Rochester Area Foundation in Top Philanthropic Tier Nationally
Press Release
October 30, 2006
Local Organization Meets Rigorous Standards for Quality and Accountability
Rochester, MN—
Rochester Area Foundation recently received notification that it has
met the nation’s highest philanthropic standards for operational quality,
integrity and accountability. The notice comes from the Council on
Foundations, a national professional association based in
Washington, D.C.
Because the Foundation has met the National Standards, it is now
permitted to use the Council on Foundations’ official seal, pictured
here. The seal is recognized by professional advisors, donors and
prospective donors as a sign of excellence.
“This is similar to the Good Housekeeping Seal for community
foundations,” says Steve Gunderson, Council on Foundations president
and chief executive officer. “It says that Rochester Area Foundation
has demonstrated a commitment to operational quality, integrity
and accountability.”
The National Standards for U.S. Community Foundations Program
requires community foundations to document their policies for
donor services, investments, grantmaking and administration. The
program is designed to provide quality assurance to donors, as
well as to their legal and financial advisors. In order to
receive confirmation of compliance with the National Standards,
foundations must provide extensive documentation that demonstrates
the integrity of their financial and organizational practices.
To date, more than 500 community foundations nationwide have
pledged to meet these standards and over 200 have received
confirmation.
“This recognition is critically important to our donors,” said David
Stenhaug, Rochester Area Foundation board chair. “When people make
a charitable bequest, establish a fund or set up an annuity, they
are putting their trust in us. They are counting on us to manage
the investment wisely, honor their charitable wishes and, in some
cases, provide lifetime income to a loved one. The National Standards
confirmation says our house is in order.”
Rochester Area Foundation manages a range of charitable funds,
allowing donors to advance a cause such as education or community
development, support an individual organization, provide flexible
support for community needs or recommend individual grants. In
addition to affirming the organization’s philanthropic services,
the confirmation validates Rochester Area Foundation’s grantmaking
practices for the nonprofit community.
“Some say it’s easier to create wealth than to give money away wisely,
” said Steve Thornton, Rochester Area Foundation executive director.
“There’s some truth in that. Grantmaking is a lot like investing
—we need to assess risks, weigh potential gains, diversify assets,
monitor performance and operate fairly. When you see the National
Standards Seal, you can be assured that we’re committed to meeting
the highest standards for grantmaking as well.”
The National Standards for U.S. Community Foundations program is
the first of its kind for charitable foundations in the United States.
About Rochester Area Foundation
The Rochester Area Foundation’s mission is to strengthen community
philanthropy by promoting responsible and informed giving and to
assist donors in meeting their charitable objectives. The Foundation
is dedicated to using its resources to improve the quality of life,
promote greater equality of opportunities, and to develop effective
methods to assist those in need in Olmsted County. The Rochester
Area Foundation makes grants in the fields of arts and culture,
community development, education, human services and recreation.
Learn more at www.rochesterarea.org.
About Council on Foundations
The Council on Foundations is a Washington, D.C.-based nonprofit
membership association of more than 2,000 grantmaking foundations
and corporations, with assets totaling more than $280 billion. The
Council provides the opportunity, leadership and tools needed by
philanthropic organizations to expand, enhance and sustain their
ability to advance the common good. For more information on the
Council, visit its website at www.cof.org.
