Annual Report 2014 by CFWNC

YEAR

END Report YEAR

2014

END

the community foundation of western north carolina

better together

2014

Board and Staff. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .3 From the Chair and President. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 4 Year in Review. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . 5-8 Grants by Program Area . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 9 Fund Profile - Dan Lucas Memorial Fund. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . 10 Sources of Grantmaking Funds. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..11 Fund Profile - The Oliver Family. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . 12 Becoming a Fundholder. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 13 Fund Profile - The Flying Doghouse Fund. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 14 Focus Areas. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 15-16 Services for Advisors . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . 17 Advisor Profile – John Kelso . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 18 Services for Donors. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . 19 Fund Profile – Trina Mullen Fund . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 20 Women’s Philanthropy . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . 21-22 Regional Affiliates. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 23-24 Services for Nonprofits. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 25 Nonprofit Fund Profile – North Carolina Outward Bound School . .. .. .. 26 Scholarships . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . 27 Fund Profile - Hazlehurst Eagle Scout Scholarship Fund . .. .. .. .. .. .. .. .. .. . 28 Financials. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 29-30 Photo: Kids in the Creek, an educational program of the Haywood Waterways Association, received a grant from the Pigeon River Fund. Photo by Gary Peeples

board of directors James W. Stickney, IV Chair A.C. Honeycutt, Jr. Vice-Chair G. Edward Towson, II Treasurer Laurence Weiss Secretary Maurean Adams William Clarke Jennie Eblen Ernest E. Ferguson Charles Frederick Howell A. Hammond Darryl Hart Susan Jenkins Stephanie Norris Kiser Tina McGuire Lowell R. Pearlman Ramona C. Rowe George W. Saenger Anna S. (Candy) Shivers Jerry Stone Sarah Sparboe Thornburg Stephen Watson Sharon Kelly West

staff Sheryl Aikman Vice President, Development

james w. stickney Chair

Philip Belcher Vice President, Programs Elizabeth Brazas President Spencer Butler Donor Relations Officer Diane Crisp Grants Manager Becky Davis, CFRE Development Officer Naomi Davis Accounting Associate Virginia Dollar Senior Program Officer Lucy McCullough Hazlehurst Development Administrative Asst Lindsay Hearn Communications Director Maria Juarez Scholarship Officer

elizabeth brazas President

Graham Keever Chief Financial Officer Tim Richards Senior Program Officer Jennifer Sadler Finance Administrative Assistant Tara Scholtz Senior Program Officer Beth Semadeni Office Manager Janet Sharp Staff Accountant Sally Weldon Director of Information Technology Marcia Whitney Regional Development Officer

Photos by Michael Oppenheim

F r o m

t h e

The Foundation sits at the intersection of donor interests and community needs. It’s a seat of privilege, and we are honored to serve this region.

C h a i r

a n d

P r e s i d e n t

When you partner with this Foundation, you join a family of donors with diverse interests who share a common goal to give back and strengthen Western North Carolina. The Community Foundation offers people who are already charitable a better way of giving now and beyond their lifetimes, if they choose. The theme of this report is Better Together. The Foundation serves our donors, and their generosity makes our work possible and supports nonprofits across the region and beyond. This year’s grants totaled $14.2 million, $10.6 million of which was given on the advice of donors.

We support 130 regional nonprofits by offering them expertise in administration and management of their investments. Working with CFWNC enables them to access institutional-caliber investment strategies and charitable offerings such as annuities and remainder trusts. We give a leg up to the next generation of leaders through our scholarship funds. We extend the benefits of philanthropy throughout Western North Carolina by partnering with our nine affiliate funds. We encourage best practices and capacity building by supporting WNC Nonprofit Pathways. Philanthropy is our only business, and charitable intent is inherent in everything that we do. Our unique role as philanthropic advisor benefits both donors and nonprofits. Our staff understands the region, knows the nonprofit community and is informed regarding donor interests and capacity. The Foundation sits at the intersection of donor interests and community needs. It’s a seat of privilege, and we are honored to serve this region. It is our pleasure to share this report with you. In the following pages, you will read stories of families who choose to work with CFWNC to honor a family member or who appreciate the professionalism of our staff and the strength and efficiency of our processes. You will learn about our grant programs, focus areas and services for donors, advisors and nonprofits. The achievements in this report are not ours - they are yours and your neighbors’. People come to us with a vision, and we work with them to implement it. We apply our regional knowledge and relationships with nonprofits to make good things happen. We are better together because there is strength in collaboration, pooled resources and commitment to the betterment of our community. Gratefully,

Elizabeth Brazas President

James W Stickney, IV Chair of the Board of Directors

YEAR in

2014 People in Need Grant Cycle

CFWNC made People in Need Grants totaling $943,773 to nonprofits serving economicallydisadvantaged populations across the 18-county region. The awards were made in partnership with the Janirve Legacy Fund, CFWNC affiliate funds and nineteen generous fundholders. The grants mean greater access to health care, hunger relief, job training, child services, literacy programs and much more.

Many challenges face young men and women who age out of foster care when they turn 18. Eliada School of Trade Arts (ESTA) received a $20,000 People in Need Grant supported by the Dr. Robert J. and Kimberly S. Reynolds Fund. ESTA combines supported housing and training to help older youth emerge from foster care with stable housing and a vocation. Photo courtesy of Michael Oppenheim.

EARLY CHILDHOOD DEVELOPMENT

The Nurse Family Partnership (NFP) was awarded $150,000 over three years to establish a program to serve Haywood, Jackson, Macon and Swain counties. NFPs serve low-income, Medicaid-eligible first-time mothers. NFP is one of the oldest and most thoroughly evaluated nurse home visitation programs in the nation. Through regular inhome visits, nurses work with enrolled mothers to improve maternal health, promote healthy child development and support mothers with issues such as continuing school, finding work or establishing adequate housing. Home visits start early in pregnancy and continue until the childâ&#x20AC;&#x2122;s second birthday. When fully staffed, the new program will serve 100 families. The Brown Family Fund, the WassonStowe Charitable Fund and an anonymous fund partnered with CFWNC to support this grant.

The Fund for Mitchell County board members Susan Larson and Daniel Barron toured Camp Spring Creek with Director Susie van der Vorst and CFWNC Senior Program Officer Virginia Dollar.

Camp Spring Creek, located near Bakersville in Mitchell County, provides the opportunity and tools for dyslexic children to become better students and gain confidence. A $20,000 People in Need Grant is supporting Camp Spring Creek Outreach, which offers professional training to teachers who work in rural public schools in Mitchell, Yancey and Avery counties. The program has the potential to reach more than 600 students. The Fund for Mitchell County and The Yancey Fund have also supported the teacher-training program. Photo courtesy of CFWNC.

REVIEW A contract packing program at Blue Ridge Food Ventures on the A-B Tech campus in Enka was created through a $20,000 Food and Farming grant. Launched in 2005 by AdvantageWest, the nonprofit uses a shared commercial kitchen to incubate small businesses. A contract packer, or co-packer, manufactures and packages foods or other products for clients, according to their recipes

and guidelines, allowing them to shift staff and resources from production to other key business functions. “Food production facilities are expensive and extensively regulated,” said Chris Reedy, executive director of Blue Ridge Food Ventures. “It’s very hard for a small-time producer to find a company that will take on packaging a few hundred gallons of salad dressing.” Photo courtesy of BRFV.

food and farming

Janirve Sudden and Urgent Need Grants totaled $88,158. SUN grants are awarded to help human service organizations experiencing a crisis that threatens their ability to provide services. Learning Links grants offer public school teachers up to $800 to provide experiential learning projects for students in eleven counties. This year, 60 grants were awarded totaling $46,102. The grants are made possible by the Ben W. and Dixie Glenn Farthing Charitable Fund and the Cherokee County Schools Foundation Endowment Fund.

ULTRASOUND PURCHASED FOR YANCEY CLINIC

An estimated 2,000 patients are benefiting from ultrasound equipment purchased for the Blue Ridge Medical Center Yancey Campus through a partnership between CFWNC and the Blue Ridge Regional Hospital Foundation. CFWNC contributed $18,500 in matching funds - $10,000 through a Janirve Sudden and Urgent Need grant and $8,500 in other CFWNC discretionary funds – to enable the hospital to purchase needed equipment after a full-time OB/GYN physician was recruited. Photo courtesy of Blue Ridge Regional Hospital Foundation.

Na t u r a l a n d Cu l t u r a l Re s o u r c e s

The Blue Ridge Forever coalition of land trusts received $50,000 to support efforts to permanently protect ten properties vital to the natural and cultural heritage of the region. The funds are being used to help cover closing costs, often a barrier to completing conservation transactions. In May, the Conservation Trust for North Carolina (CTNC) accessed $5,000 to close the purchase of the pristine, forested, 47-acre Jackson Spur property, which borders the Blue Ridge Parkway and other protected properties near the Heffner Gap Overlook located at Parkway milepost 326 in Mitchell County. Photo courtesy of CTNC.

Twenty years after Aaron Prevost and other community leaders provided the seed money to start an endowment, The Fund for Haywood County has reached a milestone by surpassing $1 million dollars!

T R A N S Y LVA N I A

Friends and supporters of the Transylvania Endowment gathered in June for the 2nd Annual Transylvania Cup, celebrating the Endowment and its contributions to the region. In partnership with CFWNC, the Endowment has made 84 grants totaling nearly than $770,000 in Transylvania County. Photo courtesy of The Transylvania Endowment.

Pigeon River Fund Awards a Record $506,000 Two grant cycles conducted by the Pigeon River Fund this year awarded a record $506,000 for water quality projects in Buncombe, Haywood and Madison counties. Among the grants was $15,500 awarded to the Conservation Trust for North Carolina to support the acquisition of the 53-acre Pinnacle Ridge tract and to increase outreach to landowners to facilitate the protection of the headwaters of Richland Creek in Haywood County. A $50,000 grant will repair access points on the French Broad River at Barnard Park in Madison County. Improved ramps will decrease river bank erosion and will replace those damaged by floods. Haywood Waterways Association received $56,000 to continue implementing the Haywood Watershed Action Plan and to increase awareness of water quality issues through programs such as Kids in the Creek (pictured above). Since 1996, the Pigeon River Fund has distributed nearly $5 million in grants. Photo courtesy of Gary Peeples.

A FFILIATE

The McDowell Endowment and McDowell Healthcare Foundation partnered to make joint grants for the first time in 2014. Working together, they supported nonprofits and served people in McDowell County.

Three Affiliate Funds Launch Independent Grant Programs and Award $185,000

Three affiliate funds â&#x20AC;&#x201C; Black Mountain - Swannanoa Valley Endowment Fund (BM-SV), Cashiers Community Fund and Rutherford County Endowment â&#x20AC;&#x201C; have launched independent grant programs that provide them flexibility to fund a wide variety of projects and nonprofits in their communities. The grant programs, detailed on the website, acknowledge that these affiliate funds have reached an asset level that allows them to award meaningful and significant regional grants. These funds also have the opportunity to partner with CFWNC to support People in Need grants. Photo courtesy of BM-SV Endowment Fund.

CFWNC is pleased to welcome Susan Jenkins, Billy Clarke and Stephen Watson to the Board of Directors. The individual strengths and experience of our community volunteers guide the growth and direction of the Foundation.

TRAC Art Apprentices

The Toe River Arts Council (TRAC) was awarded a $20,000 People in Need grant for an arts apprentice program offering nine young adults in Mitchell and Yancey counties the opportunity to learn the business side of the art world by working in local galleries and assisting professional artists in their studios. They are learning and practicing day-to-day tasks involved in running an arts-based business. The apprentices will leave the program with work and life skills to enable them to connect effectively with a growing regional industry. Photo courtesy of TRAC.

G R A N T S

b y

P R O G R A M

A R E A

Animal Welfare - 1%

Religion - 8%

Arts - 6%

Scholarships - 2%

8% religion 2% scholarships

Community - 17% Health - 18%

18% health 18% people in need

Environment - 7%

23% education 7% environment

Education - 23%

People in Need - 18%

17% community 6% arts

Competitive Non-Competitive T O T A L

1% animal

• Animal Welfare • Arts • Community/Economic Vitality • Environment • Education • Health • People in Need • Scholarships • Religion TOTAL

N/A

$57,283

$175,595

$772,959

$948,554

$809,028

$1,549,691

$2,358,719

$440,112

$610,528

$1,050,640

$540,584

$2,693,657

$3,234,241

$214,985

$2,375,061

$2,590,046

$1,073,436

$1,487,562

$2,560,999

$311,200

N/A

$311,200

N/A

$1,130,956

$3,564,940

$10,677,697

$14,242,638

Honoring a Life & Celebrating Passions The Lucas Family opened the Dan Lucas Memorial Fund to remember and honor the life of Dan Lucas, a scientist, musician and outdoor enthusiast. “Dan spent most of his adult life in Western North Carolina,” said Dayna Lucas, Dan’s mom. “We knew about nonprofits here and are able to support causes that Dan cared about.” The Fund makes grants in three focus areas – art and music, outdoors and conservation and science. Dan attended UNC Asheville where he studied music. He enjoyed kayaking and skiing while living

in Western North Carolina. He was studying chemistry at UC Berkeley when he died.

running quickly and that was easy and straightforward to do through The Community Foundation.”

“It felt very important to us as a family to honor Dan’s life by doing something celebratory,” said Greg, Dan’s brother. “We wanted to get the fund up and

The Fund has recently supported the French Broad River Academy, LEAF Programs for children in Costa Rica and an Eco Musicologies Conference at UNC Asheville.

“Working with The Community Foundation has made it easy for us to accomplish our goals for the Fund, celebrate Dan’s life and give back.”

“What we have been doing is finding opportunities to make big impact with smaller grants,” said Greg. “We give money to targeted programs where our funding can make a big difference.”

the lucas family To highlight Dan’s interests in education, conservation and kayaking, the Fund made a grant to the French Broad River Academy to establish the Dan Lucas Memorial Float, an annual event that will eventually support a full scholarship. Pictured above: Greg Lucas with his parents Dayna and Peter Lucas. Photo by Michael Oppenheim.

S O U R C E S

o f

G R A N T M A K I N G

Funding from CFWNC and its affiliates is awarded to a wide range of nonprofits, educational institutions and government agencies. In 2013-2014, CFWNC’s grantmaking totaled $14.2 million with $10.6 of this coming from donor advised, designated or agency distributions. Unrestricted - 1% Designated - 6% Field of Interest - 13%

Affiliates - 2% Scholarships - 2% Donor Advised - 63%

Nonprofit - 13%

• Donor

Advised Grants are made at the recommendation of the donors whose gifts established the funds or the named advisor.

• Nonprofit Funds provide cost-effective

investment strategies and enhanced stewardship for nonprofit organizational assets.

• Field of Interest Grants are awarded through

our Focus Area and other grant programs. Fundholders often choose to co-invest in grants, according to their interests, to achieve more impact with their charitable dollars.

• Designated Grants are made from funds created by a donor to support a specific nonprofit organization.

• Affiliate Funds

support regional philanthropic and fundraising efforts in partnership with local leaders who build charitable endowments and make grants to local nonprofits. Three of our nine affiliate funds – Black Mountain – Swannanoa Valley Endowment Fund, Cashiers Community Fund and Rutherford County Endowment – offer grant programs for their communities; the other six affiliates partner more closely with the Foundation to support nonprofits through the People in Need grant program and other co-investment opportunities.

• Scholarships are awarded to help students

achieve their educational goals. CFWNC administers 60 scholarship funds for students across our region.

D o n o r A d v i s e d Fu n d s Wo r k f o r A s h e v i l l e Fa m i l y Jim Oliver and his daughters Esther and Emily have been working with the Foundation since 2008. The family opted to create donor advised funds to accomplish their charitable goals, create a legacy and eventually involve a younger generation. “I was considering starting a foundation and talked it over with my advisor; he suggested that I take a look at The Community Foundation,” said Jim. “Our family now has four donor advised funds that we use to facilitate our giving, and the process is much simpler for us.”

“You can make donations to your fund when you need to and allocate the funds on your own schedule. I often tend to give anonymously,” he continued, “and working with the Foundation enables me to do that while being fully informed about the grants we make and the organizations we choose to fund.”

“We trust the Foundation and the people we work with there. It is very reassuring to know that everything is in place for the future.”

Jim works with his daughters Esther and Emily to support causes important to their family and in tribute to their mother. “Working with the Foundation has helped us learn about opportunities and organizations that we wouldn’t have known about, and if we want to know more, they provide details or schedule site visits for us,” said Esther. “I know that the information we get from the Foundation is vetted and trustworthy.”

the oliver family Photo by Michael Oppenheim

BECOMING A FUNDHOLDER Philanthropy is our only business. We offer some of the most flexible and tax-advantaged giving vehicles for donors today. We work with generous people during their lifetimes and as long-term stewards of their legacies. Our expertise, tools and regional knowledge mean that we can offer creative solutions and compelling opportunities. Create a Fund A variety of fund types allow you to focus on a specific issue, organization or region, all with the level of involvement you choose and all according to your needs and timing. You can choose to focus on favorite causes or a region. You can secure income and tax advantages now and provide for a future charitable gift with a charitable gift annuity or charitable remainder trust. Contact us to see how we can help you achieve your charitable goals. What to Give CFWNC can turn even the most complex assets into a charitable gift. We can work with you and your advisors to devise a giving strategy that meets your goals. Common gifts include: Cash This is the simplest, most convenient way to establish a fund or add to an existing one.

Your gift of $10,000 or more can start a fund. Gifts of any size may be added to an existing fund. Appreciated Property Appreciated securities, closely held stock and real estate are all suitable gifts and may be deductible as a charitable contribution. Capital gains taxes can be avoided in most cases and deductions can be taken immediately and carried forward for up to five years. Retirement Accounts If you hold an IRA or other qualified retirement plan, you can name the Foundation as a beneficiary. Life Insurance Designate The Community Foundation as the owner and irrevocable beneficiary of a life insurance policy and you can enjoy an immediate tax deduction as well as deductions on future premiums.

Private Foundation When you transfer the assets of a private foundation to create a donor advised fund at The Community Foundation, you free yourself from administrative tasks and have a team of experts to assist you in your strategic philanthropic goals. Your foundation can retain its name, purpose and grantmaking discretion. We take care of the administrative functions, reporting and financial management. Collective Giving If you are not yet ready to open a fund, you may contribute to any of CFWNCâ&#x20AC;&#x2122;s Field of Interest Funds to support positive change in our region. These gifts fuel our grantmaking and allow us to respond to needs as they emerge. Gifts are taxdeductible and will be carefully stewarded by our staff.

Planning for the Future Through the Flying Doghouse Fund Drs. Jill Vargo and Tony Sciara worked with The Community Foundation to plan their legacy and support their community in ways meaningful and important to them. The Flying Doghouse Fund is an expectancy fund; there are no funds in it now but a place and a plan for the future.

flying; we are both multi-engine, instrument-rated pilots. We met each other flying and have found flight together to be a great joy. The ‘doghouse’ part of our name pays tribute to our furry family members who have brought each of us love, affection, companionship and joy.”

“The name of our fund is descriptive of our lives together and interests we have shared,” said Tony. “The ‘flying’ part of the name references our love of

The Flying Doghouse Fund will support animal welfare, education, outreach work at the Cathedral of All Souls Episcopal Church and scholarship programs for beginning pilots.

“We have loved being a part of the community in Asheville and Buncombe County, which has nurtured us in many ways and been the foundation of our adult lives. It is our hope that contributions from the Flying Doghouse Fund will enhance this region for years to come. It would be fantastic if our work with the Foundation encouraged others to leave a legacy by funding activities and interests that have been meaningful in their lives.”

jill vargo & tony sciara The Flying Doghouse Fund

“We trust The Community Foundation to award grants to nonprofits doing great work in the fields we care about.”

Photo by Michael Oppenheim

LEADERSHIP LEVERAGE INNOVATION

FY 2014 Focus Area Funding: $1,514,390 Total Investment: $3,719,523

early childhood development With our work in Early Childhood Development, we support young children in realizing their full potential by improving educational and developmental outcomes, especially for children who are not in formal early childhood development programs. We make grants to raise public awareness of the importance of investing in early childhood development, to implement evidence-based programs and to advocate for changes to public policy that will enhance the lives of young children in our region.

FY 2014 Investment - $125,000 Total Investment - $365,000

food and farming

Through our Food and Farming focus area, we contribute to the revitalization of a sustainable local food system, maximize economic opportunities for local farmers and food entrepreneurs and support the sustainability and profitability of WNC farms. We also work to address food insecurity and facilitate nutrition and healthy eating. We make grants to expand, strengthen and replicate proven strategies including: supporting new or transitioning farmers; linking public benefit programs for vulnerable children, families and seniors with strategies to increase access to healthy foods; and encouraging the development of a food system that values local food and offers employment opportunities.

FY 2014 Investment - $167,824 Total Investment - $303,879

focus fund

Based on the priorities identified by our community and board, CFWNC selected early childhood development, food and farming, natural and cultural resources and people

in need as areas of focus for our discretionary grants. Our website includes lists of all focus area grants and acknowledges fundholder co-investment.

natural and cultural resources The Foundation works to preserve and cultivate our regionâ&#x20AC;&#x2122;s sense of place by investing in cultural and environmental projects and programs that protect or enhance the quality of life in Western North Carolina. Our grants help protect our natural resources, including landscapes, vistas and historic sites, and support and develop the arts-based economy, which is a major economic driver in our region.

FY 2014 Investment - $202,600 Total Investment - $375,100

area ding

people in need In partnership with donors and affiliates, CFWNC works to address critical needs facing our region's most marginalized populations. Grants in this focus area are awarded through an annual People in Need grant cycle and through rolling applications to the Janirve Sudden and Urgent Needs grant program.

FY 2012 Investment - $694,411 FY 2013 Investment - $962,167 FY 2014 Investment - $1,018,966 Total Investment - $2,519,003

Photos: bottom left, courtesy of The Yancey Fund; top right, Michael Oppenheim; bottom right, courtesy of the Black Mountain-Swannanoa Valley Endowment Fund

SERVICES FOR ADVISORS P R O F E S S I O N A L

We can help you:

• Match client interests with tax-planning needs • Create and implement charitable plans integrated with major business, personal and financial decisions

We can help your clients:

• Maximize tax benefits with lifetime gifts that are immediately tax deductible or planned gifts that can reduce estate and inheritance taxes • Build a legacy with an endowed fund • Create a legacy with named funds that offer the option of ongoing involvement • Support their passions by helping to identify regional funding opportunities

When your clients’ needs involve charitable giving, The Community Foundation is here to help them navigate their options. For more than 35 years, we have served as a trusted resource, developing personalized solutions, confidentially and without a fee. Our services can help you extend and deepen client

relationships, expand your role and connect family members over generations. We offer advisors: • An annual professional seminar with continuing education credit • Informal “lunch and learns” • An e-newsletter to keep you informed and connected

The Professional Advisory Committee connects the Foundation with professional advisors across the region. The members are recognized as leading and trusted advisors. The committee includes: Sarah Thornburg, McGuire, Wood & Bissette, P.A, Chairperson; Joel Adams, Raymond James Financial Services; L. Daniel Akers, Jr., Altavista Wealth Management, Inc.; Andrew D. Atherton, Patla, Straus, Robinson & Moore, P.A.; Mike Begley, Begley Law Firm, P.A.; Larry Casper, Edward Jones; Cindy D. Causby, CTFA, AEP®, C&C Senior Services; Vincent D. Childress, Jr., Roberts & Stevens P.A.; R. Walton Davis, R. Walton Davis, III, P.A.; Bob Deutsch, Robert J. Deutsch, P.A.; Betty Doll, Doll & Associates, Long Term Care Insurance Services; Kerry Friedman, Patla, Straus, Robinson & Moore, P.A.; Jacqui Friedrich, Altavista Wealth Management, Inc.; Robert Gillis, Wells Fargo Private Bank; Larry B. Harris, CPA, CFP, Burlingham & Harris, P.A.; Melanie Johnson, Dixon Hughes Goodman, LLP; Harris Livingstain, McGuire, Wood & Bissette, P.A.; Shon Norris, Gould Killian CPA Group, P.A.; Kale Olson, Oppenheimer & Co. Inc.; James Plaster, Altamont Capital Management; Susan Taylor Rash, Adams Hendon Carson Crow & Saenger, P.A.; Townsend Tanner, Wells Fargo Advisors, LLC

Navigating Charitable Giving Options Asheville attorney John Kelso has been working with CFWNC since he started practicing law in 1997. “Attorneys, CPAs and other advisors I worked with told me about the Foundation,” says John. “And, many of my clients worked with or knew about the Foundation. It is remarkable that CFWNC is so consistent in the high quality of its services and relationships, both with donors and professional advisors.” “People can consult with the staff without feeling they are

going to be pressured to make a donation or set up a fund,” he continues. “Some people benefit from simply talking with the staff about their areas of charitable interest. They learn new information about needs in that area, the organizations doing the

“CFWNC has earned my respect and gratitude by treating my clients just as I would – with integrity, creativity and care. They really do a great job.”

work, maybe the history of prior projects that have succeeded or not, and other issues that may not be obvious unless you have deep involvement and understanding.” “Part of the Foundation’s mission is to encourage philanthropy in the community, regardless of whether that philanthropy flows through the Foundation,” he says. “Working with the Foundation is an opportunity for my clients to connect with bigger community efforts.”

john kelso A t t o r n e y , Va n W i n k l e L a w F i r m Photo by Michael Oppenheim

SERVICES FOR DONORS

Highlands Community Fund donor Stell Huie, photo by Michael Oppenheim

Alignment With Your Goals When you establish a fund at CFWNC, we work with you and your advisor to structure a charitable giving plan that meets your goals and supports the causes that you care about most. If you request, we will help you identify giving opportunities or combine your giving with others to make a meaningful difference. Advice and Research Philanthropy is our only business. CFWNCâ&#x20AC;&#x2122;s staff engages daily with nonprofits and community leaders. At your request, we will research topics, programs and organizations. We will consult experts, arrange site visits (pre and post grant) and present funding opportunities to you based on this work and our knowledge of your passions. Our commitment makes your giving experience simple, convenient and rewarding.

Investment Options While each fund is accounted for separately, the Foundation's assets are pooled for investment purposes, yielding significant economies of scale. We know that when people and nonprofits place money with us, they trust us to have a sound investment policy and the discipline to adhere to it. Investment managers are charged with maintaining and increasing the inflation-adjusted value of the Foundation's permanent funds with the goal of meeting charitable distribution and grantmaking needs in Western North Carolina. Grants Management The program staff works to ensure that our fundholders have the information needed to make strategic community investments. Essential due diligence is embedded in our grant processes. Donor Central,

our online system, provides quick and convenient access to your fund to recommend grants and monitor fund activity. Collective Giving Fundholders work in partnership with the Foundation to support effective organizations. Fundholders have access to emerging programs and projects in the areas they most care about. Because we have unique opportunities to leverage common interests and pool resources, these grants have meaningful impact. Estate Planning When the time comes to plan your legacy, we can work with you and your advisors on sophisticated and taxadvantaged strategies.

Tr i n a M u l l e n Fu n d f o r Pr i t c h a r d Pa r k Honors Downtown Advocate Trina Mullen loved Asheville, especially downtown’s Pritchard Park. Trina passed away in 2013, but her legacy lives on through the urban waterfall that bears her name and the fund created by her husband Patric Mullen and friend and cohort Mary Ann West to care for Pritchard Park in perpetuity. Mullen was born and raised in Asheville. She worked as a public school teacher, later serving as an advocate for the poor through Legal Aid of North

Carolina and finally as vice president for Nortel Networks in the Raleigh area. She retired, moved home and devoted her time to helping people and improving downtown Asheville. “When we moved back, the park needed to be beautified and made safe,” said Patric. “Trina got excited about it, and it became a cause.” “We were a great team,” said Mary Ann. “Trina worked on the fundraising

“The Foundation is rock solid and has a great reputation and we are proud to be a part of it.”

and I was on the beautification end. When we were adopting the park, the city held our feet to the fire regarding sustainability. The Fund at The Community Foundation gives us a lot of confidence.” “Working with The Community Foundation is convenient and we like the fact that they thank donors quickly,” she continued. “The quarterly statements make it very easy for us to see who has contributed and what is available to devote to projects at the park.”

mary ann west & patric mullen Trina Mullen Fund Photo by Michael Oppenheim

WOMENâ&#x20AC;&#x2122;S PHILANTHROPY

Representatives of OnTrack Financial Education and Counseling received a $75,000 grant at the 2014 Power of the PurseÂŽ. Photo by Michael Oppenheim.

The Women for Women giving circle makes smart, substantial grants to projects supporting women and girls across Western North Carolina. From 2009 to 2014, the grant program invested in economic selfsufficiency for women and girls in Western North Carolina. With the 2015 awards, the focus will shift to the Facilitation of Safe Living Environments for Women and Girls. Women for Women members make a tax-deductible contribution of $1,100 each year for at least three years. Annually, $1,000 is granted to deserving

nonprofits and $100 supports costs such as printing, site visits and meetings. CFWNC provides administrative and grantmaking support. With membership exceeding 270 and as one of the most successful giving circles in the Southeast, Women for Women always welcomes new members. Every member has a voice and a vote and determines her level of participation. Members learn about issues facing women and girls and can choose to take advantage of opportunities to volunteer, advocate and network.

CFWNC President Elizabeth Brazas with Speaker Sponsor Phyllis Patton; photo by Michael Oppenheim.

Visit www.cfwnc.org for a complete list of Women for Women members, membership details, grant stories and more. For additional information, please contact Becky Davis at bdavis@ cfwnc.org or 828-367-9905.

Grantmaking

Advocacy

2014 grants totaled $210,000, and included:

The work of the Women for Women Advocacy Committee leverages the work done by the non-profits supported by their grants. Anyone is welcome to participate in these efforts. Visit the website for details.

• Eliada Homes - $50,000 to expand the Eliada School of Trade Arts to female students

Eliada School of Trade Arts; photo by Michael Oppenheim

• OnTrack Financial Education and Counseling - $75,000 to support and expand the Women’s Financial Empowerment Center • Mainstay - $50,000 for the Dandelion Eatery Job Training program in Henderson County, which prepares at-risk women for jobs in the food service industry • Clean Slate Coalition $35,000 to launch Clean Slate Enterprises, a direct service program for women living in the Jackson County group home that provides them with work experience and improved life skills

Senator Olympia Snowe; photo by Michael Oppenheim.

The Power of the Purse® Senator Olympia Snowe and former Clinton press secretary Dee Dee Myers were featured speakers at the sold-out 10th Annual Power of the Purse®, which took place May 20 in Asheville. Myers and Snowe discussed the difficulty of finding compromise in a divided D.C. and the role of women in leadership. In a wideranging conversation guided by moderator Steve Solnick, president of Warren Wilson College, they lamented political polarization and the focus on

fundraising in Washington. Each year, Power of the Purse® brings a powerhouse female speaker or performer to Western North Carolina. The 2014 event raised more than $100,000 for CFWNC’s Women’s Fund.

Dee Dee Myers; photo by Michael Oppenheim.

The 11th Annual Power of the Purse® takes place May 19, 2015 and features Orange is the New Black author and prison reform activist Piper Kerman.

The Women’s Fund The Women’s Fund is a permanent endowment. Its proceeds are distributed through the Women for Women grant program. Gifts of any size can be made to The Women’s Fund. This year, Power of the Purse® raised $105,000 bringing the endowment to $885,000.

R E G I O N A L

A F F I L I A T E

F U N D S

For 22 years, The Community Foundation has helped extend philanthropy across Western North Carolina through geographic affiliate funds. Each affiliate’s endowment fund grows through gifts, makes grants now and is a permanent philanthropic resource for the future. Through local leadership, affiliates connect resources to needs.

“Every community needs visionaries who imagine a better tomorrow.” Ken & Layne Racht Transylvania Endowment

Clockwise from top left: Highlands Outdoor Classroom, photo courtesy of Highlands Community Fund; The Rachts, photo by Michael Oppenheim; Rutherford County Endowment donor Dick Wilkins, photo by Michael Oppenheim; 2nd Annual Transylvania Cup, photo courtesy of Transylvania Endowment; Sweet Home Swannanoa, photo courtesy of Asheville Area Habitat for Humanity

Black Mountain – Swannanoa Valley Endowment Fund Established in 1999; June 30 assets* nearly $2.3 million Board members: Sandra Abromitis, Mike Begley, Gladys Brooks, John Buckner, Julia A. Capps, John Corkran, Chip Craig, Lynn Deese, Barbara Griffin, Carol Groben, Jerone Herring, Roger Hibbard (Chair), Greg Kershner, Gretchen Naff, Archie Pertiller, Connie Root, Joe Standaert and Lori Turley

Highlands Community Fund Established in 1996; June 30 assets* exceeded $1.2 million Board Members: Tricia Allen, Katherine Bowman, Laney Capron, Caroline Cook, Gayle Cummings, Amanda Gregory, John Hopkins, T. Wood Lovell, Jean Manz, Sid Nurkin (Chair), Nancy Parker, Stan Sharp and Allen L. "Buck" Trott *The Board also makes grants from the Mildred Miller Fort Charitable Fund.

*The Board also makes grants from the Buckner Family Endowment Fund, the Helen S. and Jerry M. Newbold, Jr. Endowment Fund and the Forbes Fund for Black MountainSwannanoa Valley.

*The Board also makes grants from the Lyn K. Holloway Memorial Fund.

The Fund for Haywood County Established in 1994; June 30 assets* exceeded $1 million Board Members: Louise Baker, Michael Beadle, Parrish Ezell, Dionne Ghaussy, George D. Ivey (Chair), Rolf Kaufman, John Keith, Bruce Kingshill, Christine Mallette, Scott McLeod, Peggy Melville, Jeremy Phillips, Bennie Sharpton and Sarah Wenzel *The Board also makes grants from the J. Aaron and Adora H. Prevost Endowment Fund and the Mib and Phil Medford Endowment Fund.

Rutherford County Endowment Established in 1996; June 30 assets exceeded $1.8 million Board Members: Jane A. Bell, John Condrey, Forest Edwards, Nick Elliott, James Faccone, Mike Gavin, Vernon Hoyle, Katy Hunt, John Kinlaw, Sally Lesher, Karen Moore, Juanita Newton, Janice Paris, Michael S. Tanner, Nancy Tanner (Chair) and Diane Warner

Transylvania Endowment Established in 1998; June 30 assets* exceeded $910,000

Cashiers Community Fund Established in 1992; June 30 assets* exceeded $3.2 million Board Members: Lisa Bates, Sanford Bishop, Jeanne Builder, Patrick Carlton, Charles W. Coker, T. Wayne Davis, Robert Dews, David S. Dimling, Louis M. Freeman, Shannon Hargrove, Jochen Lucke, Sam Lupas, Will Madden, Becky McKee, Edward G. Michaels III, Sarah Nelson, Harry Phillips, Jr., Toby Summerour, Tommy A. Valenta, R. Preston Wailes, Margaret Smith Warner, Eleanor Welling (Chair) and Dennis Winchester

Lamberson, Susan Larson, Sue Ledford, Cindy Lindsey, Fred Manning, Silvia Peterson, Nikki Street, Chris Warren and Sandra Williams

Graduates celebrate at the Black Mountain Home for Children, photo courtesy of Black Mountain – Swannanoa Valley Endowment Fund

The McDowell Endowment Established in 1995; June 30 assets* exceeded $960,000 Board Members: Ellen “Bunnie” Salsbury Burgin, George Simeon Butler, Arthur Campbell, Rebecca B. Cross, Simeon R. Cross, Laura Dover (Chair), Amy England, W. Hill Evans, Nancy Hunter, Ray McKesson, Rob Noyes, Sharon Lee Parker, and Joy Shuford *The Board also makes grants from the Margaret Westmoreland Gibson Memorial Fund, Greenlee Family Fund, A.C. Hogan Family Fund and the Daniel I. and Joy Q. Shuford Fund.

The Fund for Mitchell County Established in 1999; June 30 assets exceeded $320,000 Board Members: Daniel Barron (Chair), Brett Cloer, Jane Crowe, A. Christopher Day, Patty Elkins, Rhonda Gunter, Delphia

Board Members: Sara Champion (Chair), John Goins, W. Andrew Harvill, Ken Henry, Char Holbrook, Beth Holimon, Patti Jerome, Maurice Jones, Betsy Jordan, Amye McCallie, Linda Neumann, Lydia Odell, Layne Racht, Louisa Reed, Margaret Riecke, John R. Rowe, Jr. and Jerry Stone *The Board also makes grants from the Richard G. Adamson Memorial Fund, Burlingame Charitable Fund, Duncan-Bicknell Endowment Fund, Lake Toxaway Charities Endowment Fund, My Brother’s Keeper Fund, Bobby Orr Memorial Fund for Transylvania County Sherriff’s Department, Karen Wilde Memorial Fund for Brevard Police Department and the Transylvania Directors’ Fund.

The Yancey Fund Established in 1998; June 30 assets exceeded $735,000 Board Members: Patricia Bennett, Mel Chin, Paul “Bubba” Crutchfield, William O. Cullom (Chair), Elliott Grosh, Howell Hammond, Dick Kennedy, David McIntosh, Jim McQueen, Tom Oreck, Ron Powell, Wanda Proffitt, Dick Soffe, David Strawn, Carol Wilson, Carol Woodard, Fred Young and Sam Young

To learn more about our affiliates, visit www.cfwnc.org. 24

SERVICES FOR NONPROFITS WNC Nonprofit Pathways Formed in 2006, WNC Nonprofit Pathways is a fundersâ&#x20AC;&#x2122; collaborative supporting the nonprofit sector through technical advice, consultancies and grants. It also hosts the Duke Certificate Program in Nonprofit Management. Pathways is built upon the belief that strong organizations make strong communities.

Grant Funding CFWNC awards grants throughout the year to nonprofit organizations, schools and public agencies. The majority of our grants (60%) are donor advised. Grants from discretionary funds and field of interest funds are made in alignment with our focus areas. Grant opportunities are on our website. Nonprofits are encouraged to subscribe to CFWNC enews and to follow CFWNC on Facebook to stay informed.

Grant programs are listed on the website. For additional information, contact Diane Crisp at 828-367-9904.

With our partners, we support the efforts of nonprofits to be as efficient and effective as possible. In addition to CFWNC, funding partners include the Cherokee Preservation Foundation, Mission Hospital and United Way of Asheville and Buncombe County. Last year, this collaborative made Capacity Grants totaling more than $110,500. Pathways is also supported by The Duke Endowment, Kate B. Reynolds Charitable Trust and the Blue Cross and Blue Shield of North Carolina Foundation.

For information, visit www.nonprofitpathways.org.

Nonprofit Funds The Community Foundation helps more than 130 regional nonprofits by offering them expertise in administration and management of their investments. Working with CFWNC enables nonprofits to access institutional-caliber strategies in a cost-effective manner and complements their development efforts with our full range of offerings such as charitable gift annuities and charitable remainder trusts. Nonprofits gain access to layers of supervision, diversity of investments, benchmarks and standards that an independent portfolio might not command on its own.

For information about opening a nonprofit fund, contact Sheryl Aikman at 828-367-9900.

North Carolina Outward Bound School Provides Life-Affirming Experiences Whitney Montgomery, Executive Director of the North Carolina Outward Bound School (NCOBS), recalls a letter he received from a mother. She wrote, “My son was having an extremely tough time at home and in school. When he arrived home from his wilderness course, we quickly noticed a change. He said this was the largest challenge he’s had in his life, and that he was wholly successful in handling it.” NCOBS challenges people to achieve more than they ever

thought possible. “We offer courses for teens, adults, school groups, educators, business professionals and veterans that are challenging and inspiring,” said Montgomery. “Our wilderness expeditions help people discover their potential and build meaningful, personal skills. And, thanks to our strong donor base, we

“NCOBS is grateful for the trusted relationship we share with The Community Foundation.”

are able to help more and more people each year.” Recognizing the importance of honoring the needs of donors and building endowment, NCOBS turned to CFWNC. “Philanthropy begins with connection—to a person, a cause, an organization and a set of values,” he continued. “We engage with The Foundation because we understand that the collective energy, sense of purpose and effective investments support our progress and the wider community.”

North Carolina Outward Bound School Nonprofit Fundholder

Photos courtesy of NCOBS

SCHOLARSHIPS Photo courtesy of Julia Schniedewind

This year, CFWNC approved scholarships totaling $311,200 to 99 students from Western North Carolina. The Foundation administers 60 scholarships funds; 45 run a spring cycle offered to high school seniors each year. “CFWNC’s spring scholarship cycle assisted 86 deserving students in 22 counties across Western North Carolina. These bright, focused, high-achieving scholars - 54 girls and 32 boys - are attending 55 schools and hold great promise for our region and future,” said Jennie Eblen, member of the WNC Regionals Selection Committee. “Our review committees engage nearly 100 volunteers, counselors, teachers and principals. It’s an honor to work with this group and to assist these bright students.” Scholarship endowments can have broad eligibility criteria or can be focused on a particular school or county, offered to students pursuing a degree in a stated field or available to those who will

attend a designated college or university. If you are interested in supporting or establishing a scholarship, contact Sheryl Aikman (aikman@cfwnc.org). Katrina Harris, pictured below, graduated from Franklin High School in Macon County and attends college at the University of North Carolina at Greensboro. She is a 2014 recipient of the 4-year-renewable Clyde and Mildred Wright Scholarship, valued at $20,000. “I am pursuing a major in chemistry and a double minor in biology and Spanish. Currently, I am enrolled in the International Honors College at UNCG. I have recently decided to pursue a degree in pharmacy. I plan to complete my prerequisites at UNCG before transferring to the University of North Carolina

Eshelman School of Pharmacy to earn my PharmD degree. These six years of schooling would have placed a huge financial burden on not only me, but on my whole family. However, with the help of The Community Foundation of Western North Carolina donors, my goals have become much more attainable.” Julia Schniedewind, pictured above, is a graduate of Asheville High School in Buncombe County and attends Salem College. She is the 2014 recipient of the one-time R. Walker Geitner III Memorial Scholarship. “I am beyond honored to be recognized for my hard work and gifted with this award. Everything that I have been able to achieve would not have been possible without the support and assistance of my parents, teachers, friends and community. It is now up to me to fulfill my long-term goal of turning my passion for art into a career. Thank you again for this opportunity.”

Photo courtesy of Katrina Harris

Passion for Scouting will Support Students A charitable gift annuity allows you to enjoy significant tax benefits while supporting the causes you care most about. For retired surgeon John Hazlehurst, the cause is scouting. He’s chosen to open several gift annuities that will ultimately fund scholarships for Eagle Scouts. “My own scouting career was interrupted, but it was very important to me,” said Hazlehurst. “Scouting motivated me to explore areas that continued to be life-long interests. I also think that the

scouting program pushed me along and made me more scholarly and inquisitive, perhaps leading me to medical school.” “When I started to think about how I wanted to give back, I decided that scholarships for Eagle Scouts in Buncombe County would enable me to support teens who had achieved

“I am fortunate that I have been able to take care of my family and do something to benefit other people.”

something and were motivated. Once fully funded, the Hazlehurst Eagle Scout Scholarship Fund will cover the cost of college for three students annually and will be run by the Foundation in perpetuity. “I decided to work with CFWNC because it is in the position to handle other people’s desires and wishes around charitable giving with a lot of confidence,” said Hazlehurst. “I have continued faith and confidence in CFWNC.”

john hazlehurst Hazlehurst Eagle Scout Scholarship Fund

Photo by Michael Oppenheim

STEWARDSHIP of COMMUNITY ASSETS The stewardship of The Community Foundationâ&#x20AC;&#x2122;s assets is a critical responsibility of the Board of Directors. The Investment Committee, comprised of local professionals with investment and financial expertise, has responsibility for all investment activities including policy, asset allocation and performance review. A consulting firm supports our work through analytical studies, manager searches and compilation of performance data. Multiple investment managers apply their knowledge and experience in portfolio management to the Foundationâ&#x20AC;&#x2122;s process. CFWNC has a sustained record of prudent investment management. We offer donors and

nonprofits access to institutional investment strategies and management typically available only to larger investors.

Altamont Capital Management

Merrill Lynch

A l t a v i s t a We a l t h M a n a g e m e n t

Parsec Financial Management

Boys Arnold & Company

Raymond James & Company

Fundholders can recommend an investment option from among multiple portfolios under the oversight of the Investment Committee. The primary investment pool utilized by our donors is a broadly-diversified portfolio that provides strategic allocations to equities, fixed income, alternative investments and real assets. The Foundation also maintains valued local investment management relationships with the following firms:

Colton Groome & Company

A N N U A L I Z E D I N V E S T M E N T R E T U R N S through 6/30/14:

A S S E T A L L O C AT I O N as of 6/30/14:

Domestic Equity 32.1% CFWNC Benchmark* International Equity 19.8% One Year 15.4% 16.3% Emerging Markets Equity 4% Three Years 8.7% 9.1% Alternative Investments 20.9% Five Years 11.5% 11.5% Real Assets 4.4% *The benchmark utilized is 60% MSCI World, 40% Barclays Fixed Income 16.1% Aggregate Index. Investment returns are reported net of Cash Equivalents 2.7% investment expenses. 100.0% Note: Standards of financial accounting for nonprofit organizations affect the reporting of charitable remainder trusts and certain endowment funds managed by CFWNC for other nonprofit organizations. On the Statement of Activities, among the categories of revenue and expense impacted by these reporting requirements are Contributions and Program Services, which includes grant distributions. References to Contributions and Grants in other parts of this annual report reflect total contributions received and total grants disbursed.

S TAT E M E N T

O F

F I N A N C I A L

Assets

Cash & cash equivalents Prepaid expenses Accounts receivable Note receivable Promises to give, net Investments Property and equipment, net Real estate Investments, permanently restricted

P O S I T I O N

2014 2013 3,406,975 29,249 42,554 1,000,000 87,241 138,516,192 2,631,795 713,186 92,571,046

1,956,098 16,749 52,601 1,000,000 168,302 115,168,318 2,703,970 713,186 89,800,387

Total assets 238,998,238 211,579,611 Liabilities and Net Assets Liabilities

Grants and scholarships payable Accounts payable and accrued liabilities Retainage payable Long-term debt Liabilities under split-interest agreements Funds held as agency endowments

Total liabilities

295,700 53,143 - 1,459,000 5,400,639 54,319,366

309,250 80,189 265,432 1,384,568 5,421,423 45,671,842

61,527,848

53,132,704

Net assets

Unrestricted (deficit) Temporarily restricted Permanently restricted

Total net assets Total liabilities and net assets

2,594,770 82,304,574 92,571,046

1,710,186 66,936,334 89,800,387

177,470,390 158,446,907 238,998,238 211,579,611

S TAT E M E N T O F A C T I V I T I E S 2014 Revenues and other support:

Contributions Investment income Realized and unrealized losses - net Realized loss on sale of real estate Change in value of split-interest agreements Management fee income Grant income Other income

Total revenues and other support

10,391,433 16,318,683 1,834,307 2,301,968 21,185,311 12,796,506 - (87,000) 252,937 292,055 394,681 345,504 113,117 71,300 227,907 256,049

34,399,693

Expenses

Grants and program services Supporting services

2013

13,998,299 1,377,911

32,295,065 10,668,791 1,185,693

Total Expenses 15,376,210 11,854,484 Change in net assets 19,023,483 20,440,581 Net assets, beginning of year 158,446,907 Net assets, end of year 177,470,390

138,006,326 158,446,907

the community foundation of western north carolina people place prosperity

4 Vanderbilt Park Drive, Suite 300 â&#x20AC;˘ Asheville NC 28803 828-254-4960 â&#x20AC;˘ www.cfwnc.org Cover images from top left clockwise: photo courtesy of NCOBS; parkway view, photo by Michael Oppenheim; SAHC Community Farm, photo courtesy of SAHC; Eliada School of Trade Arts Student, photo by Michael Oppenheim; photo courtesy of Folkmoot USA; Olympia Snowe, photo by Michael Oppenheim; strawberries, photo by Michael Oppenheim; John Kelso and John Hazlehurst portraits by Michael Oppenheim; Julia Schniedewind, photo courtesy of Julia Schniedewind; Sweet Home Swannanoa, photo courtesy of Asheville Area Habitat for Humanity Confirmed in compliance with national standards for US Community Foundations