Heroes - storage.googleapis.com...The MLK Celebration has consistently planted itself in people...

12
OF PHILANTHROPY 2018 ANNUAL REPORT COMMUNITY FOUNDATION OF WEST KENTUCKY H eroes

Transcript of Heroes - storage.googleapis.com...The MLK Celebration has consistently planted itself in people...

Page 1: Heroes - storage.googleapis.com...The MLK Celebration has consistently planted itself in people thus, it has been named one of our heroes OF PHILANTHROPY. A hero IN MADISONVILLE/HOPKINS

O F P H I L A N T H R O P Y

2 0 1 8 A N N U A L R E P O R TCOMMUNITY FOUNDATION OF WEST KENTUCKY

Heroes

Page 2: Heroes - storage.googleapis.com...The MLK Celebration has consistently planted itself in people thus, it has been named one of our heroes OF PHILANTHROPY. A hero IN MADISONVILLE/HOPKINS

*Scott Powell, President

Regional President USBANK

*Chris Black, Vice President

Ray Black & Son - President

*Vicki Brantley, Sec/Treasurer

Paducah Bank – Auditor

*Jerry Severns, Retired – CPA

*Ron Jackson, Attorney at Law

*Gary Houston, Attorney at Law

*Joe Framptom, Paducah Bank, CEO

George Shaw, Paducah Bank, Bus. Dev.

Jamey Brown, UBS – Agency Manager

Carney Allen, Retired CPA

Rick Leeper, Retired Business Owner

Angie Jackson, Ex. Dir. - Cassidy’s Cause

Ken Wheeler, Retired Marine Executive

Gerry Montgomery, Former Mayor

Bill Paxton, Former Mayor

Art Davis, School Principal

Genie Drossos, Community Supporter

Mark Hequembourg, Kemper – CPA

Mark Whitlow, Retired Attorney

Harold Hurt, Murray Affiliate

Terry Bunnell, Glasgow Affiliate

Tim Thomas, Madisonville Affiliate

Tony Watkins, Executive Director

Rhonda Henderson, Finance Director

*Executive Committee

Great philanthropy begins with our community heroes and their vision for a better,

brighter, safer tomorrow.

The Community Foundation of West Kentucky helps people who care make

lasting contributions to causes that matter. It is our privilege to help achieve their

philanthropic dreams that will impact our community for generations to come.

The pages of this Annual Report are filled with stories of our community’s heroes.

You will read about a giving couple, a wise sportsman, a group of visionary

women, a future-focused community, a community that annually celebrates and

a community that mourned.

It takes all types of people, giving people engaged in philanthropy, to truly

make an impact. As we move forward our positive and lasting impact is only

made possible by the vision of those that don’t just give, they invest. They invest

what they have been blessed with through their work into the very foundation of

what enabled them to obtain it, their community. A gift is given and gone; an

investment is made and returns well beyond. These are our heroes!

On behalf of the Community Foundation of West Kentucky Board of Directors and

professional staff, we thank you for being our heroes and allowing us to do good

work on your behalf. There are many more stories of giving heroes to be told,

perhaps yours can be next?

With gratitude,

Tony Watkins Executive Director

Scott Powell Board Chairman

A hero IN ALL OF USboard of directors

PO Box 7 • Paducah, KY 42002 270.442.8622

www.cfwestky.org

C O M M U N I T YF O U N D A T I O Nof M a r sha l l C ou n t y

C O M M U N I T YF O U N D A T I O Nof Glasgow-Barren County

Page 3: Heroes - storage.googleapis.com...The MLK Celebration has consistently planted itself in people thus, it has been named one of our heroes OF PHILANTHROPY. A hero IN MADISONVILLE/HOPKINS

OUR COMMUNITIES AT WORK

murray women in numbers

pow impact grant finalists

philanthropy 360 event

paducah paxton challenge

The Challenge for Charities raised over $618,000 this year!

Page 4: Heroes - storage.googleapis.com...The MLK Celebration has consistently planted itself in people thus, it has been named one of our heroes OF PHILANTHROPY. A hero IN MADISONVILLE/HOPKINS

Gene Hipp was known for his love of family, friends and sports, as well as his quick wit and that slow drawl.

He was born in Missouri, but was a lifelong resident of Paducah and was married 52 years to the love of his life Edna.

Both Gene and Edna were loyal Country Club members. He often told stories of playing at the “old club” on Pines Road and at Paxton Park. Gene was an excellent golfer and all around athlete. He was captain of the track, football and basketball teams at Paducah Tilghman, and was granted a football scholarship to the University of Tennessee, Martin. He was extremely active, an avid sports fan who enjoyed hunting and fishing.

Gene also loved to dance gaining the nickname of “Twinkle Toes Hipp”. His contagious smile brightened a room as he walked in and captivated you with his genuine spirit. He served his country and his work ethic was evident as he worked almost until his passing.

Perhaps his greatest gift was that he was a very giving person. As Gene grew ill, as always he got his affairs in order and made provisions for the things he cared about deeply.

One of those organizations was Cassidy’s Cause, a therapeutic riding program for those individuals with disabilities. Gene loved the concept, the impact it has made in people’s lives, and wanted to make sure it continued in the future. In his will, Gene made a provision for Cassidy’s Cause to receive funds, which they used to start an endowment bearing his name. Because of his generous and loving act, it is proclaimed that Gene Hipp is one of our heroes OF PHILANTHROPY.

A hero IN PADUCAHgene hipp

From left, Angie Jackson, Founder

and Executive Director, along with

fellow volunteers of Cassidy’s Cause.

Page 5: Heroes - storage.googleapis.com...The MLK Celebration has consistently planted itself in people thus, it has been named one of our heroes OF PHILANTHROPY. A hero IN MADISONVILLE/HOPKINS

Dwain and Mary Taylor have been residents of Murray since 1969, at the time Dwain and his brother Dan purchased the Chevrolet dealership. Dwain and Mary lived in Fulton

Kentucky from 1964 to April 1969, where Dwain and his brother Dan owned the Chevrolet-Buick dealership.Mary is a graduate of Martin High School in Martin,

Tennessee, and UT Martin. Dwain graduated from Hazel High School and Murray State University. They met when

Mary went to the dealership in Fulton to purchase a new car from Dan Taylor to drive to California where she had been

employed to teach school. They started dating and Mary’s trip to California was canceled. Mary taught school in Martin,

Tennessee, and East Prairie, Missouri. They were married in October 1964. They have two children, Renee Taylor

Gwin and Malcon Taylor, both of whom reside in Nashville, Tennessee, and one granddaughter, Taylor Gwin.

Mary is a member of the Board of Directors for the Carson Center in Paducah. The Taylors have been supporters of

the Carson Center since its inception. In addition, Mary is a charter member of Women In Numbers, which is made up of women in Murray-Calloway County that are dedicated to the support of Non-

Profits through annual grants and funding of an endowment. Women In Numbers is an affiliate of the Murray-Calloway County Community Foundation. Dwain and Mary have always been strong

supporters of charities in Murray.

Upon the founding of the Murray-Calloway County Community Foundation in 2010, they were among the first donors and they have since been repeated annual donors. They are the largest donors to date having established an endowment for Green Plains Church of Christ in memory

of Dwain’s parents, John Tom and Della Taylor, as well as, they established an endowment for the University Church of Christ in memory of Dwain’s brother, Tommye D Taylor. They have taken

advantage of the Endow Kentucky income tax credit each year since its inception and have made substantial gifts to endowments of the Foundation for the past several years.

In 2016, Dwain and Mary were honored as the first recipients of the Philanthropists of the Year award from the Murray-Calloway County Community Foundation. In the absence of the generosity of the

Taylors, the Foundation would not be where it is today. Dwain and Mary Taylor are a sterling example of how a couple can be one of our heroes OF PHILANTHROPY.

heroes IN MURRAY-CALLOWAY COUNTYdwain & mary taylor

Pictured, left to right, are University Church of

Christ, and Green Plains Church of Christ

Page 6: Heroes - storage.googleapis.com...The MLK Celebration has consistently planted itself in people thus, it has been named one of our heroes OF PHILANTHROPY. A hero IN MADISONVILLE/HOPKINS

The Community Improvement Foundation in Madisonville and Hopkins County is annually deeply immersed in the Martin Luther King Celebration. In fact, Tim Thomas, the Board President has been involved for 36 years, and this year was no exception.

Tim has been a Kentucky Human Rights Commissioner as well as the CIF Board President and coordinated the event since its inception. It is believed to be the longest running celebration of Dr. King in the state.

Tim and his group work very hard to bring amazing keynote speakers whom speak on cultural diversity. In addition, there are performances by community choirs, regional youth praise teams, gospel soloist and others. Hundreds of people attend the event annually and pay respect to Dr. King and to raise funds for the MLK Scholarship Fund.

Annually, the Community Improvement Foundation partners with the Madisonville Community College to award scholarships from the proceeds of the MLK Celebration. The scholarships go to current students planning to continue or complete their educational journey.

The Community Improvement Foundation, since its beginning, has invested itself into the community through projects and people, which is part of their long range vision. There is an old proverb that says, if your vision is a one year, plant wheat, if your vision is ten years, plant a tree, but if your vision is for a lifetime, plant people. The MLK Celebration has consistently planted itself in people thus, it has been named one of our heroes OF PHILANTHROPY.

A hero IN MADISONVILLE/HOPKINS COUNTY36th martin luthur king celebration

Pictured, left to right, Tim Thomas, CIF Board

President; Alecia Liles and Evan

Massamore, Recipients of the MLK

Scholarships; and Dr. Cindy Kelly, President

of Madisonville Community College

Page 7: Heroes - storage.googleapis.com...The MLK Celebration has consistently planted itself in people thus, it has been named one of our heroes OF PHILANTHROPY. A hero IN MADISONVILLE/HOPKINS

POW! Partnership of Women is a community of women that seeks to transform lives in the Henderson County area through high-impact and lifelong giving.

The idea of POW is simple. Everyone pools their financial resources, and becomes a partner to change Henderson County. There is no fundraising, no canvassing, no buying other people’s stuff, no endless meetings, or no car washes. You give annually (in any denomination), and $500 annually gives you a vote on where that money is donated.

The founding group met their original goal to engage 50 women and have grown each year. They continue this endeavor by setting aside half of the money and putting it into a permanent endowment fund. The other half is disbursed in grants into the community at their annual dinner. It is that simple. If the monetary commitment is a concern, they have developed a variety of ways to participate. You can even partner with a friend to pay and share the vote.

Over the years, POW has put the money donated to work into the community while endowing almost equally as much for long term giving in perpetuity. The more the fund grows, the greater the impact POW will have.

Here are few examples of past grant recipients: St. Anthony’s Hospice, Cairo School STEAM Program, Habitat for Humanity, and a new AC unit for the Father Bradley Shelter for Women and Children. The Brain Injury Adventure Camp received the first grant in 2013, which made possible their 5,800 square foot facility for 16 campers.

POW has achieved great success in a short period of time through hard work and dedication. Their commitment to transforming Henderson County is evident. One can easily recognize that POW is a real hero OF PHILANTHROPY.

A hero IN HENDERSONpow! partnership of women

Pictured is the East End Park

Shelter Groundbreaking Ceremony

Partership of Women

Page 8: Heroes - storage.googleapis.com...The MLK Celebration has consistently planted itself in people thus, it has been named one of our heroes OF PHILANTHROPY. A hero IN MADISONVILLE/HOPKINS

The Unrestricted Fund enables the Glasgow – Barren County Community Foundation to act quickly on the community’s behalf when needs arise or opportunities knock. Established by Terry Bunnell to be much more than a rainy day fund that is limited to emergency situations, the Unrestricted Fund responds to unanticipated possibilities as well as unexpected challenges. Better than a nest egg that is tucked away for use in the distant future, the Unrestricted Fund builds permanent resources that address Barren County’s needs and opportunities today and tomorrow.

Because donors to this fund recognize that community priorities change over time, they place no restrictions on their gifts. This gives the Community Foundation and its Board the flexibility to say “yes” to grant requests that have the potential to initiate positive change, respond to immediate circumstances, support innovative ideas, implement pilot ideas and expand proven programs. Like all gifts to the Glasgow – Barren County Community Foundation, contributions to the Unrestricted Fund are tax deductible and can take the form of cash, securities, property or other assets. Each donation, large or small, becomes part of the growing and permanent Unrestricted Fund Endowment that is supervised by professional investment managers and all the grants are reviewed by a committee before being approved by the Foundation’s governing board for final action.

Because of the impact the Unrestricted Fund will have on the Glasgow and Barren County now and in the future, we have declared it a great heroic symbol of philanthropy.

C O M M U N I T YF O U N D A T I O Nof Glasgow-Barren County

A hero IN GLASGOW/BARREN COUNTYcommunity foundation unrestricted fund

Pictured, from left, Barren River Lake

State Resort Park, Barren County

Courthouse, and the Glasgow

Highlands Games program

Page 9: Heroes - storage.googleapis.com...The MLK Celebration has consistently planted itself in people thus, it has been named one of our heroes OF PHILANTHROPY. A hero IN MADISONVILLE/HOPKINS

On January 23, 2018 at 7:55 AM as students were gathering for the start of classes at Marshall County High School, a 15 year old student opened fire on his fellow students, killing two and wounding eighteen others.

While this tragedy shook the community and the wounds will last for years, some remarkable events took place. First of all, the outpouring of support nation-wide was unbelievable. From the moment the national news broadcast the story, letters, notes and donations flowed in. Acknowledgments from the President, Congress, national figures, celebrities, sports stars, the University of Kentucky Basketball Team and Coach Cal all expressed their

support. Individuals, businesses, corporations and various providers all pitched in with profits from t-shirts, memorial bracelets, window decals and other signs of support. People held bake sales, concerts, prayer meetings, spaghetti dinners and auctions to raise funds to help out the families of this tragedy. The local Rotary Club became the Fiscal Agent for all the funds that were being donated and soon they had reached a total of over $600,000.

The local Rotary Club knew what they wanted to do, but needed some assistance in establishing a scholarship fund, along with its policies and procedures, and a permanent endowment vehicle to fund it in perpetuity. The Club reached out to the Community Foundation of West Kentucky with its affiliate in Marshall County. Together, we were able to establish the Marshall Strong Scholarship Program, which will provide scholarships for Marshall County students for decades to come.

The funds are currently invested in two funds, one a Temporary Fund so immediate scholarships can be awarded for the next five years. The second fund is the Marshall Strong Endowed Scholarship Fund which is invested and will soon earn enough to provide scholarships forever. Because of their fortitude and the vision of this community, it is evident that Marshall County and all those whom participated in the MARSHALL STRONG effort are real heroes OF PHILANTHROPY.

C O M M U N I T YF O U N D A T I O Nof M a r sha l l C ou n t y

A hero IN MARSHALL COUNTYmarshall strong

Pictured are just a few

examples of surrounding

communities showing their

Marshall Strong support.

Page 10: Heroes - storage.googleapis.com...The MLK Celebration has consistently planted itself in people thus, it has been named one of our heroes OF PHILANTHROPY. A hero IN MADISONVILLE/HOPKINS

Assets Cash and cash equivalents $ 3,673,704 Accrued investment income 37,091 Investments 22,055,428 Grants and other receivables - Property and equipment, net 982 Prepaid expenses 6,997

Total Assets $ 25,774,202

Liability and Net Assets Accounts payable $ 31,941 Agency funds 2,632,565 Liability to beneficiaries 160,227 Liability under split-interest agreement 82,281

Total Liabilities $ 2,907,016

Net Assets Unrestricted $ 2,841,997 Permanently restricted 26,242 Retained earnings (1,053)

Total Net Assets $ 22,867,186Total Liabilities and Net Assets $ 25,774,202

Revenue and Support Public Support Gifts, grants and donations $ 1,408,815 Revenue Investment income/(loss) (1,396,048) Other income 25,397 Transfer to Agency funds (7,000) Change in value of split-interest liability 5,155

Total Revenue and Other Support $ 36,319

ExpensesProgram Services Grants $ 1,301,851 Projects 32,908Management and General 287,028

Total Expenses $ 1,621,787Change in Net Assets $ (1,585,468)Net assets, Beginning of the Year 24,452,654Net Assets, End of Year $ 22,867,186

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTSdecember 31, 2018

summary statement of financial position

The Community Foundation of West Kentucky is audited on an annual basis. Copies of the

most recent audit and Form 990 are available at the Foundation office located at 333 Broadway, Paducah, Kentucky.

summary statement of activities

Page 11: Heroes - storage.googleapis.com...The MLK Celebration has consistently planted itself in people thus, it has been named one of our heroes OF PHILANTHROPY. A hero IN MADISONVILLE/HOPKINS

Funds at the Community Foundation of West Kentucky can be either endowed ornon-endowed funds. An endowed fund is a perpetual fund from which grants are given annually. A non-

endowed fund is one in which grants are given throughout the year.

An endowment is a permanent fund on which the earnings are available for grants for nonprofit organizations while the principle (the amount deposited into the fund) remains intact. The amount available

for the grants are based on the Community Foundation’s spending rate. Our current spending rate is 4%.

Every donor who establishes an endowed fund at the Community Foundation of West Kentucky receives quarterly statements detailing all transactions in and out of the fund and investment performance.

Whenever the funds are invested, the donor may recommend to the Foundation on where to grant the income/earnings only, based on the Foundation’s spending rate. The non-endowed funds may be

granted in whole or however the donor chooses and the spending rate is waived. Both endowed and non-endowed funds are able to accept donations at any time.

The advantages we offer to a donor lie in our ability to simplify the giving process, by offering flexibility, local expertise, and administrative convenience. We can accommodate nearly any kind of giving a donor

wants to do, either a present gift or deferred. We have staff members who can help you define your giving interests, research worthy charities, or even arrange site visits. We have financial advisors that handles all the

investments (if desired), we can provide the check writing and other back office functions.

Because we are a public charity and not a public foundation, federal law does not require us to distribute any set amount in grants each year, so donors can contribute more to the fund in one year, then

recommend grants over time as their giving interests dictate. Most gifts from donor advised funds whether endowed or non-endowed, go to IRS-recognized public charities.

Co nsider An IRA Charitable RolloverIndividuals may begin taking distributions from their Individual Retirement Accounts (IRAs) as early as age 59½, but are required to begin taking them at age 70½. Normally, these distributions are subject to income taxes. The IRA Charitable Rollover provision, established under the Pension Protection Act, and recently made permanent by Congress, allows individuals who have reached age 70½ to donate up to $100,000 to charitable organizations directly from their IRA, without treating the distribution as taxable income. In order to qualify, contributions must go directly to a public charity and be made from traditional IRAs or Roth IRAs. Donors may receive no goods or services in return for their contributions, and must obtain written documentation of their contribution from each recipient charity.

BECOME A hero OF PHILANTHROPYendowed vs non-endowed

Page 12: Heroes - storage.googleapis.com...The MLK Celebration has consistently planted itself in people thus, it has been named one of our heroes OF PHILANTHROPY. A hero IN MADISONVILLE/HOPKINS

WWW . C FWE S T K Y . O RG

PO BOX 7 • PADUCAH, KY • 270.442.8622