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History
Created as an affiliate of The Norfolk Foundation,
the Eastern Shore of Virginia Community Foundation (ESVCF) was established
to provide a flexible way for a variety of donors to build an endowment to
improve the quality of life in Accomack and Northampton counties. As
conceived, the foundation would make grants from foundation assets both to
nonprofit organizations serving Eastern Shore residents and for scholarships
helping area students to attend colleges and universities. These activities
would be undertaken on a perpetual basis.
ESVCF traces its genesis to an October 2003 financial challenge issued to
Eastern Shore citizens by The Norfolk Foundation, which had become
acquainted with the needs of area nonprofits through years of Eastern Shore
grantmaking. Per the terms of the challenge The Norfolk Foundation would
dedicate $2,000,000 of capital for a new community foundation on the Eastern
Shore if the local community could raise an additional $4,000,000 within
four years. Energized by the challenge, Eastern Shore citizens organized
and, working with a consultant, crafted the terms of an affiliate
relationship with The Norfolk Foundation. Concurrently with this activity,
The Norfolk Foundation conducted an Eastern Shore community assessment,
which confirmed wide-ranging needs relating to health care, education, and
poverty. After months of work by a dedicated organizing committee, ESVCF was
launched as a limited liability company (LLC) captive to The Norfolk
Foundation in November 2004.
In the summer of 2005 the boards of directors of ESVCF and The Norfolk
Foundation decided ESVCF would have the greatest flexibility in
accommodating donors if ESVCF were a 501(c)(3) organization as opposed to a
captive LLC. Currently, ESVCF awaits approval of its 501(c)(3) application,
having filed for this status in January 2006.
The ESVCF board is excited to have the new foundation in place and looks
forward to building the Foundation’s resources in furtherance of its
mission. Individuals, businesses and families now have at their disposal a
local vehicle for providing support to favorite charities on a perpetual
basis. And as ESVCF builds its capital base, larger and larger sums will be
available for grantmaking.
Since its formation ESVCF has served as advisor to The Norfolk Foundation on
grant requests received by The Norfolk Foundation from Eastern Shore
applicants. |
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