W. Moorhead Vermilye, Chairman of the Mid-Shore Community Foundation (MSCF) announces the FY 2015 performance results. “Transparency is important, especially in community philanthropy where we need to be accountable to the community,” said Mr. Vermilye. 2015 was an extraordinary year.
Thanks to the support of the community, MSCF received $6.6 million in donor contributions. This represented a $4.3 million increase over a very good year in 2014.
As is typical of a community foundation, most of these contributions came from estates in settlement. These assets, together with an additional $1.1 million from investment earnings, brought our total assets to $56.8 million, an 8% increase in spite of an uneven investment market.
In FY 2015, the MSCF awarded over $2.99 million in grants and related charitable expenses to 302 charities and 99 individuals. The individuals were recipients of $469,194 in scholarships with an average award of $4,739. Over the past 5 years, MSCF has awarded $10,745,000 in grants and scholarships. There are now 330 funds managed by the Foundation. Importantly, even with continued growth, we kept our operating expenses at a remarkable 1.1% of total assets. Overall, our operating expenses totaled $642,801.
Vermilye credits the board, volunteers and staff for the success of the MSCF and invites members of the community to visit the Bullitt House. He also invites members of the community to attend the Foundation’s Annual Event – Report to the Community and Awards Luncheon, to be held on November 19, 2015 at Chesapeake College. Individuals interested in attending should contact Heather Pickens at [email protected].
A copy of the Foundation’s 2015 Report to the Community is available online at mscf.org. To request a copy by mail, call 410.820.8175.
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