b'This is wheresnow daysare celebrated.THIS ISHOME.Members of The Maplewood Foundation Board of Trustees gather at the inaugural Celebrate Maplewood event. From left to right: Jade Dean; Rick Greenberg; CarolCity to SuburbsBuyingSelling RelocationsFirst Time BuyersFardin; Kieonna Hill; Frank McGehee; Beth Daugherty; Susan Profeta; Veda Truesdale; Fred Profeta; Rosemary Ostmann; Becky Scheer; Christie Huus; and Aaron Ryan. Photo credit: The Maplewood Foundation.driven people for whom charity was aholdings each year as grants, which for labor of love, he says. 2023 equaled $50,000. However, oth-That was a good argument for whyernearbytownfundsillustratewhat you might want to give money to thiscompounding donations and revenueSusan Blodgett, ABRLuke Blodgett Ginny Spiegel or that nonprofit, but it didnt answercould look like in a few decades. Broker / Sales Associate Sales Associate Sales Associatethe question of continuity and stabil- TheSummitFoundation,which973-214-4636860-942-2207973-219-8865 ity of that source of income, he says.was founded in 1972, had $17.8 mil- Susan.BlodgettLuke.BlodgettVirginia.Spiegel After a while, it became pretty obvi- lion in assets after awarding 37 grants@cbmoves.com@cbrealty.com @cbmoves.comous that the only way you could do itworth $705,155 to end 2022, accord- SERVICE KNOWLEDGE EXPERTISE was through a foundation where youingtoits990filing.TheWestfield would get private money and invest it,Foundation,foundedin1977,gave145 Maplewood Ave |Maplewood, NJ | 973-378-8300which, of course, governments cant doaway $928,408 in grants to end 2021 with taxpayer money in the same fash- with $24.1 million in assets, according ion a foundation can. to its most recently available 990 filing.And so, Profeta turned to a modelIts maximizing the power of the long employed by community foun- money you have, Profeta says. You dations in nearby towns.Theidea isthatthefoun-dationmanages afund,likeanCUTTING-EDGEendowment,inGRADUATEwhichdonations areinvestedand,PROGRAMSideally,thefundFOR INNOVATORSgrowsinvalue over time through risingfinancialCome learn about ourmarketsandnew90+ programs, scholarshipsdonations. It thenand Seton Halls supportiveawards a predeter-mined amount ofcommunity.thefundsoverall valueasannual grants.Hence TheMaplewoodGRADUATEFo u n d a t i o nsOPEN HOUSE motto:LetYourSATURDAY Love Grow. REGISTERFEBRUARY 24Thefounda- TODAY! 12 P.M.tionhaspledgedThe Maplewood Foundation raised more than $71,000 on five percent of itsDecember 2 at its inaugural Celebrate Maplewood event. Photo credit: The Maplewood Foundation.feature story /13'