Community Foundation for Nantucket Annual Report 2009

Financials

Community Foundation for Nantucket

Annual Report

Community Foundation for Nantucket Dear Friends— This first Annual Report of the Community Foundation for Nantucket provides a wonderful opportunity to thank all those who have supported CFNan since it was established in 2006.

First, thanks to the Founders, who had the vision to get the concept of a community foundation for Nantucket off the ground in 2005. They include Peggy Gifford, Wade Greene, John Miller, The Reverend Nancy Nelson, Dick Oman, Les Ottinger, and Clarissa Porter. Peggy Gifford, who served as the first Board President, and is currently Chairman, deserves special recognition for her advocacy, energy and enthusiasm.

Second, thanks to the many generous and farsighted people who have served or are serving as Trustees and Advisors. They have contributed their time, talent and financial resources to establish and grow the Foundation. Most of all, we thank the donors who have recognized the value of Nantucket having its own Community Foundation to benefit the Island community, now and forever. Much has been accomplished in the four years since the Community Foundation for Nantucket received its tax exempt 501(c)(3) public charity status: • Over $335,000 in grants were distributed to 47 different Island charities • Over 125 people and organizations have donated both to and through CFNan, many of them “Friends of the Foundation” who have made multi-year pledges to cover operational costs • 19 different nonprofits have received grants from our community Discretionary Grants Fund • The Nantucket Fund,TMa permanent and unrestricted endowment fund for the benefit of Nantucket, has been established for donations and bequests • CFNan administers multiple Donor Advised Funds, the most popular philanthropic giving vehicle available today, with maximum tax advantages for donors • CFNan is recognized as a vital on-island resource for donors, nonprofits, and the Nantucket community There are many touching stories involving CFNan’s role of connecting people who care with causes that matter on Nantucket; some are highlighted in this Annual Report. How can we help you more actively participate in caring for the Nantucket Community? Give us a call and we’ll explore the abundance of options available through your own Community Foundation.

Respectfully,

Phillip F. Stambaugh

Margaretta S. Andrews

PR ESIDEN T

EXECUTIVE DIRECTOR

What is CFNan? The Community Foundation for Nantucket connects donors who care with causes that matter on Nantucket.

We exist not to support a single organization, but to address the broadest range of charitable issues by building an endowment that serves as a perpetual source of community capital.

An independent, nonprofit organization founded in 2006, the Foundation currently invests and administers funds, both unrestricted gifts and donor advised funds. We annually distribute grants to local nonprofit organizations to make Nantucket a better place to live, work and raise a family.

To donors, we represent an effective and innovative giving vehicle, one that combines maximum tax savings with maximum flexibility and the opportunity to make a difference right here at home on Nantucket.

To other charitable organizations, we represent a source of grants whose sole purpose is to improve the quality of life on our island. We are a resource to the nonprofit community by helping to identify areas of common concern, assisting collaborative efforts, and by offering by offering competitive and compelling investment opportunities for our local charities.

Elizabeth & Peter Wareing

Like all community foundations, we: • Make charitable giving a simple, one step process for donors and their advisors.

• Proactively work with donors and their advisors to maximize the tax benefits of giving.

• Assist donors in sharpening their charitable intent and charitable giving goals.

• Actively involve donors in making their own decisions about who benefits from their giving.

• Distribute grants to local nonprofit organizations, making direct investments to address critical issues, so our community is a better place to live, work and raise a family.

• Educate donors and their advisors about community issues, the latest charitable planning options and the implications of philanthropy for their personal, family and business planning.

Tom and Amy Maggs

DONOR ADVISED FUNDS We learned about Donor Advised Funds when we became involved with The Columbus Foundation 30 years ago.

We were thrilled when the Community Foundation for Nantucket was established, and both of us set up our own funds by donating securities. It’s a great example of “doing well by doing good”—consider it a charitable checkbook. We each have different charities of choice on Nantucket, and this allows us both to fund those programs we care deeply about. We receive one receipt for our charitable deduction, which helps with our record keeping at tax time, then recommend subsequent donations as the need and desire arises. The Foundation keeps track, and we can assess past giving as well as plan future donations—a win/win for us and Nantucket!

— Teckie and Don Shackelford

DaSilva Designated Giving Fund “ Establishing this fund was a wonderful and productive way for our family to honor Gary’s love of golf and Nantucket.

It is comforting for us to see something so positive come from our loss.”

— The DaSilva Family

In 2009, CFNan Board member John Penrose saw a wonderful opportunity to honor the memory of Gary DaSilva, friend and fellow Miacomet golfer. He joined Gary’s parents to establish a Fund with CFNan, which will be used to cover pay-for-participation fees for the High School Golf Team. There are endless possibilities for creating Designated/Giving Funds – contact us to learn more!

At top: Ron and Betty DaSilva, Gary’s parents. At bottom: CFNan Trustee John Penrose, NHS Athletic Director Christopher Maury, and Douglas Williams.

Grant Recipients Since 2006, CFNan has awarded over $300,000 in grants to 47 of Nantucket’s Nonprofits. $226,240 has been awarded through several Donor Advised Funds and $76,700 through CFNan’s Discretionary Grant Fund, primarily funded by the Siasconset Union Chapel Outreach Fund and the Frist Family Foundation. For more information about our annual Discretionary Grant process, visit our Website, and see Current Grants under For Nonprofits.

A Safe Place ◆ (2) Albert F. Egan Jr. and Dorothy H. Egan Foundation dba Egan Maritime Institute ● (5) Alzheimer’s Services of Cape Cod and the Islands ◆ America's Classic 12 Metre Sailing Foundation ● (2) Artists Association of Nantucket ● Autism Speaks ● Big Brothers Big Sisters ◆ Boston MedFlight ● Family and Childrens Services of Nantucket ◆ (3) Habitat for Humanity Nantucket ◆ ● Homestead Inc. of Nantucket ● Hope Through Healing Hands ● Hospice Care of Nantucket Foundation ● Maria Mitchell Association ● Nantucket Aids Network ● Nantucket Animal Care and Adoption Center ◆ Nantucket Arts Council ● Nantucket Atheneum Literacy Volunteer Program ◆ (3) Nantucket Boys and Girls Club ● (2) Nantucket Center for Elder Affairs ◆ Nantucket Community Music Center ◆ ● Nantucket Community Sailing ● Nantucket Conservation Foundation ● Nantucket Cottage Hospital Emergency Travel Funds ◆ (2) ● Nantucket Emergency Food Pantry ◆ (3) Nantucket Family Planning ◆ (2) Nantucket Golf Club Foundation ● Nantucket Historical Association ● (2) Nantucket Ice ◆ (2)

Nantucket Lighthouse School ● Nantucket Lightship Basket Museum ● Nantucket Musical Arts Society ● Nantucket Preservation Trust ● Nantucket Rental Assistance Program ◆ (3) Nantucket Sports and Therapeutic/ Accessible Recreation (S.T.A.R.) ◆ (3) Nantucket Therapeutic Equestrian Center Seapony Farm ◆ One Book One Island ◆ Pan Massachusetts Challenge ● Rockhurst University ● Sankaty Head Foundation ● Sconset Trust ● Small Friends on Nantucket ● South Church Preservation ● St. Pauls Church in Nantucket ● Strong Wings ◆ Sustainable Nantucket ● (2) Theatre Workshop of Nantucket ◆

●

◆ Received a grant from CFNan’s Discretionary Grant Fund ●

Received a grant from a Donor Advised Fund

Lynda Cutone, and her children Ian and Bella.

F i n a n c i a l sS t a t e m e n t s Community Foundation for Nantucket Financial Statements For the years ending December 31 2008

2009 unaudited

A SSETS Cash/Investments/Other Assets Contributions/Receivables Total Assets

$170,067 217,133 387,200

$310,519 217,068 527,587

LIABILITIES AND NET ASSETS Current Liabilities Long-Term Liabilities Net Assets Total Liabilities and Net Assets

2,520 — 384,680 387,200

4,917 — 522,670 527,587

REV ENU ES Contributions Investment and Other Income Total Revenues

156,833 (6,347) 150,486

362,942 18,246 381,188

EX PENSES Grants Development & Programs Support Services Total Expenses

33,800 — 57,348 91,148

93,645 54,984 94,569 243,198

Change in Net Assets

59,338

137,990

NET A SSETS End of Year Beginning of Year Change in Net Assets

384,680 325,342 59,338

522,670 384,680 137,990

Total assets have grown to over $500,000

Contributions more than doubled over 2008

Administered funds have grown from zero to nine

Contribut ors 2006 through 2009 Anonymous Ms. Ginger Andrews Mr. Michael Aspinwall & Ms. Susan Blanker Mr. & Mrs. Samuel Bailey Jr. ❋ Ms. Susan Baldwin Mr. Curtis Barnes Mr. Bruce Bates Mr. & Mrs. Bruce K. Baude Beldon Fund Mr. & Mrs. Daniel Blumenthal Bossidy Foundation Mr. & Mrs. Larry Breakiron Mr. & Mrs. James H. Breed Dr. Michael Burcham Ms. Regina S. Burke ❖ Ms. Kathleen Butterworth Mr. & Mrs. Ernest W. Campbell ❖ Mr. & Mrs. James P. Clement John & Shannon Clinton Ms. Ann Colgrove & Mr. Larry Smith ❋ Mr. & Mrs. Michael R. Costigan Mr. & Mrs. J. Andrew Cowherd Mr. & Mrs. John Craighead Mr. & Mrs. Glenn DaSilva ❖ Ms. Mildred DaSilva ❖ Mr. & Mrs. Ronald DaSilva ❖ Mr. & Mrs. Robert DiGia DPS Sporting Club Development Company Mr. & Mrs. Daniel W. Drake Ms. Margaret M. Eife Ms. Christine Eiler Mr. & Mrs. Robert D. Felch ❋ Mr. & Mrs. Eric N. Ferguson Mrs. Natalie Fletcher Dorothy Cate & Thomas F. Frist Foundation Mr. W. Harrison Frist, Jr. Senator & Mrs. William Frist ❋ Mr. & Mrs. William Gardner ❖ Mrs. Margaret Gifford ❋ Mrs. Peter Gilfoy ❖ Mr. & Mrs. Herbert Goldberg ❖

Mr. & Mrs. David Goldsmith Mr. Peter M. Goldstein Mr. Wade Greene ❋ Gordon & Llura Gund Foundation Robert & Mary Haft Foundation Mr. & Mrs. Thomas Hagan ❋ Mr. & Mrs. Richard Hale Mr. Andrew Halpert & Sandy Feng Harborview Place Heinz Foundation Mr. D. Michael Herlihy ❖ Mr. & Mrs. J. Christopher Hoeffel Mr. & Mrs. Eric Holch Mr. & Mrs. Donald Holdgate Sr. Ms. Marjorie Jacobs Ms. Leslie B. Johnson Mr. Thomas L. Kaplin Mrs. Arthur Kobacker Lee Real Estate Mr. Reginald Levine ❋ Mr. & Mrs. Andrew Levy Lindsay Foundation Mr. & Mrs. W. Curtis Livingston ❋ Mrs. Katherine S. Lodge ❋ Mr. Richard Loftin Mr. & Mrs. Charles Lord Mr. & Mrs. Richard Lowry Mr. Jack Lucks Ms. Griselda Lyman ❋ Mr. & Mrs. Thomas O. Maggs ❋ Ms. Barbara Mansfield Mr. Jerry C. Marcus Rev. & Mrs. Eugene McDowell ❋ Ms. Jacqueline McGrady Ms. Eileen P. McGrath ❋ Ms. Lucy Meacham Mr. John Miller Mr. & Mrs. William F. Monaghan ❋ Mr. & Mrs. Kevin P. Mullen Nantucket Bank Nantucket Comedy Festival Nantucket Town Assocation Peter & Sally Nash Rev. Nancy Nelson

❋ Friend of the Foundation ❖ Gary DaSilva Memorial Fund Contributor

Mr. & Mrs. Paul B. Newhouse Al & Mary Novissimo Mr. David Oman Mr. & Mrs. Richard Oman ❋ Mr. & Mrs. Karl Ottison ❋ Mr. & Mrs. John Penrose ❋ ❖ Mr. & Mrs. John Petrasch ❋ Mr. & Mrs. Lawrence H. Pitts Mr. & Mrs. William Porter ❋ Mr. & Mrs. Robert Puff ❋ Ms. Diana Regan ❖ Reinberger Foundation Mr. Randall B. Roe Mr. Frank Rovinski & Ms. Karen Urban ❋ Royal Star Properties LLC Mr. & Mrs. Harold Rubin Mr. & Mrs. Ferdinand Schmitz IV Mr. Richard Scott Seidman Family Foundation Shackelford Family Foundation Mr. & Mrs. Donald Shackelford John & Lisa Sherwood Siaconset Union Chapel Outreach Fund Mr. & Mrs. Van Smith Mr. & Mrs. Phillip F. Stambaugh ❋ Mr. & Mrs. Alan Talkington Richard & Marilyn Thomson Tupancy-Harris Foundation Mr. & Mrs. Douglas Unruh ❋ Mr. & Mrs. Michael D. Varbalow ❋ Elizabeth Thayer & E. Geoffrey Verney Foundation Gilbert Verney Foundation Mr. & Mrs. Dale Waine ❋ ❖ Jay & Clare Walker Mr. & Mrs. Peter Wareing ❋ John F. Welch Jr. Foundation Mr. & Mrs. F. Helmut Weymar Mr. & Mrs. Clark Whitcomb ❋ Mr. & Mrs. Douglas Williams ❖ Mr. & Mrs. Walter Wilson Mrs. Bracebridge Young ❋

Board of Trustees Of ficers Peggy Gifford Chairman

Phillip F. Stambaugh President

Robert Dean Felch Vice President

Michael Varbalow Treasurer

Karyn and Bill Frist

Ann Colgrove Secretary

Zeldy Lyman

Community Foundation for Nantucket

connects people who care with causes that matter by providing simple, powerful and creative ways to give back to the community to help ensure Nantucket’s vitality now and forever.

www.cfnan.org P. O. Box 204 Nantucket, MA 02445 p 508 825 9993 f 508 228 8943 info@cfnan.org

T rustees Ann Colgrove Robert Dean Felch William H. Frist, M.D. Peggy Gifford Katherine S. Lodge Tom Maggs Eileen P. McGrath Susan Chase Ottison John Penrose Phillip F. Stambaugh Doug Unruh Michael D. Varbalow, Esq. Nancy Whitcomb Advisory Committee Dan Drake Wade Greene Reginald Levine Rev. Eugene McDowell Alison Monaghan Richard Oman Lynn Petrasch Clarissa Porter Mimi Young Staff Margaretta S. Andrews Executive Director

ON THE COVER (from top to bottom): CFNan Trustees Susan Ottison and Eileen McGrath; Karen Urban, Frank Rovinski and their children Isabelle and Christopher; Peter Louderback and Frank Spriggs; Mimi Young, Rev. Dr. Bruce Rigdon, and Donald Porter

Photography: Eileen Powers/Javatime Design