The Cranberry Legacy Endowment has no paid staff. Our Board of Directors is comprised of community members who volunteer their time and service. In order to effectively manage a wide range of options for endowments and endowment investment while keeping our costs as low as possible, we use the administrative services of the Pittsburgh Foundation. Established in 1945, The Pittsburgh Foundation is one of the nation's oldest community foundations and is the 15th largest of more than 700 community foundations across the United States. The Pittsburgh Foundation’s services include tax reporting for more than 1,000 funds like the Cranberry Legacy Endowment. Even more important, we are able to leverage the other resources under their management for proper investment of our Endowment funds.
Administration, marketing and investment costs of community foundations can be very expensive. Our partnerships with nonprofits, board volunteers, The Pittsburgh Foundation, and CTCC helps to keep our costs to less than 1% of assets. The Cranberry Township Community Chest has agreed to pay all marketing costs, including the brochures and yearly Annual Reports whih are distributed every June to more than 14,000 homes and businesses. As a result, in just our first year, we have endowments close to $500,000 and we are encouraged to believe we can reach our goal of $10 million by 2020.
Through this permanent endowment, donors are able to support in perpetuity the causes about which they are passionate, ensuring the long-term health of their community and their neighbors' well-being.