The Community Foundation of Bloomington and Monroe County, Inc. is being recognized for having organizational and financial practices that are in accordance with the Ethical and Operational Standards for Indiana Community Foundations. Leaders of the Indiana community foundation field created the Standards in 2000 to aid community foundations in establishing legal, ethical and effective operational practices that would demonstrate the foundations’ transparency and financial responsibility in light of the increased public scrutiny of foundation practices. In addition, Standards were developed to distinguish community foundations from other philanthropic vehicles, build the capacity of community foundations to carry out their missions and assist the field with self-regulation in a manner viewed positively by the Internal Revenue Service.

In order to achieve Confirmation of Compliance with the Standards, community foundations must undergo an extensive review of their organizational and financial policies and procedures.  The review is performed by trained, experienced community foundation practitioners.  Additionally, Indiana community foundations which successfully earn Confirmation of Compliance through this process are also recognized as being in compliance with the National Standards for U.S. Community Foundations.

The National Standards seal was developed for community foundations to signify that they have been confirmed in compliance with National Standards. Professional advisors and prospective donors will recognize the seal as an indication of the integrity and demonstrated excellence of the compliant foundation.

Founded in 1990, the Community Foundation of Bloomington and Monroe County, Inc. holds more than $22 million in assets, including an investment portfolio of nearly $15 million that supports community grantmaking. The foundation earned a 12.6 percent return on its investments during the 2006 calendar year and finished 2005 ranked among the top quarter of all community foundations nationally in rate of return, It administers more than 150 funds that generated a record $621,000 for granting in this fiscal year.

“Adopting and adhering to high standards is the best way we can demonstrate our ongoing commitment to maintaining the trust of our donors and the entire community,” said Shari Woodbury, President and CEO of the Community Foundation of Bloomington and Monroe County, Inc..  “We are committed to reaffirming the honesty and integrity that are a hallmark of our foundation.”

Intended both as a blueprint for internal organizational development and as a tangible set of benchmarks for external assessment of performance, both the Indiana Standards and the National Standards address six key areas of community foundation operations:

* Mission, Structure and Governance, including standards defining board accountability, compensation, independence, fiduciary responsibility and representation of the community.

* Resource Development, including parameters for administration of funds, disclosures to donors and commitment to building long-term resources for varied community issues and causes.

* Stewardship and Accountability, covering prudent investment and management of funds, transparent record-keeping, use of funds for their intended purpose, annual audits and public availability of financial information, including standards related to due diligence and community responsiveness.

* Grantmaking and Community Leadership, including standards related to broad and open grantmaking programs, due diligence and responsiveness to changing community needs.

* Donor Relations, encompassing guidelines for informing, educating and involving donors in responding to community needs.

* Communications, including openness to public scrutiny and frequent communications about activities and finances.