November 21, 2008

Dear Applicants:

 On behalf of the San Marcos Community Foundation, I am writing to inform you that it has become necessary to suspend our grantmaking activities until further notice. At our November 18, 2008 Board of Director’s meeting, the Board asked that I notify you about this matter, which we deeply regret.

Funds for our grantmaking are a portion of the earnings of our endowment, created as a result of a $1 million contribution to the City of San Marcos in 1987. As an endowed fund, we are required to invest for the long term. Over the past 20 years, the Foundation has granted nearly $1 million to non-profit organizations serving San Marcos residents.

 However, due to recent market conditions, our fund is now worth less than the initial $1 million contribution. Therefore, according to legal requirements placed on the Foundation, we must suspend any grantmaking until the valuation goes above the $1 million level.

 Meanwhile, our Board will be meeting to discuss other ways in which we can assist our local nonprofit organizations, and will keep you informed. Just as a reminder, we have the Pierpont-Welde Affiliate Library Collection on Fundraising and Philanthropy at City Hall available for checkout.

We look forward to the day when we will once again be able to provide grant funds. Until then, we will do what we can to assist you in other ways. Should you have suggestions, please contact us.

Sincerely,
Colleen R. Lukoff
Colleen R. Lukoff, President
San Marcos Community Foundation

Top photo: Summer storms in east county, by Jim Mullhaupt 

San Marcos Community Foundation
City of San Marcos
1 Civic Center Drive
San Marcos, CA 92069
760.744.1050 Ext. 3116