Establishment of Ulster County Community Foundation Creates Opportunities for Partnering Donors and Causes throughout County

The Ulster County Community Foundation formally launched in March 2007 with an office in Kingston generously donated by Ulster Savings Bank.  This will be the first community foundation whose primary mission will be to serve Ulster County.

In a press conference today community and business leaders including Abel Garraghan, president of Heritagenergy; Wayne Nussbickel, president of N & S Supply; Marjorie Rovereto, president and CEO of Ulster Savings Bank, along with Andrea Reynolds, president & CEO of the Community Foundation of Dutchess County made the exciting announcement.  As a cost effective way to launch the new foundation, back office and administrative assistance will be provided by the Community Foundation of Dutchess County.

"In this way, the Ulster County Community Foundation does not have to focus on start up costs, and can move more quickly to establish a presence and build a permanent endowment that will serve nonprofits and donors who wish to support their charitable causes in Ulster County," according to Abel Garraghan, president of Heritagenergy.  "Utilizing these existing resources allows the Foundation to start off on a strong first step – and to accomplish more in a shorter timeframe than if starting from the ground up."

"Over the past several months," he continued, "volunteers have been meeting with community leaders and organizations like the United Way of Ulster County to come up with the most cost effective and appropriate way to establish a community foundation to serve Ulster County.  From the excitement and genuine interest we received we knew this was a perfect opportunity.  With the backing from our local community leaders, combined with the generous assistance from Ulster Savings Bank we are very optimistic and anticipate growth of an endowment that will award grants to very worthy service organizations throughout Ulster County."

Community foundations are independent philanthropic organizations working in specific geographic areas which, over time, build permanent collections of endowed funds contributed from many donors.  Any individual can contribute any amount of money to a community foundation.  The foundation then invests the gifts for growth and income and uses the generated income to make grants that will strengthen the community.  With nearly 700 community foundations nationwide holding roughly $35 billion in assets, they are a cost effective alternative to private foundations and make up one of the fastest growing sectors of philanthropy in the U.S. today.

Wayne Nussbickel, president of N & S Supply and Board Chair of the Community foundation of Dutchess County added:  "We look forward to working with local volunteers and using their efforts, energy and creativity to engage the nonprofit, public and private sectors to provide donors a permanent legacy and help organizations that will make the quality of life even better in Ulster County."

Assemblyman Kevin Cahill who represents the 101st Assembly District, which includes most of Ulster County, was also on hand to make a special announcement that he has secured $10,000 to help kick-off the new Ulster County Community Foundation.

Marjorie Rovereto, president and CEO of Ulster Savings Bank is pleased with the idea of a community foundation that is by and for Ulster County.  "The community foundation is here as another great resource for nonprofits, complementing their work and helping to address community needs."

The new Ulster County Community Foundation's offices will be located at 280 Wall Street in Kingston. The foundation has signed a lease agreement and will occupy offices on the second floor of the building.  Representatives expect to have designated staff in the office by summer, until then current Foundation staff of Dutchess County will continue outreach and education efforts on the benefits of the foundation to encourage philanthropy and raise awareness and the importance of charitable giving.

"We are delighted to have the office space provided by Ulster Savings Bank in a location that will allow us a presence in the community to meet with donors, nonprofits and community members," said Andrea Reynolds.  "And we are excited to announce that an anonymous donor has already named the Ulster County Community Foundation as the beneficiary of their charitable remainder trust."

For more information about the Ulster County Community Foundation, to see how we make it simple to start a fund, or for ways to help your clients with their charitable giving call 845-338-2535 or visit www.uccfny.org.

_{Pictured above (From L to R)  Abel Garraghan, president of Heritagenergy; Marjorie Rovereto, CEO of Ulster Savings Bank; Assemblyman Kevin Cahill; Andrea Reynolds, Community Foundation president and CEO; Wayne Nussbickel, president of N & S Supply and Board Chair of the Community Foundation of Dutchess County.}