Important VCCF Update & Excellent News
Dear Ventura County Community Foundation Family,
As I write this, I am overwhelmed with gratitude for each of you. It was because of your patience, support, and encouragement that we are celebrating the significant milestone of the closure of the California Attorney General’s (AG) investigation, having satisfied all required corrective actions.
I’ve attached the Closing Letter from the AG for your reference (available here). Additionally, an article published in today’s Ventura County Star is available at http://www.vcstar.com/story/news/2018/01/19/ventura-county-community-foundation-clear-attorney-general-says/1036977001/
There are a few key pieces of information that I would also like to share with you.
- VCCF has never been in a more secure financial position. At the close of this calendar year 2017, VCCF had over $1.65 million in unrestricted cash available for operations, which is more than one full year of operating expenses. This is a 122% increase over last year, which is a remarkable accomplishment for any organization to achieve. In addition, VCCF has also set aside approximately $230,000 in unrestricted building reserves and maintains an additional $289,000 for capital expenditures in case of any emergency. This equates to over $2 million in unrestricted assets for VCCF.
- Contributions to VCCF for calendar year 2017 increased by 214% over prior year, resulting in $4,601,000 in charitable capital.
- Grantmaking to the community increased by 32% to $4,751,000 for calendar year 2017.
- In the United States, the VCCF is the only community foundation and the only charitable foundation where 100% of all board members are certified in the Foundation Endowment Fiduciary Certificate. Additionally, I received the Accredited Investment Fiduciary Analyst (AIFA) designation and VCCF’s CFO holds the Accredited Investment Fiduciary (AIF) designation.
- The VCCF Nonprofit Center is 100% fully leased.
There is no way we’d be celebrating these accomplishments without your help and support. On behalf of the Ventura County Community Foundation Board of Directors and staff team, we thank you for all you have done to promote philanthropy in Ventura County.