Breaking News

CFTT Hits Major Milestone

The Community Foundation for the Twin Tiers (CFTT) has passed the $1 Million mark in assets under management. This is a major milestone for the Foundation. The CFTT just celebrated its sixth anniversary this year and as Board Chair Bill Ransom stated, "The foundation saw rapid growth last year which surprised us in these dismal economic times. The CFTT has continued its rapid pace of growth in 2009."

The CFTT will be distributing $30,000 in grants this year. This is over a four-fold growth in grant funds that were distributed last year. This increase in grant funds should continue next year and each year after that.

CFTT Seeking Financial Management Services

Because of the growth in our asset base the CFTT is presently looking at professional financial management services. Up until now the Finance/Investment Committee of the Community Foundation for the Twin Tiers (CFTT) has advised the CFTT Board of Directors on investment matters. This committee’s advice has provided the CFTT with a respectable return on investment over the last six years. The CFTT developed and recently sent out an RFP to various banks and financial management firms serving the area. Their goal is to have made a decision by the end of this year.

2008 Annual Report Available

At its sixth annual meeting the Board of Directors of the CFTT presented the Foundation’s sixth edition of the annual report to the community. The theme of this year’s report is Connecting People Who Care with Causes that Matter. The CFTT Board of Directors sees its job as connecting people who care with causes that matter. As Board Chair, Bill Ransom said, "The Board chose the theme of “connections” for this year’s report to the community because it is at the core of creating a long-term sustainable organization and an increasing amount of grant funds each year."

The report gives the highlights of 2008 for the CFTT from the fact the CFTT saw a ninety-three percent increase in their asset base to moving into their first formal office space in downtown Sayre. The CFTT had 27 funds under management at the end of 2008 and saw their grant funds grow from $9,000 in 2007 to $22,000 in 2008. The CFTT also gained the ability to accept credit card donations.

The new funds for 2008 include the Elizabeth Alamo Scholarship Fund, Canton Area School District Academic Activity Fund, the Catholic Charities Tompkins/Tioga Outreach Center Endowment Fund,the French Azilum Agency Endowment Fund, the Donald and Linda Jayne Scholarship Fund, and the Katherine P. Kerrigan Estate Funds for Tioga County Rural Ministries and Waverly School District Scholarships.

One of the things stressed in the report is that once an endowment fund is established any member of the public can donate any amount to any of these funds. You don’t have to be wealthy to give back to your community through the CFTT. The Annual Report for 2008 explains how the Foundation operates; the different ways people can contribute to the Foundation, and also lists all the donors to the Foundation in 2008.