That is 100% true and I feel so good about it, even though it wasn’t my money, to begin with.
You see, I am on the Advisory Board of the Long Island Community Foundation and we met this morning to approve the final round of grants to be issued this year. The individual grants ranged from $10,000 to $50,000 in the fields of health care, education, conservation and environment, homelessness, hunger, legal services and technical assistance were given to charities across all of Long Island. Today’s grants bring the annual amount to somewhere north of $1.5 Million.
The Long Island Community Foundation is an arm of the $2.9 Billion New York Community Trust. Established by NYCT in 1978, LICF has been addressing the needs of diverse populations and communities on Long Island with grants that cover many different programs and needs.
Although the granting of such sums of money seems significant, the number of grant requests that went unanswered was more meaningful. The limitation of funds available is a shortcoming in the eyes of the LICF staff and the board. Too many qualified requests from organizations trying to have an impact on serious problems for our fellow Long Islanders languish or never come to be without monetary assistance.
2017 will see a renewed campaign to significantly increase the endowment of donor advised funds resident at LICF and thereby allow better and more robust responses to important and worthy grant requests. However, the balance of 2016 will be used to encourage those year-end gifts and bequests that will add to the available endowment.
LICF is looking for corporations and individuals to open funds and make their contributions available to our non-profit and charitable organizations. LICF handles all the details, vets the charities to assure they follow the best practices, assesses the use of granted funds, and requires impact reports. Their expertise ensures donors that their gifts are maximized and used correctly.
Being in the legacy assistance business is very rewarding. Many funds established years ago are still performing significantly well to allow the principal to remain untouched and produce funds for grants year after year.
What do you Love? What will your legacy be?