Del. Community Foundation: Benefiting people

DOVER — For two decades the Delaware Community Foundation has been growing money.

Thursday afternoon, Delaware Community Foundation’s president and CEO Fred Sears honored state Sen. Nancy W. Cook, D-Kenton, and former state Rep. Philip J. Corrozi, who in 1989 sponsored H.B. 325, a $2 million endowment to create the State of Delaware Fund as a matching challenge grant.

Since then, the fund has distributed more than $2.5 million in grants to nonprofit organizations locally, and has a balance of more than $3.2 million, with $200 million in total assets.

The Delaware Community Foundation is a nonprofit, philanthropic organization created by and for the people of Delaware to manage charitable funds and award community grants.

Thursday’s reception at the Delaware Public Archives to honor legislators came on the heels of a significant donation made to DCF on Tuesday in Wilmington.

Philanthropist Adrienne Arsht pledged $250,000 from the Arsht-Cannon fund to create a Delaware Hispanic consortium so community leaders can identify issues relating to Hispanic residents.

Ms. Arsht’s mother, the late Roxana Arsht, who established the fund, was the state’s first woman judge.

Donors designate fields of interests for grant recipients.

Among the hundreds of nonprofit organizations who have received recent grants are Delaware Humane Association, Schwartz Center for the Arts, Milford Senior Center, Meals On Wheels Delaware, People’s Place II, Salvation Army, Delaware Hospice, Ducks Unlimited and the Delaware Art Museum.

Dover stockbroker Sherman Townsend was one of the founding members of the Delaware Community Foundation.

He recalled a planning meeting over lunch at the former Dinner Bell Inn with former Gov. Pete du Pont.

“He and his father indicated very clearly their support, and at the end, I said I was absolutely on board,” said Mr. Townsend who attended Wednesday’s reception with his wife, Elaine.

In a way, the rest is history.

“It took a while to get organized,” he said.

Mr. Townsend also recalled lobbying legislators with then-Delaware Trust Co. president Jeremiah Shea, burning the midnight oil on June 30 until the General Assembly agreed to the $2 million seed money.

“Our promise was that if it wasn’t $5 million in five years, then we’d return the money,” Mr. Townsend said.

Former state Rep. Philip Corrozi also remembered the organization’s birth.

He and Sen. Cook co-chaired the Joint Finance Committee.

In 1989, the concept behind the Delaware Community Foundation was somewhat new.

“It was different. People were talking about it, and in meetings with the governor (then Gov. Michael Castle), we were understanding what they were trying to accomplish. It was something good for the future,” said Mr. Corrozi, now a lobbyist.

An investment with DCF works well into the future, Mr. Townsend said.

“You can support a cause in perpetuity. The donors can rely on the board, select a fund with a specific interest or advise us themselves. It’s unbelievable. For high net-worth people, there’s significant tax advantages,” he added.

“We can accommodate your wishes, and manage money wisely. We also assist with fund-raising for non-profit endowment. Investors make a difference in the community.”

The Delaware Community Foundation, now made up of about 600 funds, has an active presence in all three counties, with an office on The Circle in Georgetown and a Southern Delaware Advisory Board, on which Mr. Townsend now serves.

After the initial luncheon meeting, Mr. Townsend volunteered for two four-year terms on the organization’s board, then served as vice chairman and chairman.

“I was there a long time. Now, my role is to continue as a friend, and I serve on the Southern Delaware Advisory Board. It’s a big passion of mine.”

For more information, contact Greg Johnson, senior vice president for development, at (302) 504-5237 or gjohnson@delcf.org or Hugh D. Leahy Jr., senior vice president for Southern Delaware at 856-4393 or hleahy@delcf.org, or visit www.delcf.org.

Gwen Guerke can be reached at tell2gwen@aol.com.