Annual Meeting And Awarding of Grants
In the late ‘ 70s , after the passage of Proposition 13 , a lot of public service and nonprofit agencies began to worry about the future of their programs . Bill Ayer , Director of Parks and Recreation for the City of Gilroy , was one of those . Along with a group of community leaders they started the Gilroy Foundation . The original idea to support Parks & Recreation evolved into a “ permanent saving account ” for all interests of Gilroy . The idea was to set up endowments where only 5 % of the money would be used each year .
In 1980 , the Gilroy Foundation incorporated and became a nonprofit 501c3 . The first Board of Directors was in place by 1981 . In 1983 , the first grants , $ 2,844 , were awarded . In 1984 , with about $ 60,000 in endowments , the Gilroy Foundation joined the then Santa Clara Valley Community Foundation .
Roll ahead about 35 years and the Gilroy Foundation has around $ 14 million in assets ( 2013 Financial Statement ). The Foundation has distributed over $ 3.6
million in grants and scholarships . The Foundation has an office and a paid staff in downtown Gilroy . The annual “ Day in the Country ” is the go-to event of the year . The Foundation , in addition to numerous funds , also serves as the administrator / fiscal sponsor for several pass through accounts . The Gilroy Foundation has its endowment invested through the Silicon Valley Community Foundation , formerly the Santa Clara Valley Community Foundation . This foundation has assets in excess of $ 4.7 billion and also provides support and advice to the local Gilroy Foundation .
The Gilroy Foundation manages and administers some 85 different funds . Most are endowment funds , which will go on forever ; others are limited and will “ sunset ” when all the funds have been distributed . The six types of funds in the Foundation are :
Designated Funds The donor selects a particular charity for the annual distribution .
Donor Advised Funds The donor specifies the annual recipient of the funds
Unrestricted Community Needs Funds The Foundation directs the distribution
Field of Interest Funds The donor selects the area ; the Foundation selects the recipient .
Nonprofit Partnership Funds The Foundation invests the funds for the nonprofit .
Scholarship Funds Donor and Foundation involvement varies according to the specifics of the scholarship . How has the Foundation grown so much ? Multiple factors go into that story . The idea of a local control seems to be a major motivator . “ Give Where You Live ” sums it up nicely . Stories about some of the funds give another perspective on the growth of the Foundation .
The Connell Family GUSD Music Fund started as a $ 50,000 endowment that required a match . The Packard Foundation
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