The Importance of Local Impact: Beeghly Family Foundation Converts to Fund at CFMV
By Josh Medore and Bruce Beeghly
More than a decade after opening their fund at the Community Foundation, Bruce and Nancy Beeghly recently transferred assets from their private foundation to their fund here. The reasons for the change, the couple said, were “pretty simple” – it continued their legacy in the Mahoning Valley.
Like many in the Valley, the Beeghly’s children have moved away, leaving no one in the area to carry on their philanthropic interests after they’re gone.
“This is where a community foundation provides an answer. No one can know exactly how the future will unfold. But we do know with a community foundation there will be concerned citizens involved well into the future to direct distributions from our fund in an effective manner,” they said.
The Beeghlys also had their fund restructured as a field of interest fund, which allows them to indicate a broad area they’d like to support while leaving flexibility for the Community Foundation to best address community needs.
“We felt we needed help in sorting out which activities to support and which nonprofits are doing an effective job currently in the community. The Community Foundation’s staff is in touch with the social service world locally and provides regular recommendations on grant requests they receive,” Bruce and Nancy said.
Finally, they pointed to the structural differences of supporting a fund at the Community Foundation compared to running their own private foundation.
“We don’t have to file an annual tax report and have those attendant costs. The investment fees in the Community Foundation are actually lower and we look upon the fee charged by the Foundation as further investment in the community,” they said. “By combining many funds together, the Foundation can make an impact no individual fund can match. And, we are not tied to a 5% distribution requirement as we are with a private foundation.”
As long-time philanthropists in the Valley, Bruce and Nancy have already had an incredible impact on our region and with their support of the Community Foundation, that impact will continue on even after they’re no longer with us.
“The Community Foundation of the Mahoning Valley is a community asset working to make our area healthier and stronger,” they said.
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