Foundations sign affiliation agreement
The Montgomery Foundation and the Coshocton Foundation announced the recent signing of an affiliation agreement between the two foundations. Pictured in front are The Montgomery Foundation’s Linda Scott and Coshocton Foundation Trustees Kathy Thompson and behind them are Coshocton Foundation Trustees Bruce Wallace and Coshocton Foundation Executive Director Bob Pell. Contributed | Beacon
COSHOCTON – The Montgomery Foundation and the Coshocton Foundation are pleased to jointly announce the recent signing of an affiliation agreement between the two foundations.
The newly-signed agreement permits The Montgomery Foundation to become a supporting organization of the Coshocton Foundation, enabling The Montgomery Foundation to change its IRS status to a public charity. This change will make provision for The Montgomery Foundation to receive public contributions toward its endowment, the same as the Coshocton Foundation. With the previous classification as a private family foundation, the only potential for endowment growth was by additional family infusion of funds. It is anticipated this collaborative will preserve the endowment for perpetuity, to be utilized for funding various projects and organizations within Coshocton County.
The Montgomery Foundation was originally founded as a family foundation in 1956 by Edward and Frances Montgomery. Over the past 63 years the foundation has undergone a number of changes to facilitate the restoration of Historic Village as well as funding numerous projects through charitable contributions. In the 1980s the foundation divided into two foundations, one – The Roscoe Village Foundation, which oversees the development of the educational programs of the Canal Era as an operating foundation, and two – The Montgomery Foundation, a non-operating private foundation, providing financial support to the Roscoe Village Foundation as well as contributions to 501(c)3 community organizations for the betterment of Coshocton County and its citizens. From 1987 to the present, The Montgomery Foundation has contributed in excess of $45 million to those causes. Distribution of funds is governed by a nine-member board of trustees.
The Coshocton Foundation, a community foundation, was established in 1966 through the last will and testament of local merchant Adolph Golden and incorporated in Ohio as a charitable, community foundation. Mr. Golden’s will provided the framework for a governing board of three permanent trustees and a distribution committee to oversee the authorizing of grants. Since its inception the Coshocton Foundation has distributed $8.5 million in grants to community organizations from its unrestricted fund. In 1989, an investment committee was created to monitor the status of the Coshocton Foundation’s assets, which have grown from Mr. Golden’s original gift of $650,000 to $41.6 million as of the fiscal year-ended Sept. 30, 2019. In addition to the unrestricted fund, there are more than 160 restricted funds from which distributions are made for specific purposes.
Additional information about the Coshocton Foundation can be found at www.coshoctonfoundation.org. It is anticipated in the near future The Montgomery Foundation will be developing a website. In the interim, information may be received via e-mail to lscott@roscoevillage.com or telephone 740-622-2696.
Category: Clubs & Organizations
