About the Salem Community Foundation

The Salem Community Foundation has been created as a regional affiliate of Glens Falls Foundation (GFF), or donor advised fund. This has allowed Salem Community Foundation to get started quickly while relying on the administrative support of GFF.

All funds donated to Salem Community Foundation will be invested and each year an advisory board of 5-7 members will be able to recommend grants ranging from 0% to 10% of the balance of the Salem Community Foundation fund at December 31st of the most recently completed year.

To ensure there are funds available for years to come, he initial goal for Salem Community Foundation is to secure $1 million in private funding by the end of 2024 with a longer term goal of $5 million secured by 2033. At that point, it’s envisioned that ongoing fundraising efforts, coupled with investment returns from a balanced portfolio, will likely produce $250,000 per year of sustainable grant funding, for improvement initiatives for the greater Salem community, while allowing the Advisory Board to spend more or less than that amount each year based on the fluctuations in need.

For more details on the structure of Salem Community Foundation, please read the executive summary below and visit the frequently asked questions page and other pages on this site.

Salem Community Foundation

Executive Summary

In an attempt to secure private, charitable funds to improve the quality of life of the greater Salem, NY community, the Salem Community Foundation (SCF) has been created as a regional affiliate of the Glens Falls Foundation (GFF) (www.glensfallsfoundation.org). It will evaluate local needs and opportunities and look to fund projects that address the areas of community development, education, art & culture, environment, health, or social needs and that:

• represent an innovative, start-up effort or are capital in nature (e.g., construction, renovation, equipment)

• promote cooperation among agencies without duplicating services

• obtain the necessary additional funding to implement and maintain the project

• are for the benefit of citizens residing in the communities that comprise the Town of Salem, Washington County, New York

• strengthen or improve agency self-sufficiency or efficiency

• yield substantial community benefits for the resources invested

• serve a broad segment of the community

• encourage additional and permanent funding or matching gifts from other donors

• are managed by nonprofit organizations, including churches, schools, governmental agencies and community groups with a 501 (c) (3) non-profit status (see Grant Application Procedures for details.

The GFF currently provides financial support to non-profit community organizations seeking to improve the quality of life for people living in Warren, Washington and northern Saratoga counties. The Salem Community Foundation, as proposed, will not be its own 501 (c) (3) nonprofit, rather, it will be a donor-advised “fund” within the GFF. Therefore, any gift to the Salem Community Foundation will be a gift to this fund of the tax-exempt, 501 (c) (3) nonprofit, GFF.

The Distribution Committee of the GFF currently meets quarterly to review any proposed grant proposals. Administration fees, currently $80K per year allocated over $20 million in assets and 63 funds, are determined by the GFF Board and are allocated to each of the funds proportionately. 

The governance and oversight of the Salem Community Foundation assets will be the responsibility of the GFF Distribution Committee, including oversight of the investment policy, and selection of a trustee (currently Glens Falls National Bank), while relying on a Salem Community Foundation “Advisory Board” to provide recommendations regarding grant proposals.

The Advisory Board’s primary responsibilities, in addition to the recommendation of grants for approval to the GFF Board, will be annual fundraising for the Salem Community Foundation. The Advisory Board will have the flexibility to recommend annual grants ranging from 0% to 10% of the balance of the Salem Community Foundation fund at December 31st of the most recently completed year. Such an Advisory Board will consist of five to seven community leaders, who have a significant relationship to, or interest in, the greater Salem community; however, they will not be required to be current citizens of Salem. The Advisory Board is a self-perpetuating board. 

The initial goal for Salem Community Foundation is to secure $1 million in private funding, primarily from several large donors, with a longer term goal of $5 million secured by 2033. At that point, it’s envisioned that ongoing fundraising efforts, coupled with investment returns from a balanced portfolio, will likely produce $250,000 per year of sustainable grant funding, for improvement initiatives for the greater Salem community, while allowing the Advisory Board to spend more or less than that amount each year, as outlined above, based on the fluctuations in need.

In the event of dissolution of the affiliate agreement between GFF and Salem Community Foundation, the residual assets owned by the Salem Community Foundation will be returned to the Salem Community Foundation. If the Salem Community Foundation is no longer in existence, the residual assets will go to an organization which is exempt under Section 501 of the Internal Revenue Code, and whose goals are compatible with those of the Salem Community Foundation. None of the assets will be distributed to, or benefit any private individual.

This document shall be considered the bylaws of the Salem Community Foundation and may be amended by an affirmative vote from two-thirds of Advisory Board members present at an official meeting.