Valley United Way Heritage Fund
The Valley United Way recognized the value of creating an endowment through The Community Foundation for Greater New Haven in the early '90s.
"We were truly ahead of our time in creating the Heritage Fund," said then Valley United Way Executive Director Jack Walsh. "We looked to The Foundation to provide us with long term investment support, administration, and management to assist us in maintaining our charitable assets in perpetuity."
The Heritage Fund also provides a way for donors who support the community's health and human service needs through the Valley United Way to continue that support through a gift by will or other planned gift.
Late in the summer of 2006, the United Way transferred its "Heritage Fund" endowment to the Valley Community Foundation.
"It was only natural for us to bring our funds back into the Valley [after VCF was created], allowing us the flexibility in the distribution of our assets, and the ability to assist the VCF in building philanthropy right here in the Valley."
The Heritage Fund has become a component fund of the Valley Community Foundation, under the same terms and conditions under which the Fund existed at VCF's partner in philanthropy, The Community Foundation for Greater New Haven.
"It's all about local control," said Mr. Walsh. "Having the VCF manage this account for us allows us to direct support to where it is needed while still benefiting from the investment power of the [larger foundation with which the VCF is in partnership]. It's truly the best of both worlds, and we look forward to continuing to develop this relationship and this Fund in the coming years."