A Brief History of the Foundation
The Community Foundation of Herkimer & Oneida Counties, Inc. is a nonprofit, public charity that provides stewardship for over 230 charitable funds created by and for the residents of Herkimer and Oneida counties.
The first community foundation was established in 1914 by Cleveland banker Frederick Goff, who felt that the financial practices of the day were needlessly eroding charitable funds. Goff proposed an organization, governed by civic leaders,which would handle permanent funds for charitably minded citizens and distribute grants to local causes in their names. Financial experts would manage the investments of principal; and the community leaders would see to it that every donor’s charitable wishes were carried out, even as times and needs changed..
Today, community foundations represent the fastest-growing type of organized philanthropy. More than 700 community foundations hold charitable assets of $35 billion, serving thousands of donors in 50 states. The Community Foundation, originally the Utica Foundation, was formed in December 1952 to make it possible for individuals to create charitable endowments for our area. The Foundation’s first fund was created in 1956 by Rosamond Childs who was a leading philanthropist in the community during her lifetime. The Foundation grew slowly at first and was managed by a volunteer board whose members performed nearly all the daily operating functions.
As a result of long-term cultivation, the Foundation’s assets began to grow rapidly in the late 1980s through a series of large bequests. By 1989, the Foundation had $9 million in assets and its first full-time, paid staff was hired.
The Foundation in the 1990s was characterized by significant growth in assets and tremendous change in its operations as the Board sought to maximize the impact of the assets entrusted to the Foundation. Major changes included new investment and grantmaking philosophies, expansion of the Foundation’s service area to include Herkimer County, and a name change to make the Foundation more accessible to all residents and organizations in Oneida and Herkimer counties. In 2007, Foundation assets grew to over $70 million.
The Foundation serves the community in perpetuity by building a pool of charitable capital, assisting donors with their philanthropy, and raising the capacity of nonprofit organizations to serve the community through supportive grants and education.
If you would like to learn more about The Foundation's first 55 years, we invite you to read and explore Keeping the Promise.
