Cornerstone Project Launched to Increase Philanthropic Dollars

Community leaders launched a campaign Thursday to boost the amount of permanent philanthropic dollars available for charitable efforts in Ventura County.

Called the Cornerstone Project, the initiative seeks to add $35 million to the county’s philanthropic base over the next five years by encouraging various forms of charitable giving.

At a reception hosted by Otis and Bettina Chandler at their Vintage Museum of Transportation and Wildlife in Oxnard, scores of civic leaders kicked off the fund-raising effort by launching a $5.3-million campaign.

The money will be used to implement the project and endow a sustained push to strengthen charitable resources.

“Historically, Ventura County has been very philanthropic in terms of people who put lots of time and energy into organizations,” said Joseph P. Brown, chairman of the board of the Ventura County Community Foundation, a nonprofit group that will oversee the project.

“But we have not had the financial infrastructure other counties have had,” he said, “and, as a result, our charitable resources have lagged behind.”

Indeed, a recent survey of the three largest endowments in nearby counties demonstrates that gap.

In Orange County, those endowments totaled $303 million, while in Santa Barbara County, they totaled $275 million. In Ventura County, the three largest endowments total $125 million.

As a result of the county’s relatively small philanthropic base, officials say it has lost out on about $800,000 in matching grants over the last 1 1/2 years.

“That is money that was lost to this county that could have been put to good use,” said Kate McLean, president of the community foundation. “Our county just has not had the charitable infrastructure in place to protect and manage permanent philanthropic resources.”

In boosting those resources, the Cornerstone Project aims to generate a variety of charitable gifts ranging from direct gifts to individual agencies to the creation of family and corporate foundations.

More than $2 million has already been funneled to the campaign to get the project off the ground, including $500,000 from the Martin V. and Martha K. Smith Foundation, and $250,000 from Otis and Bettina Chandler.

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Martin V. “Bud” Smith is an Oxnard developer, and Otis Chandler is the former publisher and chairman of the board of directors of Times Mirror Co., the parent company of the Los Angeles Times.

Some of the seed money will be used to determine the current base of permanent philanthropic dollars in Ventura County in an effort to measure future increases.

“The Cornerstone Project will strengthen and energize community involvement in Ventura County,” Brown said. “Philanthropy is the cornerstone of every community, and it is critical that we develop our own resources to support the many organizations and opportunities we have to make our community a better place to live.”