By Todd Cohen
CARY, N.C. — Donors in Cary have formed a community foundation and set an initial goal of raising $400,000 over the next year.
“We’re trying to get more citizens engaged in giving back to the community,” says Jennifer Robinson, a member of the Cary Town Council and president of the new Cary Community Foundation.
The foundation, which already has raised $20,000, is seeking 501(c)3 status from the Internal Revenue Service and is an affiliate of the North Carolina Community Foundation, which provides the new foundation with back-office administrative and fundraising support, says Worth Durgin, a member of the new group’s board of directors.
Of the dollars raised for the initial “Founders’ Fund,” he says, 30 percent will be used for unrestricted grants, 30 percent for an endowment to generate income for unrestricted grants, 20 percent for current administrative costs and 20 percent for an endowment to generate income for administrative costs.
The foundation has been holding small lunch meetings for professional advisers and plans next spring to begin meeting with civic groups and holding other events such as a gala dinner to spread the word about its plans and focus.
The foundation’s mission is to “promote philanthropy for all citizens and companies in Cary,” Durgin says.
“There are people who really think of themselves as being from Cary, and who might be more inclined to give if it’s going to be focused on their hometown,” he says.
The new foundation, he says, “might stimulate people to do some things philanthropically here in Cary for its benefit.”
Funds already have been established at the new foundation to benefit the Cary Performing and Visual Arts Center, operations for the Chabod of Cary Learning Center, and Veterans Freedom Park.
For information, call Debbie Fox at 919.828.5015 or Cherry Ballard at 919.256.6915.