. FRIENDS.

PHILANTHROPISTS. In eight years, the Women for Women giving circle has invested more than $2 million in projects supporting the economic selfsufficiency of women and girls in Western North Carolina. From funding financial literacy to providing employment and job training to participating in innovative advocacy efforts, the giving circle is helping nonprofits produce significant results.

Women for Women members make a taxdeductible contribution of $1,100 each year.

Annually, $1,000 is granted back out and $100 supports costs such as printing and meetings. CFWNC provides administrative and grantmaking support. With membership exceeding 270 and as one of the most successful giving circles in the Southeast, Women for Women always welcomes new members.

• Support funding for community colleges for job training and supportive services for women.

• Support funding for effective teen pregnancy prevention.

• Support a balanced approach to the state fiscal crisis, emphasizing modernizing our revenue system as well as strategic spending cuts.

POWER OF THE PURSE®

Every member has a voice and a vote and determines her level of participation. Members learn about issues facing women and girls and can choose to take advantage of opportunities to volunteer, advocate and network.

GRANTMAKING

• Mayland Community College • Homeward Bound • YWCA of Asheville • Blue Ridge Community Action • Boys & Girls Club of Henderson County • Our Voice

Visit www.cfwnc.org for a complete list of Women for Women members, membership details, grant stories and more. For additional information, please contact Becky Davis at bdavis@cfwnc. org or 828.254.4960.

ADVOCACY

Above photo: Women for

With the announcement of the 2013 grants totaling $263,000, Women for Women exceeded $2 million in support. This year’s grants included:

The Women for Women Advocacy Committee leverages the work done by the nonprofits supported by their grants. The 2013 Advocacy Agenda is to: • Promote the importance of, and increase resources for, early childhood development initiatives in North Carolina.

Women Chair Jennie Eblen and CFWNC President Elizabeth Brazas, Michael Oppenheim Photography

Anna Deavere Smith performed for a soldout crowd of 1,100 at the 9th annual Power of the Purse® luncheon on May 23. Smith is widely admired and awarded for her unique form of theater in which she delivers monologues created from the words of people she interviews and portrays. The audience was rapt as she transformed herself from a Crown Heights mother to a doctor at Charity Hospital in New Orleans during Hurricane Katrina to former Texas Governor Ann Richards, among others.

Proceeds from Power of the Purse® benefit CFWNC’s Women’s Fund.

THE WOMEN’S FUND The Women’s Fund is a permanent endowment. Its proceeds are distributed through the Women for Women grant program. Gifts of any size can be made to The Women’s Fund.

This year, Power of the Purse® raised $76,000, bringing the endowment to $754,000.

Photos opposite, from top clockwise: Anna Deavere Smith, Michael Oppenheim Photography; photo courtesy of the Boys & Girls Club of Henderson County; Power of the Purse photos, Michael Oppenheim Photography; photo courtesy of Homeward Bound; photo courtesy of Boys & Girls Club of Henderson County

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SCHOLARSHIPS AND

LEARNING LINKS This year, CFWNC provided scholarships totaling $321,300 to 151 students from Western North Carolina. The Foundation administers 60 scholarships funds.

Regional Scholarships committee. “Sharing the resources of the Foundation and its generous donors changes lives and strengthens the economic future of our region and state.”

Kailey Robertson is a 2013 recipient of the Clyde and Mildred Wright Endowment Fund scholarship, part of the WNC Regionals program.

She graduated with honors from Yancey County’s Mountain Heritage High School and attends Wake Forest University.

“During college I plan to study biology,” says Robertson, whose goal is to become a biomedical engineer. She says, “If I discover that the biomedical field isn’t right for me, I know that if I persist in academics, I will arrive somewhere great.”

If you are interested in supporting or establishing a scholarship, contact Sheryl Aikman (aikman@cfwnc. org). Scholarship endowments can have broad eligibility criteria or can be focused on a particular school or county, offered to students pursuing a degree in a stated field or available to those who will attend a designated college or university.

Cheyanne Hass also received a 2013 Clyde and Mildred Wright Endowment Fund scholarship. “Like most high school students, I am unsure of my exact career plans. However, my dream job would be to work as a computer engineer for Apple.”

Cheyanne is attending North Carolina State University and pursuing a degree in Computer Engineering. “One of my most important goals is to take full responsibility for my college education, without placing the extra burden on my parents, who have themselves and other children to support,” says Hass. “The scholarship from CFWNC has made my college education much more affordable and within reach. I will now be able to graduate without substantial debt and will continue on to graduate school.”

“Serving on the CFWNC Scholarship committee is an extraordinary opportunity.

We meet and support the higher education goals of exceptionally talented and motivated students who are scholars, athletes, musicians, artists and community servants,” said Sandra Byrd, Chair of the WNC

“At UNC Chapel Hill I will major in a field related to biology, with plans to become a researcher. I am confident I can contribute to the greater good through science. I am specifically interested in research in cancer diagnosis and treatment. I strive to combine my love for science and helping people [and] think that I will be best served if there is a higher purpose to my work.”

LEARNING LINKS Learning Links grants offer public school teachers up to $800 to provide experiential learning projects for students. This year, 56 grants were awarded totaling $42,299.

Fairview Elementary in Sylva received funding for an overnight field trip to Ripley’s Aquarium. Funds underwrote the cost of the trip for students who would not otherwise have been able to participate.

The children enjoyed the aquarium and a dive show, participated in a squid dissection, experienced the Touch a Ray Bay and slept in the shark tunnel – all experiences that cannot be duplicated in a classroom. The Learning Links grants are made possible by the Ben W. and Dixie Glenn Farthing Charitable Fund and the Cherokee County Schools Foundation Endowment Fund.

Photos from top: photo courtesy of Cheyanne Hass; Kailey Robertson receiving her degree, photo courtesy of Kailey Robertson; Fairview Elementary students enjoy a squid dissection at Ripley’s Aquarium, photo courtesy of Fairview Elementary, Sylva

Brinkley Culpepper, 2013 recipient of the Gene and Lee Meyer and one-time Newton AcademyWilliam Forster, Jr. and Nancy Forster Stevens Scholarships, photo courtesy of Brinkley Culpepper

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From top: Looking Glass Falls, Transylvania County; Transylvania Endowment Croquet Tournament, photo courtesy of Tommy Wakefield; Photo courtesy of Camp Spring Creek; Photos courtesy of the Swannanoa Valley Christian Ministry

For 21 years, we have helped extend philanthropy through geographic affiliate funds. Each affiliate’s endowment fund grows through gifts, makes grants now and is a permanent philanthropic resource for the future.

Affiliates connect resources to local needs.

REGIONAL

AFFILIATE FUNDS Black Mountain – Swannanoa Valley Endowment Fund Established in 1999; June 30 assets* exceeded $1.98 million

Cross, Amy England, W. Hill Evans, Nancy Hunter, Ray McKesson, Rob Noyes, Sharon L. Parker , Joy Q. Shuford

Board members: C. Roger Hibbard (Chair), Sandra Abromitis, Wm. Michael Begley, Gladys R. Brooks, John Buckner, Julia A. Capps, John Corkran, Chip Craig, Lynn Deese, Barbara Griffin, Carol Groben, Jerone C. Herring, Greg Kershner, Gretchen Naff, Archie Pertiller, Connie B. Root, Joseph Standaert, Lori Turley

*The Board also makes grants from Margaret Westmoreland Gibson Memorial Fund, Greenlee Family Fund, A.C. Hogan Family Fund and the Daniel I. and Joy Q. Shuford Fund.

*The Board also makes grants from the Buckner Family Endowment Fund and the Helen S. and Jerry M. Newbold, Jr. Endowment Fund.

Cashiers Community Fund Established in 1992; June 30 assets* exceeded $2.94 million Board Members: Eleanor Welling (Chair), Lisa Bates, Jeanne Builder, Patrick Carlton, Charles W. Coker, T. Wayne Davis, Robert L. Dews, David S. Dimling, Louis M. Freeman, Shannon Hargrove, Jochen Lucke, Sam Lupas, Will Madden, Rebecca D. McKee, Edward G. Michaels III, Sarah Nelson, Harry Phillips, Jr., Toby Summerour, Tommy A. Valenta, Peggy S. Warner, Dennis Winchester

The Fund for Mitchell County Established in 1999; June 30 assets exceeded $270,000 Board Members: Daniel Barron (Chair), Brett Cloer, Jane Crowe, A. Christopher Day, Patty Elkins, Rhonda L. Gunter, Delphia Lamberson, Susan Larson, Sue Ledford, Cindy Lindsey, Fred Manning, Silvia Peterson, Nikki Street, Chris Warren, Sandra Williams

Rutherford County Endowment Established in 1996; June 30 assets exceeded $1.64 million

*The Board also makes grants from the Lyn K. Holloway Memorial Fund.

Board Members: Nancy K. Tanner (Chair), Jane Alexander Bell, John Condrey, Forest Edwards, Nick Elliot, James Faccone, Michael E. Gavin, J. Vernon Hoyle, Katy Hunt, Jon Kinlaw, Sally Lesher, Karen V. Moore, Juanita Newton, Janice R. Paris, Michael S. Tanner , Diane W. Warner

The Fund for Haywood County Established in 1994; June 30 assets* exceeded $904,000

Transylvania Endowment Established in 1998; June 30 assets* exceeded $793,000

Board Members: George D. Ivey (Chair), Louise W. Baker, Michael Beadle, Parrish Ezell, Kimberly Dionne Ghaussy, Rolf Kaufman, John W. Keith, Bruce Kingshill, Christine Mallette, Scott McLeod, Peggy C. Melville, Jeremy Phillips, Bennie Sharpton, Sarah Wenzel

Board Members: Sara Champion (Chair), W. Andrew Harvill, Rev. Ken Henry, Maurice Jones, Betsy Jordan, Amye McCallie, Lydia Odell, Layne Racht, Louisa Reed, Margaret Riecke, John R. Rowe Jr., Jerry Stone

*The Board also makes grants from the J. Aaron and Adora H. Prevost Endowment Fund.

*The Board also makes grants from Richard G. Adamson Memorial Fund, Burlingame Charitable Fund, Duncan-Bicknell Endowment Fund, Lake Toxaway Charities Endowment Fund, My Brother’s Keeper Fund and the Transylvania Directors’ Fund.

Highlands Community Fund Established in 1996; June 30 assets* exceeded $1.11 million Board Members: Sid Nurkin (Chair), Tricia Allen, Kathy Bowman, Laney Capron, Caroline Cook, Gayle Cummings , Amanda Gregory, John Hopkins, Jean Manz, Nancy M. Parker, Stan Sharp, Allen L. “Buck” Trott

The Yancey Fund Established in 1998; June 30 assets exceeded $565,000

*The Board also makes grants from the Mildred Miller Fort Charitable Fund and the Hertwig Fund.

Board Members: William O. Cullom (Chair), Patricia R. Bennett, Mel Chin, Bubba Crutchfield, Rex Frederick, Howell Hammond, Richard Kennedy, David McIntosh, Jim McQueen, Tom Oreck, Ron Powell, Wanda Proffitt, Dick Soffe, David Strawn, Carol P. Wilson, Carol Woodard, Fred Young, Sam Young

The McDowell Endowment Established in 1995; June 30 assets* exceeded $816,000

To learn more about our affiliates, visit www.cfwnc.org

Board Members: Laura Dover (Chair), Ellen S. “Bunnie” Burgin, G. Simeon Butler, Arthur H. Campbell, Rebecca B. Cross, Simeon R.

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Astronomer. Environmentalist. Philanthropist.

Bernie Arghiere has had a donor advised fund with The Community Foundation for 15 years. The fund is flexible, as his charitable interests change over time his fund changes with him. He gives when the time is right and makes grants when community needs call to him.

Green Opportunities (GO) will use a $50,000 Asheville Merchants Fund Grant to expand its job training, case management and job placement services to economically disadvantaged neighborhood residents while transforming the W.C. Reid Center into a LEED-certified Green Jobs Training Center. The project employs neighborhood residents, builds community wealth and supports local asset ownership. GO was also awarded a 2012 $7,500 Capacity Grant to develop an operations and business plan and to evaluate its organizational capacity.

OTHER GRANT

PROGRAMS The Community Foundation promotes and supports effective nonprofits and programs that improve the lives of people in the 18-county region we serve.

In addition to investing resources in our focus areas (see pages 7-14), we operated eight other grant programs this year, including: Asheville Merchants Fund – 7 grants totaling $335,000 (see below)

infrastructure encompassing family success and affordable housing; and youth success in school.

The 2013 Recipients: Appalachian Sustainable Agriculture Project - $50,000 to conduct the Get Local program in Asheville and Buncombe County.

Asheville Area Habitat for Humanity $50,000 to increase sales by growing inventory and improving productivity at the ReStore.

Biltmore Lake Charitable Fund – 7 grants totaling $69,500 Learning Links – 56 grants in 8 counties totaling $42,299

ABCCM - $50,000 to support the Operation Welcome Home Veterans Education and Training Services program, providing training, certification programs and employment opportunities.

Melvin R. Lane Fund - 6 grants in 3 counties totalling $300,000 Pigeon River Fund – 14 grants in 3 counties totaling $309,815 Ramble Charitable Fund – 6 grants totaling $29,825 Scholarships – $321,300 to 99 students Women for Women – 6 grants in 6 counties totaling $263,000 WNC Nonprofit Pathways Capacity Grant Program – 10 grants in 11 counties totaling $74,850 ASHEVILLE MERCHANTS FUND AWARDS $335,000 FOR ECONOMIC DEVELOPMENT The Asheville Merchants Fund awarded grants totaling $335,000 to seven Buncombe County nonprofit organizations to support innovative projects designed to build a stronger community and stimulate economic growth. The last two-year grant cycle from the Asheville Merchants Fund took place in 2007.

The Fund supports projects that strengthen the community through asset development and entrepreneurship; quality jobs and workforce development including living wage work and job training; social

Biltmore Lake Charitable Fund made a $12,000 grant to Sand Hill - Venable Elementary to support the Science Lab, a multi-year effort to engage students in scientific inquiry and help them develop skills and knowledge through handson experiments. Photo courtesy of Sand Hill – Venable Elementary School

Green Opportunities - $50,000 to expand the job training, case management and job placement services for disadvantaged neighborhood residents, while transforming the W.C. Reid Center into a green jobs training center.

HandMade in America - $35,000 to support Craft Artist Entrepreneurship Training in Buncombe County and to bring the Art Business Institute to A-B Tech in 2013 and 2014.

Mountain BizWorks - $50,000 to develop customized micro-lending – loans of $25,000 or less – for low-income Latino entrepreneurs in Buncombe County.

Blue Ridge Food Ventures - $50,000 to produce training tools to accelerate the development of new food and natural product businesses.

Photos opposite, from top: Bernie Arghiere, photo by Michael Oppenheim; Reid Center groundbreaking, photo courtesy of GO; GO co-directors Dan Leroy and DeWayne Barton, photo by Eric Howard

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WORKING WITH

NONPROFITS

Since 1978 and in partnership with many generous donors, The Community Foundation of Western North Carolina has delivered more than $130 million in grants to nonprofits in our region and beyond. Financial support is just one way CFWNC supports nonprofits.

WNC NONPROFIT PAT H WAY S Organized in 2006, WNC Nonprofit Pathways is a funders’ collaborative providing technical support, consulting and capacity-building grants to nonprofits and hosting the Duke Certificate Program in Nonprofit Management. With our partners, the Cherokee Preservation Foundation, Mission Hospitals and United Way of Asheville and Buncombe County, we help nonprofits become more efficient and effective. Last year, CFWNC made grants totaling $74,850 in 11 counties to support capacity building in our region.

NONPROFIT ENDOWMENTS & FUNDS CFWNC holds long-term charitable funds for more than 130 regional nonprofits.

Through the Foundation, our region’s nonprofits have access to institutionalcaliber investment strategies and a full range of giving options for their donors, such as charitable gift annuities and charitable remainder trusts.

McDowell Technical Community College (MTCC) Foundation chose to create a fund

at CFWNC to hold and invest its long-term charitable assets.

MTCC Resource Manager Susan Berley explained that they created their endowment fund a number of years ago and knew they could be doing more with it. “Through our partnership with The Community Foundation, we have access to a wealth of knowledge to assist donors who want to make more complicated gifts and we look forward to better investment results for our endowment,” said Berley. “We know we have a valuable resource in the Foundation and look forward to a productive relationship.”

“A good assist makes all the difference. CFWNC is here to help nonprofits across the region. How can we help your favorite organization?”

Sheryl Aikman, CFWNC Vice President for Development

If you would like to talk about how your nonprofit can partner with CFWNC, contact Sheryl Aikman (aikman@cfwnc.org).

Sim Butler, President of the MTCC Foundation, is familiar with CFWNC. “Having worked with The Community Foundation through my service on the board of The McDowell Endowment, I knew about their services for nonprofits and their professionalism,” he said. “The McDowell Tech Foundation Board has found that the CFWNC staff understands the region and our needs. Working with them gives us access to services and gives our donors access to ways of giving we didn’t have before creating this relationship. I have confidence in CFWNC and look forward growing MTCC’s resources so we can best serve our students and community.”

Photos opposite and above: McDowell Technical Community College, courtesy of MTCC

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Banker. Volunteer. Philanthropist.

Martha Guy believes in the power of education to transform people and in the power of philanthropy to transform lives.

The Community Foundation is helping Martha with her giving during her lifetime and will ensure that her charitable goals are met in perpetuity. “I’ve always given, starting with my tithe at church. It’s what you do.”

The Community Foundation of Western North Carolina works with people like you to create lasting impact.

For people who want to give to support changing needs, a favorite cause or the place they love, the Foundation is a trusted partner.

GIVING

WITH CFWNC You te l l u s w h a t y o u w a nt t o a c c o m p l i sh .

I want to make a tax-deductible gift now.

Make a gift in any amount to the Fund for Western North Carolina, a grantmaking fund in your area of interest or to one of nine regional affiliates.

I need an efficient tool for my personal giving.

You can share in good work across our region. CFWNC has initiatives in four focus areas: Early Childhood Development, Food and Farming, People in Need and Preserving Natural and Cultural Resources. Partner with us to learn from insiders and experts, contribute to large-scale grant funding and produce results.

You can start now. Our staff is here to guide you. We’re always happy to discuss charitable vehicles, gift timing and asset choices with you and your professional advisor.

With $10,000 or more, create a donor advised fund. You focus on your favorite causes, make grants when you want and access staff expertise when you need it.

Online access lets you track grant and fund activity, anytime, from anywhere.

PROFESSIONAL ADVISORS

I’m ready to think about my legacy.

A bequest in your will or a beneficiary designation can add to or create a fund to support your chosen causes – or the changing needs of Western North Carolina – forever.

I want to create income or preserve assets.

Secure income and tax advantages now and provide for a future charitable gift with a charitable gift annuity or charitable remainder trust. A charitable lead trust preserves assets for heirs and funds your charitable giving now.

You have many gift-giving options. Most people use cash, stocks, bonds and mutual funds. You can also give real estate, closelyheld stock, a retirement account or a life insurance policy, now or from your estate.

Your gift can grow over time. With the power of endowment, your gift keeps giving for decades to come. We pool assets to keep investment and administrative costs low.

“My relationship with CFWNC comes down to trust. My clients count on me, and I refer them to CFWNC because I know that they’ll be treated with respect, professionalism and kindness, whether they want to discuss a modest bequest or a significant legacy.”

Dan Akers Altavista Wealth Management

Professional advisors – attorneys, accountants, financial and investment advisors and insurance professionals – are important partners in building philanthropic resources for Western North Carolina. CFWNC works with advisors across the region, providing technical advice, online resources and customized gift planning solutions. The Foundation hosts an annual continuing education seminar and informal luncheon seminars, and professional staff is available to share expertise in complex gift arrangements, recent developments in charitable planning and for meetings and consultations.

Photos opposite, from top: Martha Guy photo by Michael Oppenheim; Rhododendron, photo by Wes Harkins Photography; above, Dan Akers, photo by Michael Oppenheim

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STEWARDSHIP OF

COMMUNITY ASSETS The stewardship of The Community Foundation’s assets is a critical responsibility of the Board of Directors. The Investment Committee, comprised of local professionals with investment and financial expertise, has responsibility for all investment activities including policy, asset allocation and performance review. A consulting firm supports our work through analytical studies, manager searches and compilation of performance data. Multiple investment managers apply their knowledge and experience in portfolio management to the Foundation’s process.

CFWNC has a sustained record of prudent investment management. We offer donors and nonprofits access to institutional-caliber investment strategies and management typically available only to larger investors.

Fundholders can recommend an investment option from among multiple portfolios under

A N N U A L I Z E D I N V E S T M E N T R E T U R N S through 6/30/13:

the oversight of the Investment Committee.

The primary investment pool utilized by our donors is a broadly-diversified portfolio that provides strategic allocations to equities, fixed income, alternative investments and real assets.

The Foundation also maintains valued local investment management relationships with the following firms: Altamont Capital Management A l t a v i s t a We a l t h M a n a g e m e n t B a n k o f A m e r i c a / U S Tr u s t Boys Arnold & Company Colton Groome & Company Merrill Lynch Parsec Financial Management Raymond James & Company U B S We a l t h M a n a g e m e n t

A S S E T A L L O C AT I O N as of 6/30/13:

CFWNC Benchmark* Domestic Equity 31.6% One Year 11.6% 10.9% International Equity 19.4% Three Years 9.7% 10.2% Emerging Markets Equity 3.7% Five Years 3.7% 4.6% Alternative Investments 23.0%

Real Assets 3.6% *The benchmark utilized is 60% MSCI World, 40% Barclays Fixed Income 16.6% Aggregate Index. Investment returns are reported net of Cash Equivalents 2.1% investment expenses.

100.0%

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S TAT E M E N T

O F

F I N A N C I A L

Assets

Cash & cash equivalents Prepaid expenses Accounts receivable Note receivable Promises to give, net Investments Property and equipment, net Real Estate Investments, permanently restricted

P O S I T I O N

2013 2012 1,956,098 16,749 52,601 1,000,000 168,302 115,168,318 2,703,970 713,186 89,800,387

5,801,937 20,785 90,134 287,500 92,306,944 413,973 1,045,186 84,728,513

Total assets 211,579,611 184,694,972

Liabilities and Net Assets

Liabilities

Grants and scholarships payable Accounts payable and accrued liabilities Retainage Payable Long-term debt Liabilities under split-interest agreements Funds held as agency endowments

Total liabilities

309,250 80,189 265,432 1,384,568 5,421,423 45,671,842

325,950 55,240 5,638,598 40,668,858

53,132,704

46,688,646

Net assets

Unrestricted (deficit) Temporarily restricted Permanently restricted

Total net assets Total liabilities and net assets

1,710,186 66,936,334 89,800,387

(138,388) 53,416,201 84,728,513

158,446,907 211,579,611

138,006,326 184,694,972

S TAT E M E N T

O F

A C T I V I T I E S

2013 2012 Revenues and other support:

Contributions Investment Income Realized and unrealized losses - net Realized loss on sale of real estate Change in value of split-interest agreements Management fee income Grant income Other income

Total revenues and other support

16,318,683 2,301,968 12,796,506 (87,000) 292,055 345,504 71,300 256,049

22,481,558 2,026,438 (2,340,365) (531,243) 293,933 49,234 200,152

32,295,065

22,179,707

Expenses

Program services Supporting services

10,668,791 1,185,693

12,488,032 1,194,134

Total Expenses 11,854,484 13,682,166

Change in net assets 20,440,581 8,497,541

Net assets, beginning of year 138,006,326 129,508,785

Net assets, end of year 158,446,907 138,006,326

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the community foundation of western north carolina people place prosperity

4 Vanderbilt Park Drive, Suite 300 • Asheville NC 28803 (828) 254-4960 • www.cfwnc.org

Cover images, from top clockwise: Black Balsam Sunset, Wes Harkins Photography; John and Annie Ager, Michael Oppenheim Photography; Fall Color, Wes Harkins Photography; Photo courtesy of the YWCA; Buncombe County Courthouse, Wes Harkins Photography; Photo courtesy of ASAP; Biltmore School cupola, Michael Oppenheim Photography; Red wolf puppies, photo courtesy of Friends of the WNC Nature Center; Above, Looking Glass Falls, Wes Harkins Photography Confirmed in compliance with national standards for US Community Foundations