The California Municipal Finance Authority (“CMFA”), a joint powers authority that helps local communities finance improvement projects, announced has reached a major milestone in its mission to directly benefit California residents. Through its unique approach of donating a portion of its revenues to non-profit groups, CMFA has now contributed more than $3 million to 237 community-based non-profit organizations since its beginning in 2004. In 2011 alone, the CMFA granted approximately $1,112,000 to 79 California charities.
CMFA donates to local non-profits through its charitable foundation, the California Foundation for Stronger Communities. Recipients are chosen by CMFA member communities and CMFA Board Members. Over the past eight years, CMFA has facilitated the financing of 210 public benefit projects throughout the state.
“Reaching the $3 million contribution milestone really proves that our business model is working. We’re driven by our mission to strengthen California communities through financing economic development, job creation and social programs and by contributing a quarter of revenues to community based, non-profit charitable organizations that touch the lives of California residents,” said Dr. Edward Becker, CMFA board member and Chief Financial Officer of Olive Crest, a not-for-profit organization which has been providing services for children and their families in Southern California for over 30 years.
“Our unique approach of donating revenues to non-profits and sharing revenues with our member municipalities for community improvement enables the CMFA to triple our mission impact and really set ourselves apart,” said Dr. Becker. “We believe that our ’community minded’ revenue sharing approach enhances the reach of the public benefit projects that we help finance.” Dr. Becker continued.
The CMFA is a leading issuer of tax-exempt and taxable bonds for public, private and non-profit entities and has over 145 California municipalities as members. The CMFA facilitates the financing of qualified economic and community development projects that provide employment and other positive public benefits in health care, affordable and senior housing, education, manufacturing and related industries that produce valuable employment, economic and other public benefits. Over the past eight years, the CMFA has facilitated the financing of over 210 worthy development projects in the State of California.