2003 a record year for charity group

ELLSWORTH – The Maine Community Foundation, the state’s largest community-funded charitable organization, closed the year 2003 on a high note. The foundation’s assets grew more than 25 percent last year to an all-time high of nearly $125 million. Contributions in 2003 nearly doubled compared with 2002, from $12 million to $23 million.

“It’s a terrific way to mark our 20th anniversary year,” said Henry Schmelzer, MCF president. “Even with uncertain times in 2003, we saw individuals, families and businesses making major long-term commitments to philanthropy,” Schmelzer said.

Wendy Penley, chairwoman of the MCF board, called 2003 “a spectacular year” for growth. The economy’s upturn helped, but Penley noted that the foundation also has been striving to work more effectively with donors. Many donors chose to add to funds they already established at the foundation. At the same time, 44 new funds were created, bringing the total under MCF management to 675.

The foundation also was named as the beneficiary of 17 bequests totaling more than $4 million. Part of the boost in last year’s giving is attributable to the foundation’s efforts to work with lawyers, accountants and financial planners who advise clients on making charitable gifts. “People in our state are extremely generous, in their wills and in their lifetimes,” Schmelzer said.

The Maine Community Foundation pools contributions, mostly from individuals, and then makes grants to projects and programs around the state. In its 20-year history, the foundation has awarded more than $50 million in grants and scholarships, including more than $8 million last year. The foundation also manages endowments and special funds for 47 nonprofit organizations in Maine.

MCF successfully weathered the rocky markets of the past several years. Its annualized investment return for the three years ending Dec. 31, 2003, was 3.5 percent, putting it in the black for the three-year period. The Maine Community Foundation also has avoided cutting positions over the period, maintaining its full staff complement.

Other foundation accomplishments in 2003 include helping to launch the Maine Compact for higher education and developing a five-year strategic plan that will guide the foundation through 2008.

For further information about MCF, please visit www.mainecf.org or call toll-free 1-877-700-6800.