Hartford Foundation for Public Giving Recognized for Compliance with National Standards, July 2006

Hartford Foundation for Public Giving has been recognized for having organizational and financial practices that are in accordance with the National Standards for U.S. Community Foundations.

"Achieving compliance with these standards is a symbol of our commitment to honesty, integrity, and sound grantmaking and financial practices that have been hallmarks of the Hartford Foundation for over 80 years," said Linda J. Kelly, president of the Hartford Foundation.

To achieve compliance with the National Standards, the Hartford Foundation underwent an extensive review of its organizational and financial policies and procedures. The review is performed by trained, experienced community foundation practitioners.

The 43 National Standards address six key areas of community foundation operations:

• Mission, Structure and Governance, defining board accountability, compensation, independence, fiduciary responsibility, and representation of the community.
• Resource Development, covering administration of funds and disclosures to donors and commitment to building long-term resources.
  Stewardship and Accountability, covering investment and management of funds, transparent record-keeping, annual audits, and public availability of financial information.
• Grantmaking and Community Leadership, including broad and open grantmaking programs, and responsiveness to changing community needs.
  Donor Relations, encompassing guidelines for informing, educating and involving donors in responding to community needs.
• Communications, including openness to public scrutiny and frequent communications about activities and finances.

The standards were created by the Council on Foundations and leaders of the community foundation field to assist community foundations in establishing legal, ethical and effective operational practices that would demonstrate the foundations’ transparency and financial responsibility.

U.S. community foundations administer more than $39 billion in charitable funds created by tens of thousands of donors.  Of the nearly 700 community foundations in the United States, over 500 have pledged to comply with the National Standards.

As one of the largest community foundations in the country, the Hartford Foundation for Public Giving is devoted to enhancing the quality of life for people in the 29-town Greater Hartford region.  With assets of more than $665 million, the Foundation receives gifts from thousands of individuals and families, and awards about $25 million in grants to a broad range of nonprofit organizations.  For more information about the Foundation, visit www.hfpg.org or call 548-1888.