"Promoting community philanthropy"
Italian nonprofits often struggle to raise the funds they need for their activities. To help them and promote the culture of giving, Fondazione Cariplo supports the formation of Community Foundations. Community Foundations are local foundations that pool donations to fund public benefit projects and third sector players implementing them, advise donors on how to make best use and allocation of their donations and warrant the donor’s intents are fulfilled. Community foundations were conceived for the purpose of promoting donations, building endowments for public benefit projects and providing support to nonprofit players. Community Foundations were first conceived and established in the United States in the early twentieth century and then rapidly expanded worldwide. Their expansion started when large private foundations began to support their formation and growth by providing assistance and funds matching those raised by community foundations. Fondazione Cariplo has done this in Lombardy, Italy. Growth of Community Foundations in the region has helped the Foundation keep its ear to the ground and capture the needs of local communities.
The goals of Action Plan 13 are:
- encouraging Community Foundations to raise the required minimum endowment of €5 million that will be matched by the amount promised by Fondazione Cariplo
- helping Community Foundations increase their assets also when the fundraising challenge is over, achieve adequate return on their investments, cover operating costs with their own resources and attract donations
- providing technical assistance
- facilitating a coordinated approach between Community Foundations and Fondazione Cariplo in order to achieve common goals
rolling out Community Foundations across the country and making related expertise available to those foundations willing to duplicate the Community Foundation model in their constituency.