Foundation awards a record $8.5 million

The Ventura County Community Foundation awarded an unprecedented $8.5 million in grants and pledges in fiscal year 2006, ending Sept. 30. The foundation also received one of its largest bequests, established over three dozen new funds, launched several new programs and was certified in compliance with national standards.

Fiscal year 2006's $8.5 million in grants more than doubles last year's total. It includes $931,450 in annual scholarships for some 330 Ventura County students and two pledges equaling $4 million from the Martha K. and Martin V. Smith Foundation, $2.2 million from donoradvised funds, and $658,625 from designated and agency endowment funds to support operating expenses of local nonprofits. The foundation's 37 new funds es

tablished by donors, totaling $15 million in designated and agency endowments, scholarship and memorial funds, brings its total donor funds to 449 and combined assets to $91 million.

The certification of national standards was awarded by the Council of Foundations in compliance with organizational and financial practices established as National Standards for U.S. Community Foundations. The Ventura foundation was one of 23 California community foundations to be certified.

The Ventura County Community Foundation, founded in 1987, is a family of charitable funds whose combined assets now exceed $90 million.

The foundation's mission is to promote and enable philanthropy and to build long-term capital to benefit Ventura County.

For more information, visit www.vccf.org.