2008 Annual Report - Greater Worcester Community Foundation

Letter to the Community
As public sector resources diminish, the nonprofits serving our community—including your Foundation—are busier
than ever sustaining cherished services.
We adapted to a lower operating budget, which is based on one percent of our endowment value. The Foundation takes a
long view of the market and maintains a diversified portfolio overseen by disciplined, vigilant professional management.
Although we reduced staff in 2008, we increased our grantmaking thanks to our prudent spending policy, which is based
on averaging total investment income over five years. We under-spend in strong years and pay out more in years with lower
earnings. While in 2007 we distributed 986 grants totaling $4.7 million, in 2008, the Foundation approved 1,024 grants
totaling $5.3 million.
The value of our nonprofits is clearer than ever. We know their impact and their needs close-up. This knowledge guides our
grant making and enables us to advise nonprofits that must adapt, contract or merge to fulfill their missions.
More people are taking action as volunteers as well as donors. In 2008, the GLBT Partnership Fund and Community
Ministries Fund created two new grantmaking committees. As private citizens working for the public good, we are
nurturing vital programs in education, health care, human services and the arts that improve our quality of life. This is our
commitment—and our community.
Peter H. Levine, MD
Chair of the Board and President
Ann T. Lisi
Executive Director
Peter Levine and Ann Lisi guide Foundation activities that support
nonprofit organizations throughout Central Massachusetts.
T
he value of our nonprofits is clearer than ever.
Ann Lisi and Peter Levine
2 Greater Worcester Community Foundation 08 ANNUAL REPORT