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PARKERSBURG -- The Parkersburg Area Community Foundation recently announced that sufficient funds have been raised to establish its own operating endowment.
The milestone was announced at the foundation's July 19 board meeting.
The fundraising effort, known as the "Extra Mile Challenge," was introduced during the foundation's anniversary event last fall, celebrating 60 years of service to the community and in honor of now-retired Executive Director Emerita, Judy (Sjostedt) Ritchie.
Doug Ritchie, Mary Riccobene (and the Bernard McDonough Foundation), and Mary Anne and Doug Ketelsen (and the Mary M. Welch Advised Fund) offered to match every donation to the new fund dollar-for-dollar, up to $225,000, if contributed by June 30.
During Ritchie's tenure, the PACF distributed $47 million in grants and scholarships across its 11-county region. Today, the PACF manages more than $85 million in assets and annually distributes nearly $4 million for public benefit.
"The PACF is a constant work in progress," Ritchie said. "The good faith intentions of many people, past and present, are always shaping its growth, transforming its role in response to the changing needs of different generations. I encourage everyone to work with the PACF so that our region can look forward to a more promising future."
Over the past nine months, there has been an outpouring of support for the initiative, according to a release from the foundation. More than 100 donors contributed a total of $233,375.
Lead supporters, with gifts varying from $5,000 to $50,000, include Kay and Dr. Wayne Dunn, Mary and Bob Wright, Wendy and John Ralsten, Ginger and Curtis Miller, Jan and Chip Pickering, Michele Rusen and Walt Auvil, Donna Smith and Fred Earley, Larry and Rachel Johnson, Ann Beck, Jim Crews, Amy and Chris Nahley, Jane and Les Pritchard, Trudie Schaughency, West Virginia Central Federal Credit Union, the Spirit of Giving Fund and many anonymous donors. Gifts have been received in memory of Carol and William Watson and Sue and Bruce White.
With the matching funds, PACF's new endowment fund now stands at over $458,375. This endowment will provide perpetual support for the foundation's operations, ensuring its sustainability and ongoing impact.
"We strive to maintain operating expenses well below the national average for community foundations so that the maximum amount of donor funds goes toward charitable causes in the community," said PACF Executive Director Fred Rader. "We would like to extend a heartfelt thank you to every donor who contributed."
Over the past year, the foundation received more than $5.5 million in new gifts, which significantly enhanced existing funds and led to the establishment of 30 new funds. As a result, during the 2023-2024 fiscal year, PACF was able to distribute in excess of $3.2 million in grants and more than $655,000 in scholarship awards.