The Small Operation with the Big Heart
June 1, 2018
Fredericksburg Savings Charitable Foundation Celebrates 20th Year and Continued Impact
The Community Foundation relies upon our community’s most generous citizens for the general operating support that drives our mission to build a flourishing philanthropic community. Since 2000, The Community Foundation has received over $135,000 from one such source - Fredericksburg Savings Charitable Foundation.
Samuel C. Harding, Jr. has been there since the beginning. He had been President of Fredericksburg Savings and Loan for eight years when the bank converted from a mutual association to a stock-based entity in 1998. That’s when Sam and a memorable list of bank board members – Ronald G. Beck, DuVal Q. Hicks, Jr., H. Smith McKann, Peggy J. Newman and Charles S. Rowe – set out to create a foundation that would give back to the community where the bank had done business for over 80 years.
Sam continues to serve on the foundation board today along with original bank board members Ernest N. Donahoe and O'Conor G. Ashby and outside director William B. Young.
The Fredericksburg Savings Charitable Foundation began with a gift of stock valued at $10 million. With a plan to give away a minimum of five percent each year, they predicted their charitable giving would sunset in about 20 years. Instead, the initial stock more than doubled. Since their first meeting was called in February 1999, Fredericksburg Savings Charitable Foundation has made significant community grants each year and altogether has given over $12 million to local nonprofits. Today, Fredericksburg Savings Charitable Foundation manages nearly $14 million in charitable assets for the community – a true testament to the power of endowment to meet community needs.
The impact of this investment in our community cannot be overstated. Dozens of nonprofits rely upon support from Fredericksburg Savings Charitable Foundation to help them meet critical needs in the community.
On behalf of the greater Fredericksburg philanthropic community, thank you to the small organization with a big heart: Fredericksburg Savings Charitable Foundation.