Community Foundation of N.J. exceeds $500M in assets

By Eric Strauss
Morristown | Mar 9, 2018 at 1:23 pm

The Community Foundation of New Jersey announced Friday that it has exceeded the $500 million mark in philanthropic assets, after receiving $78.5 million worth of gifts from more than 1,000 fundholders in 2017.

The Morristown-based foundation helps New Jersey families and businesses utilize philanthropic funds to maximize their impact through vehicles such as legacy funds and donor-advised funds. In 2017, the CFNJ made a record 6,515 individual grants, totaling $49.5 million, including 3,389 grants totaling $28.9 million in support of New Jersey-based nonprofits.

“With the support of interested fundholders and several legacy gifts, we have been able to expand our ‘Changemaker Projects,’” Hans Dekker, CFNJ president, said in a prepared statement. “This has led to major successes in areas such as juvenile justice reform, with the state on track to close two youth prisons, and entrepreneurship, wherein our nonprofit partners have provided more than 300 microloans to women small business owners in Newark.”

CFNJ said $25 million in 2017 giving came from donor-advised funds, through which individuals, families and businesses support organizations and causes while achieving tax benefits for themselves. Another $9.7 million came from legacy funds, which focus on philanthropic goals of those who have left bequests in their wills.

Fundholders granted about $1.5 million worth of scholarships for the year, helping 225 students pay for college.

And the foundation worked with companies including CR Bard, BD and Ports America to create employee crisis funds that provided emergency grants to hundreds of workers affected by the devastating hurricanes in Florida, Puerto Rico and Texas.

CFNJ fundholders also granted approximately $1.5 million in scholarships in 2017, helping 225 young people achieve their dreams of a college education.

 

Eric Strauss | estrauss@roi-nj.com | acerimrat