Good Deeds Go Unpunished – Maine Group Hailed, In Fact
Monday, November 17, 2014
ELLSWORTH, Maine – The Maine Community Foundation is one of the nation's best at finding ways to build community wealth using new approaches, according to a report released today.
The report by the Maryland-based Democracy Collaborative names the Ellsworth-based foundation one of the Innovative 30.
The report's co-author, Marjorie Kelly, says the Maine Community Foundation is a leader in what's called impact investing.
"And that means not just giving grants, but investing out of their own assets and encouraging their donors to invest out of their assets to put money to work to help communities,” Kelly says. “This is really the holy grail for a lot of people."
Kelly points out a 2008 loan of $1 million to the Maine Farmland Trust to preserve and protect farmland was a successful impact investment.
That led the Maine Community Foundation to the creation of two more similar funds, and by September more than $2.3 million dollars been mobilized for the organization.
"The board of Maine Community Foundation said, 'Well, let's expand our impact investing,’” she relates. “’Let's do more.'
“So they set up two pools, two investment portfolios. One is called Farm, Fisheries and Food – they want to support local entrepreneurs. And there's also Downtown and Business Development."
Kelly adds her report reveals that the work of the Innovative 30 anchor foundations can go a long way toward easing what it calls the nation's staggering wealth inequalities.
"There's a lot of groups and communities thinking, 'How can we begin to reinvent our economies to include the excluded and to sustain ecology and resources for the future?'” Kelly says. “And we find that community foundations are key players in this often, and that's what led us to do this research."
get more stories like this via email
The Nevada primary election is June 14, and early voting starts tomorrow and runs through June 10. Mail balloting is now permanent, so every active …
Democrats in the Florida Legislature are reviving calls for stricter gun-control laws, following the school shooting in Uvalde, Texas. Florida's …
This week, in honor of World Otter Day, conservation groups are looking to raise awareness about efforts to restore sea otters along more areas of …
Health and Wellness
With the unofficial start to summer, pools around Ohio are opening this Memorial Day weekend, and when it comes to swim time, experts encourage …
Memorial Day weekend marks the beginning of water recreation season, and before putting on a swimsuit, Iowa environmental experts say being mindful …
As the nation processes the horrific shooting in Uvalde, where 19 children and two teachers were killed, teachers' unions across Illinois and America …
The cost of heading out of town this Memorial Day weekend will be higher than past years, with higher gas prices and inflation hitting travelers…
Health and Wellness
One of Connecticut's largest health systems launched a new resource in Hartford this month, aimed at helping patients access healthy and nutritious …