Community Foundation Meets State & National Standards
The Community Foundation of Switzerland County, Inc. was recently reconfirmed as in compliance with the Ethical and Operational Standards for Indiana Community Foundations. Leaders of the Indiana community foundation field created the Standards in 2000 to aid community foundations in establishing legal, ethical, and effective operational practices that would demonstrate transparency and financial responsibility. The Community Foundation of Switzerland County was one of the first six community foundations in Indiana to be confirmed in compliance with the Standards when they were created in 2000 and therefore, were one of the first community foundations in the state to be reconfirmed this year.
In order to achieve Confirmation of Compliance with the Standards, community foundations must undergo an extensive review of their organizational and financial policies and procedures. The review is performed by trained, experienced community foundation practitioners, coordinated through the Indiana Grantmakers Alliance. Additionally, Indiana community foundations which successfully earn Confirmation of Compliance through this process are also recognized as being in compliance with the National Standards for U.S. Community Foundations.
Roger Parrott, president of the Community Foundation of Switzerland County, Inc. said “When people make a charitable bequest, establish a fund, or contribute to an existing fund at the Community Foundation, they are putting their trust in us. They are counting on us to manage the investment wisely and honor their charitable wishes. Adopting and adhering to both the Indiana and National Standards is the best way we can demonstrate our ongoing commitment to maintaining the trust of our donors and the entire community.”
Intended both as a blueprint for internal organizational development and as a tangible set of benchmarks for external assessment of performance, both the Indiana Standards and the National Standards address six key areas of community foundation operations:
* Mission, Structure and Governance, including standards defining board accountability, compensation, independence, fiduciary responsibility and representation of the community.
* Resource Development, including parameters for administration of funds, disclosures to donors and commitment to building long-term resources for varied community issues and causes.
* Stewardship and Accountability, covering prudent investment and management of funds, transparent record-keeping, use of funds for their intended purpose, annual audits and public availability of financial information, including standards related to due diligence and community responsiveness.
* Grantmaking and Community Leadership, including standards related to broad and open grantmaking programs, due diligence and responsiveness to changing community needs.
* Donor Relations, encompassing guidelines for informing, educating and involving donors in responding to community needs.
* Communications, including openness to public scrutiny and frequent communications about activities and finances.
Founded in 1997, the Community Foundation of Switzerland County holds more than $10 million in assets and administers more than 90 funds. These funds have generated almost $2 million in grants to programs and projects benefitting the Switzerland County community. If you would like to learn more about the Community Foundation and how you can make an impact on Switzerland County, stop in the Foundation’s office located at 303 Ferry Street in Vevay, call 427-9160, or email info@cfsci.org.