CFA hosted our annual Founders’ Day event on Thursday evening at the Frank J. Pasquerilla Conference Center in downtown Johnstown. This year, the event included dinner, conversation, and the Foundation’s report to the community, where we announced the implementation of four new field of interest funds and $600,000 in board-designated allocations.
“We learned that we needed to set up funds for specific areas of interest that could be available for donors and for wealth advisors to discuss with their clients,” CFA President Mike Kane said. “As a result, and for the first time, the board has provided allocations from our unrestricted assets to establish a new group of funds. These funds are specifically designed to focus on various areas of interest, so that donors, especially those who might want to establish legacies through their will or estate, may know their interests will be permanently honored.”
The new funds, called the Pathfinder Funds, support the following areas of interest: the arts, animal welfare, alleviation of poverty, and the environment.
We also highlighted other projects and collaborations from this year, such as keeping the Frank J. Pasquerilla Conference Center open, providing support for the Heritage Association and Vision 2025, and initiating the Hope Springs Eternal collaboration housed at the Pennsylvania Rural Arts Alliance.
CFA Director of Donor Services Katrina Perkosky also spoke on the transfer of wealth within our region and introduced donor and fund representative Bob Portante to speak on the subject.
“In their most recent transfer of wealth study, the Center for Rural Pennsylvania revealed that from now until 2033, approximately $5.3 billion dollars will transfer right here in the four-county CFA coverage area,” said Perkosky. “If just 5% of this money could stay in our region to support charity through an endowed fund at the Community Foundation, there would be an annual distribution of nearly $12 million every year, forever.”
Kane also announced more than $30 million in donor investments and more than $23 million in grants and charitable distributions at CFA in the past year. Established 34 years ago, CFA now manages 994 funds.
