Philomath Community Foundation

PCF Annual Report

The Philomath Community Foundation is presently a small foundation but we are growing and we intend to continue growing to help the interests of the Philomath area. We all know that Philomath is a unique community with a rich history of sharing and giving back to our community.

We have all seen, during this past year, a very weak economy which has put additional pressures on all of our budgets. Our board was worried about this but felt that Philomath Community Foundation needed to continue supporting our community at the same level as we have in the recent past, despite the hits our investment portfolio has taken. The very worthy causes we  ave supported had even greater needs this past year.

We felt it was not the time to reduce our support. We believe that making the existence of our foundation more broadly known in the community will attract gifts to help offset the negative portfolio returns we have all seen.

This annual report is our first attempt to provide a broad overview of our foundation so the community becomes more familiar with our activities. We feel we have a very positive mission that supports our community. We know we have community members who have supported Philomath in many ways over the years and want to continue to do so. We also know there are community members who want to honor visions or special concerns and we hope you will think of the Philomath Community Foundation when you become aware of a special passion that you or a friend have.

During the next year we would like you to help us become better known in the community. Any of our board embers will be happy to provide additional information about our foundation. We have no administrative expenses s we have no staff or office. Our work is carried out by a dedicated board of directors as a strong resource to support he legacy of the Philomath community.

Thank you for taking the time to open our correspondence. We look forward to providing periodic information about the  uccess of the growing Philomath Community Foundation.

Joe Malcom, President
Philomath Community Foundation

The Philomath Community Foundation was formed at the request of local citizens who believed there was a need for a foundation that could receive grants, gift endowments and trusts that would to be used for community improvements and projects that would benefit the citizens of the greater Philomath area.

The Community Response Team (CRT) formed in the early 1990's and the Philomath Project Year 2000 committee determined, through a series of meetings, to unite. Using the existing non-profit status of the Philomath 2000 organization, the name  was changed to Philomath Community Foundation. New by-laws were established, the Mission and Purpose statements were amended and the executive structure was modified. The new nine person Board of Directors commenced meeting in 1999 and has successfully transformed into an organized funding source for various projects, serving a variety of volunteer groups in and around Philomath.

The objective of the Philomath Community Foundation’s (PCF) investment activity is to preserve its capital and maximize its return consistent with an appropriate risk. Investments are made in order to position the PCF for optimal investment success and long-term sustainability. Currently, the target portfolio established by the PCF is to maintain a mix of stocks and bonds/cash to achieve the Foundation objectives. This mix will vary depending on the market conditions.

As a minimum, the PCF should, after preservation of capital, invest to earn returns sufficient to provide the annual charitable distributions plus the operating expenses of the Foundation.
 

The PCF has an investment committee to oversee the Foundation's investments and make recommendations to the PCF Board periodically as to the performance of the investments and whether a change in the portfolio mix is recommended.

The Philomath Community Foundation consists of two funds, a scholarship fund and a community fund. The primary purpose of the community fund is to make contributions to groups that provide services in the Philomath Area. The grants made will focus on the following areas:

• Youth and Family
• Community Services
• Elderly
• Arts and Economic Development