Erie Community Foundation
Encyclopedia
The Erie Community Foundation (ECF) is a prominent public charity
in Erie, Pennsylvania
in the United States
.
(at $100 par value
each) into an irrevocable trust on 10 December 1935. The endowment was incorporated in 1949 with a value of over $250,000. The balance of Mack's estate was gifted to the endowment in 1953, soon after his death on 23 December 1952.
Mack directed that a small portion of the proceeds go to designated local charities and beneficiaries for fifty years after his death, with the remainder of the proceeds to be directed to local benevolences at the discretion of the trustees. In 2002, the foundation's income became totally unrestricted.
ECF became a public charity in 1971 as a result of tax reforms enacted in 1969. The fund, now valued at over $10 million, consists of over 500 separate endowments. It is recognized by the Council on Foundations
as compliant with national accountability standards. It won the Council on Foundations' 2004 and 2006 Wilmer Shields Rich Award (silver medal) for its public information campaigns.
In November 2007, the ECF announced that a donor who wished to be known only as "Anonymous Friend" had given the foundation a "staggering" $100 million gift.
Charitable organization
A charitable organization is a type of non-profit organization . It differs from other types of NPOs in that it centers on philanthropic goals A charitable organization is a type of non-profit organization (NPO). It differs from other types of NPOs in that it centers on philanthropic goals A...
in Erie, Pennsylvania
Erie, Pennsylvania
Erie is a city located in northwestern Pennsylvania in the United States. Named for the lake and the Native American tribe that resided along its southern shore, Erie is the state's fourth-largest city , with a population of 102,000...
in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
.
History
ECF was established as the Erie Endowment on 1 June 1949. Elisha H. Mack, the co-founder of the Erie Dry Goods Store, later to be known as The Boston Store, placed 100 shares of his store's Class A common stockCommon stock
Common stock is a form of corporate equity ownership, a type of security. It is called "common" to distinguish it from preferred stock. In the event of bankruptcy, common stock investors receive their funds after preferred stock holders, bondholders, creditors, etc...
(at $100 par value
Par value
Par value, in finance and accounting, means stated value or face value. From this comes the expressions at par , over par and under par ....
each) into an irrevocable trust on 10 December 1935. The endowment was incorporated in 1949 with a value of over $250,000. The balance of Mack's estate was gifted to the endowment in 1953, soon after his death on 23 December 1952.
Mack directed that a small portion of the proceeds go to designated local charities and beneficiaries for fifty years after his death, with the remainder of the proceeds to be directed to local benevolences at the discretion of the trustees. In 2002, the foundation's income became totally unrestricted.
ECF became a public charity in 1971 as a result of tax reforms enacted in 1969. The fund, now valued at over $10 million, consists of over 500 separate endowments. It is recognized by the Council on Foundations
Council on Foundations
The Council on Foundations, formed in 1949, is a nonprofit membership association of grantmaking foundations and corporations. Members of the Council include more than 1,750 independent, operating, community, public, and company-sponsored foundations, and corporate giving programs in the United...
as compliant with national accountability standards. It won the Council on Foundations' 2004 and 2006 Wilmer Shields Rich Award (silver medal) for its public information campaigns.
In November 2007, the ECF announced that a donor who wished to be known only as "Anonymous Friend" had given the foundation a "staggering" $100 million gift.