Community Foundation in Top Philanthropic Tier Nationally
Local Organization Meets Rigorous Standards for Quality and Accountability
Danville, VA – The Community Foundation of the Dan River Region recently received notification that it has met for the second time the nation’s highest philanthropic standards for operational quality, integrity and accountability. The notice comes from the Community Foundations National Standards Board, a national accreditation organization based in Arlington, Va.
“This is similar to the Good Housekeeping Seal for community foundations,” said Diane Miller, Manager, Community Foundations National Standards Board. “It says that The Community Foundation has demonstrated a commitment to operational quality, integrity and accountability.”
The National Standards for U.S. Community Foundations program requires community foundations to document their policies for donor services, investments, grantmaking and administration. With over 200 community foundations already confirmed in compliance nationwide, the program is designed to provide quality assurance to donors, as well as to their legal and financial advisors. Community foundations must submit documentation for recompliance every five years.
“This is critically important to our donors,” said Debra L. Dodson, Executive Director of The Community Foundation. “When people make a memorial gift, set up a charitable bequest, or establish a fund, they are putting their trust in us. They are counting on us to manage the investment wisely and honor their charitable wishes. The National Standards confirmation says our house is in order.”
The Community Foundation of the Dan River Region was established in 1996 and currently has assets of more than $23 million, with $1 million awarded annually in grants and scholarships. The foundation works with individuals and groups to establish a range of charitable funds, allowing donors to advance a cause such as education or the environment, support an individual organization, provide flexible support for community needs or recommend individual grants. In addition to affirming the organization’s philanthropic services, the confirmation validates The Community Foundation’s grantmaking practices for the nonprofit community.
“Some say it’s easier to create wealth than to give money away wisely,” said Niki Fallis, Community Foundation board president. “There’s some truth in that. Grantmaking is a lot like investing… we need to assess risks, weigh potential gains, diversify assets, monitor performance and operate fairly. When you see the National Standards Seal, you can be assured that we’re committed to meeting the highest standards for grantmaking as well.”
The National Standards for U.S. Community Foundations program is the first of its kind for charitable foundations in the United States.
Through philanthropic services, strategic investments and community leadership, The Community Foundation of the Dan River Region helps people support the causes they care about, now and for generations to come. For more information, contact the foundation at 541 Loyal Street, Danville, VA 24541, or call 434-793-0884 or visit www.cfdrr.org.
The Community Foundations National Standards Board is a supporting organization of the Council on Foundations that administers and advances National Standards for U.S. Community Foundations by ensuring the integrity of the accreditation process and building the value of compliance. Visit www.cfstandards.org for more information about the program and organization.