The First Place Community Foundation is being converted to a donor-advised fund with the Community Foundation of the Mahoning Valley.
The former First Place foundation was created in 1998 by the bank to manage its charitable activities and now will be known as the The First Place Community Fund.
The Community Foundation of the Mahoning Valley will provide investment management, grant-making and administrative services to nearly 100 donors and agencies throughout Mahoning and Trumbull counties. The fund is the third local fund to turn to the Community Foundation for these services in the past year.
“We are thrilled that the intent of the bank foundation will be fulfilled through the new First Place Community Fund,” said Bob Grace, who was chairman of the bank foundation and now leads the advisory board of the new fund.
“The fund will continue to support community programs and services, just as the bank foundation had done since 1998,” he added. “Also, as part of the Community Foundation, the fund will enjoy tax advantages that were not available to us as a private foundation.”
Individuals and organizations can contribute to the new First Place Community Fund and many other local charitable organizations through the Community Foundation, which maintains a website at cfmv.org.