Date Established: June 3, 2014
Hudson Valley nonprofits emerged out of the pandemic-related economic downturn as strong and as essential to the regional economy as ever, while simultaneously addressing heightened human service and related needs, according to a comprehensive study conducted by the New York Council of Nonprofits, Inc. (NYCON).
The research report, “Mission and More: The Economic Power of the Hudson Valley’s Charitable Nonprofit Sector” (https://hudsonvalleyfundersnetwork.org/resources/), which was commissioned by the Hudson Valley Funders Network, demonstrates that the nonprofit sector maintains a critical place in the Hudson Valley’s economy, providing nearly one out of every five non-governmental jobs in the region along with $7.4 billion in annual wages and an estimated $1.1 billion in state and federal payroll tax contributions.
BoardStrong’s mission is to help nonprofit organizations achieve the highest standards of board leadership, governance and oversight. This is done by providing nonprofit board training, consultation and educational resources. They also offer an online recruitment platform that helps organizations find talented board candidates from outside their networks. BoardStrong is a subsidiary of the New York Council of Nonprofits (NYCON). Learn more here.
The Hudson Valley Funder’s Network consists of a group of Hudson Valley Funders who came together to address nonprofit capacity needs during the COVID-19 pandemic. This consortium continue to provide support for nonprofits including information, resources, and support needed to build and strengthen and sustain its charitable missions. All Hudson Valley nonprofits are encouraged to access the workshops and resources which can be found here.
The Community Foundation is an ideal vehicle for building an endowment to help any non-profit organization better meet current challenges and provide long-term stability for the future of the organization. The Community Foundation provides investment oversight of the funds and many other services.
An agency endowment, which grows through gifts from generous donors and investment income, is a permanent pool of charitable dollars whose earnings benefit a specific organization. Only a portion of the earnings are spent for purposes determined by the nonprofit’s board, or in some cases, the wishes of the donor.
Organizations with an outstanding track record of service to the community, strong leadership and management, financial stability and accountability, a committed and diverse pool of donors, board and staff commitment to the effort, and the capacity to engage in this long-term fundraising strategy are the best candidates for endowment development.
An endowment demonstrates that your organization has made a long-term commitment to your mission. It provides an additional source of annual income. Endowment earnings can be used each year to help fund operations, programs, and unanticipated needs.
An agency endowment can be established by a non-profit, tax-exempt 501(c)(3) organization or by a donor of that organization.
Your board can readily establish an endowment with the Community Foundation by completing an agency fund agreement and making an initial contribution of at least $5,000.