April 27, 2007

Greene County Foundation Earns Confirmation of Compliance with National and

Greene County Foundation is being recognized for having organizational and financial practices that are in accordance 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 the foundations' transparency and financial responsibility in light of the increased public scrutiny of foundation practices. In addition, Standards were developed to distinguish community foundations from other philanthropic vehicles, build the capacity of community foundations to carry out their missions and assist the field with self-regulation in a manner viewed positively by the Internal Revenue Service.

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. 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.

The National Standards seal, pictured here, was developed for community foundations to signify that they have been confirmed in compliance with National Standards. Professional advisors and prospective donors will recognize the seal as an indication of the integrity and demonstrated excellence of the compliant foundation.

"Adopting and adhering to high standards is the best way we can demonstrate our ongoing commitment to maintaining the trust of our donors and the entire community," said Pete Halstead, president of the Greene County Foundation. "We are committed to reaffirming the honesty and integrity that are a hallmark of our foundation."

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 as a public charity in 1998, the Greene County Foundation works with charitably minded individuals and organizations to strengthen Greene County, now, and for generations to come. The Greene County Foundation has $4.5 million in assets, and since inception, has granted over $9 million. Over the last nine years, the Foundation has had a philanthropic impact in every school, town, city and informal community in Greene County.