MAPLEWOOD, NJ — The Maplewood Foundation, a philanthropic community foundation dedicated to providing a continuously growing bedrock of financial support to nonprofit organizations serving the residents of Maplewood, announced on Jan. 25 its official launch.
Led by a diverse board of 16 volunteer trustees, each a Maplewoodian, the organization was conceived by former Maplewood Mayor Fred Profeta and his wife, Susan. The Profetas provided seed funding of $500,000 and The Maplewood Foundation makes its debut having already raised an additional $100,000-plus from its trustees and early donors.
The organization will give approximately 5 percent of its investments each year as program and seed grants through an annual grant cycle. The grants will support the nonprofit organizations that are working tirelessly to improve the quality of life for all Maplewood residents. Grant opportunities will be accessible to everyone, from established organizations to the aspiring nonprofit organizations that need support to bring their new initiatives to life. Reaching its initial goal of at least $1 million in 2023 will enable The Maplewood Foundation to give away more than $40,000 in grants in its first year, while providing seed funding to grow into the future.
“Living among those who look out for each other is one of the many reasons people fall in love with Maplewood — and find it difficult to imagine living elsewhere,” said Fred Profeta, president of The Maplewood Foundation board of trustees and a 70-year resident. “The Maplewood Foundation seeks to tap into the collective spirit of generosity, generating a growing source of financial support that will help us realize a better future for all our neighbors. Giving to the nonprofit community produces enormous return on the investment of our residents because it leverages the donated and energetic labor of dedicated volunteers.”
Similar foundations exist in Summit, Montclair, Princeton and Westfield, among other places. The Summit Foundation, for example, now has approximately $24 million in assets, awarding $1 million in grants to nonprofit organizations each year.
“We want to be sure The Maplewood Foundation is owned by all the people of our town,” Fred Profeta said. “Everyone can give something, and we want to receive donations of all sizes from people of all ages.”
The Maplewood Foundation board will act as stewards of the fund and assets will be managed by CI RegentAtlantic Private Wealth of Morristown. The board’s investment committee will provide input on asset allocation and general oversight.
All organizations and emerging nonprofit organizations, large and small, that benefit Maplewood residents will be encouraged to apply for grants. The grants committee of the board of trustees will review applications and select finalists. The full board will vote on and decide on the foundation’s first final grant recipients, which will be announced Nov. 24.
Areas of focus include public education and scholarships, youth recreation, activities for individuals with special needs, racial equity and inclusion, climate change and the environment, senior services, emergency relief, and the arts. To learn about the grant eligibility guidelines and grant timeline, visit themaplewoodfoundation.org.
“The people of Maplewood are generous both in spirit and financially, and we encourage our neighbors to continue giving directly to their favorite causes,” said Veda Truesdale, first vice president of the foundation. “The Maplewood Foundation is a different kind of giving opportunity, as a donation today ensures a sustainable source of grant funding for years to come. It belongs to our community and each dollar given is an investment in what we all love about our town. It’s an enduring way to give back to the community that gives us so much.”
The founding trustees of The Maplewood Foundation’s board have, when combined, lived in Maplewood for 340 years. Its members are: Fred Profeta, president; Truesdale, first vice president and events committee chairperson; Beth Daugherty, second vice president, and grants and development committees member; Jade Dean, grants and development committees member; Carol Velez Fardin, development and events committees member; Rick Greenberg, communications committee member; Kieonna Holiday-Hill, events committee member; Greg Lembrich, treasurer and investments committee member; Frank McGehee, development and events committees member; Rosemary Ostmann, communications committee chairperson; Susan Profeta, grants committee member; Kristy Ranieri, communications committee member; Rebecca Scheer, secretary and grants committee chairperson; Erin R. Scherzer, grants committee member; Ed Stuart, development and investments committees member; and Kaitlin Wittleder, development committee chairperson.
The premise of the community foundation model is the creation of a sustainable source of funding that local nonprofit organizations can rely on for years to come. The Maplewood Foundation is focusing on one town initially to earn the confidence of its donors and to demonstrate success, both in the near- and long-term. Once the foundation is established and growing, it will consider expanding to surrounding towns. Any nonprofit that serves both Maplewood and its neighbor, South Orange, is by definition now eligible for a grant from The Maplewood Foundation.
The Maplewood Foundation is an independent nonprofit, unaffiliated with the town of Maplewood. It is accepting donations through the Community Foundation of New Jersey while it awaits approval of its application for 501(c)(3) status with the Internal Revenue Service. To make a tax-deductible donation, visit themaplewoodfoundation.org.
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