Formed in 1996 to make strategic grants to Long Beach nonprofits as well as assist individual donors with their philanthropic objectives, the Long Beach Community Foundation (LBCF) reached a record high $30 million in charitable assets under management, it was announced.
LBCF has maintained steady, significant growth for more than 20 years. Formed out of the Long Beach Estate Planning and Trust Council, its founding visionaries understood the need for a Community Foundation that exclusively supported the people of Long Beach.
“The Long Beach Community Foundation is distinctly poised to strengthen philanthropy and improve the Long Beach community,” LBCF Board Chair Gary DeLong said in a statement. “This new milestone positions the Foundation well to continue these efforts.”
A tax exempt, nonprofit, publicly supported, philanthropic organization, a community foundation’s long-term goal is to build permanent, named funds for the broad public benefit of the residents of a given area. Positioned between Los Angeles and Orange County, areas that have their own community foundations, Long Beach had the population and geographic stature that warranted its own foundation, according to the release.
The LBCF manages a variety of charitable funds, some of which are very defined for specific charities and causes, such as scholarships, while others are created to support broad areas of improvement in the community, such as a Field of Interest fund. Some funds can be advised by individuals similar to a private family foundation and others are directed by the LBCF board of directors.
“The accomplishment doesn’t lie solely in reaching $30 million in assets, but rather in the overall positive impact LBCF is having in the community,” LBCF President & CEO Marcelle Epley said in a statement. “This year we are embarking on several unique ventures including a Funders Collaborative that supports collective philanthropy to make a more significant impact and a one day city-wide conversation with a goal of engaging more than 10,000 Long Beach residents with their friends and neighbors.”
The Long Beach Funders Collaborative, a grant of up to $100,000 created with the help of over 20 local philanthropists and foundations, will benefit a single Long Beach nonprofit that prioritizes youth empowerment, health, education and opportunity and community improvement. Proposals are due May 18, visit the webpage here for more information.
Individuals interested in supporting LBCF’s efforts can make tax deductible contributions through various charitable gifts including cash, credit card, appreciated stock, real estate, illiquid assets, bequests, life insurance policies, donations of business interests, Charitable Gift Annuities, Charitable Remainder Trusts, and other charitable giving vehicles, according to the release.