The Erie Community Foundation traces its history back to 1935 when Elisha H. Mack, co-founder of the Boston Store, created a charitable endowment fund. From 1935 to 1969, that sole fund fueled regional philanthropic efforts. However, after the tax reform act of 1969 created important distinctions between private foundations and public charities, Mr. Mack's fund was transformed into a public charity, The Erie Community Foundation, a process finalized in 1971.
Today, the foundation is constantly expanding its collection of nearly 500 different endowment funds, all created locally. Some funds are established during a donor's lifetime, others via a bequest. A number of local nonprofit organizations have also chosen to build endowments under the administrative umbrella of The Erie Community Foundation.
The proposed Social Investment Tax Relief (SITR) has UK civil society and social organizations stirred up this season. The supposed tax relief on investment in social impact bonds will support the UK social economy.