>Matthew Bieniek
The Cumberland Times-News Mon Mar 14, 2011, 07:51 AM EDT
— CUMBERLAND — The Community Trust Foundation is a little-known organization making a big difference in the lives of people in Allegany, Garrett and Mineral counties. The foundation is part of a national movement of community foundations around the country.
“Often they are well-kept secrets and I consider CTF to be a hidden gem,” said Dr. Peter Halmos, a member of the foundation’s board who made a presentation to the Allegany County Commissioners Thursday during their work session. The foundation is growing rapidly and spreading the wealth in local communities.
“From the original endowment of $96,000 in 2006, CTF assets have increased to $6.1 million held in 19 different funds. Last year, CTF made grants in excess of $1.6 million to support education, culture, public health and safety throughout the region,” Halmos said. Commissioner Michael McKay said the foundation is “having quite an impact” on the area.
The need for the foundation is great; “current economic conditions are creating an unprecedented level of need throughout the region,” Halmos said. The grants help out a large number of organizations and students in the area. More than $490,000 in scholarships were funded at Garrett College, Frostburg State University, Davis and Elkins College, and local high schools. A large part of the $1 million granted to cultural organizations was used to fund the new Garrett County Transportation Museum in Oakland, Halmos said.
Over the years, grants have gone to Backbone Mountain Review, to the Family Crisis Resource Center and for support for the homeless, Halmos said. The advantage of community foundations is their simplicity.
Community foundations are 501(c) tax-exempt organizations. The foundation uses donor money to create funds targeted to specific community needs. One key virtue for donors is the simplicity of the process, with a two-page agreement, a philanthropic fund can be created, said Halmos. The funds can be set up in a day or two and because the funds are part of a public charity, they offer the greatest tax benefits to donors, he said.
In 2006, the late Robert Ebert founded the local foundation with the help of business and civic leaders who “shared his interest in advancing the region by building philanthropic resources,” Halmos said. Shane Grady is the current president of the board of directors. Initially, the organizations received support from the Tri-County Council of Western Maryland. When the council’s funding was reduced, the foundation was in a position to go out on its own, according to a pamphlet published by the foundation.
The foundation can be reached at 301-876-9172 or at info@ctfinc.org . The organization’s website is www.ctfinc.org
Contact Matthew Bieniek at mbieniek@times-news.com
