CREATING AN ENDURING SOURCE

OF FUNDS FOREVER DEDICATED

TO THE GOOD OF BERMUDA

ANNUAL
REPORT
201415

WERE in it for GOOD

Operating since Jan 31, 2014

$1,152,815
DISTRIBUTED IN GRANTS

INCREASED
EFFICIENCIES
FOR GRANT-

MAKING

$7.2 million
TOTAL ASSETS UNDER

MANAGEMENT

$ More local giving

(JUNE 30, 2015)

14 fund type offerings

14 ways to engage
14 donor funds in 2015

Community
philanthropy
exists as a
practice in
Bermuda

` Growth in charitable endowments

81
53
GRANTS

FUNDS UNDER
MANAGEMENT

100+
APPLICATIONS
PROCESSED

$123,000

COMMITTED TO
ADDRESS CROSSSECTOR CAPACITY
BUILDING

BCF is here for GOOD

MESSAGE FROM THE CHAIRMAN & CEO

JUST TWO YEARS SINCE THE LAUNCH of the
Bermuda Community Foundation, the BCF is already
functioning like a more seasoned organisation. To achieve
this, deadlines have been aggressive and 2015 has been an
occasionally gruelling year. Theres nothing glamorous
about many of the tasks required to ensure the BCF is
able to carry out its mandate in a credible manner.
But their accomplishment is essential to our effectiveness
and credibility.

The close of the 2015 calendar year marked a turning

point for us as an institution. PricewaterhouseCoopers
generously conducted BCFs audit and the BCF recently
received an unqualified audit for FY 2013 and 2014
representing seven months of effort. For a duallydesignated charity/company, the first and only one of
its kind in Bermuda, to receive an unqualified audit is
an important milestone that we know gives donors
confidence in our programmes and operations.

Two critical 2015 milestones were:

The sheer quantity of calls and grant applications

(solicited on behalf of donors) demonstrates the need
for our services. However, at this early stage in our
development we are still determining how broad our
remit should be. We need to be thoughtful in this regard,
because success will not be assured by us trying to be
all things to all people.

We successfully re-registered BCF under the new

u charitable
legislation regime. Our staff completed

the Bermuda Financial Intelligence Agencys

anti-money laundering training and donors will
see enhancements to our gift intention forms that
better conform to the protocols required

As sponsor of the Friends of Bermuda Community

u Foundation
501c3, BCF can assure US taxpayers

Our technological infrastructure is in place with the

website enhanced by an online grants application system,
donor-directed and campaign fund stories that link to
giving opportunities. The BCF-sponsored online giving
marketplace is being launched.

that they are making a bona-fide tax deductible gift.

Over the year we received further contributions to the

central endowment as well as additional donor individual
and donor entity funds. We were also incredibly fortunate
to receive as a donation the services of a top-tier investment manager in Orbis Investment Management Limited,
and made the first sets of transfers from donor fund
accounts to the pooled investment portfolio.

From a programmatic perspective, we continue to

balance and make trade-offs with respect to keeping
staffing lean and processes efficient, remaining focused
on our core work but not losing sight of whats adjacent,
aspirational or totally out of scope.


Taken as a whole, and programmatically, the scale and
scope of the work has been challenging. Yet, we have a
successful audit under our belts; we have launched new
donor-directed, designated, agency and programmatic
funds; we have hosted several donor fund initiatives; and
supported Friends of BCF to facilitate its first grants.
We have sourced new information management technology
that makes it possible for donors to make online
contributions to nonprofits and are making it available
to Bermudas community in early 2016. We assessed
over 100 grant applications and are establishing funding
relationships with exciting new prospects.

We believe the basket of tools we now have in place

the integrated grants application and management
platform, the GiveBermuda.org giving marketplace,
and the foundations own website that tells the stories
of donors journeys in realising their philanthropic
goalsare the building blocks of enduring and
sustainable philanthropy.
The groundwork has been laid and the BCF is ready
for the next phase, thanks to the Board members,
management, staff and volunteers.
If you have been thinking about how you can have a
lasting impact in the community, join us in helping to
create an enduring source of funds forever dedicated
to the good of Bermuda.

All of these outcomes reinforce our founding belief that

getting BCF running well and then bringing ever-increasing
levels of efficiency to philanthropy and resources to
charity, is critical.
For 2016, our major objectives include:

u
the first grants from donor-directed funds
u atMaking
BCF and the BCF central endowment fund

PETER DURHAGER, CHAIRMAN

Starting the accreditation process through UKCF

Refining our grant-making processes and increasing

u capacity
to execute specific investor requests

MYRA VIRGIL, CEO &

MANAGING DIRECTOR

a shift from individual charitable efforts

u toPromoting
more long-term philanthropic investments
through the establishment of endowed funds.

$$$

Giving by strategic area

Youth Achievement
and CommunityBased Education

Caring
Community

Strategy: Advancing
arts and culture
initiatives
investment
organisations that
provide access,
enlightenment
and enjoyment
for people of all
ages, backgrounds
and abilities to
artistic, cultural
and historical
programming in
schools, community
centres, museums,
institutes and
public spaces.

Strategy: Support
for programmes,
services and
research that
improve the lives
of families,
seniors, the
disabled and
other vulnerable
residents
(including animals)
facing immediate
or longer-term
threats of hunger,
homelessness,
isolation or
unmet health and
social needs.

$14,188
4 Grants

$580,200
31 Grants

Strategy: Ensuring
that community
members,
particularly youth
living at or below
the poverty
line have access
to enriching
educational and
extracurricular
opportunities
that encourage
career interests,
mentoring relationships and the
development of
leadership skills

Arts for All and

Bermudas Heritage

On behalf of donors BCF reviewed

over 100 applications resulting in
81 grants. Donor funding:
l Improved literacy levels among
middle school kids through the
purchase of learning packages and

$324,500
26 Grants

250,000

Strategy:
Stabilising and
strengthening
Bermudas
non-profit
organisations and
neighbourhoods
with personal
and community
development programmes, sports
and recreation,
community
empowerment,
and planned
growth initiatives.

Green and Blue

Community

$31,000
2 Grants

Strategy: Protecting and enhancing

the environment,
both marine and
terrestrial, for
the health and
enjoyment of
the community.
This includes
preservation,
education and
advocacy programmes aimed
at short and long
term conservation
of Bermudas
land, sea and their
biodiversity.

including seniors and those who

were homebound
l Created opportunities for young
people to participate in life-enriching
programmes such as mentoring and
adaptive sports

SUPPORT BY CORE MISSION

n = 201314
n = 201415

300,000

$202,927
18 Grants

books and support for a reading fair

l Helped nonprofits and entrepreneurs grow their businesses and to
graduate as a first cohort of students
of the Streetwise MBA programme
l Provided food for families in need;

400,000
350,000

Charitable
Infrastructure
and Community
Development

* Variances due to
reclassification of grants

200,000
150,000
100,000
50,000
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Programme highlights
FUNDS ESTABLISHED AT BCF AND WHAT
THEY ASPIRE TO ACHIEVE

Ana Roje and Mrs. Georgine Mary Russell Hill, the

Catherine Zeta-Jones Scholarship, in honour of Patricia
Calnan, BF&M in honour of L. John Profit, and the Don &
Elizabeth Kramer Bursary and Professional Development
Fund made a number of student bursary payments possible
for 2015/16 scholarship recipients.
l TalkWell.org: Bermuda will see a new blog launched
that aims to provide greater clarity and a deeper understanding of important issues by stimulating thoughtful,
solution-led dialogue that helps Bermuda move forward.
The moderated blog is premised on the idea that
respectful dialogue can help the community explore and
resolve meaningful social issues. See www.talkwell.org,
which will be piloting in 2016.
l TEDxBermuda: Through its new donor fund, BCF
supported the fiscal administration of Tedx 2015. John
Narraway and his volunteer team bring TEDxa local,
self-organised event that brings people together to share
a TED-like experienceto Bermuda each year.
l Yes, We Code: A donor keen to introduce a variety
of youth IT programmes being adapted in the United
States set aside funds to support a capacity-building
experience for a select local nonprofit. With the support
of BCF, the Technology Leadership Forum (TLF) was
identified as a leading organisation in this area. In 2016,
representatives from TLF will head to San Francisco,
Detroit and New York to visit groups like Yes, We
Code to exchange ideas on how to introduce youth
to tech careers.
l GiveBermuda.org: With support from all of its
founding investors, BCF will launch GiveBermuda.org, a
free searchable online database of in-depth information
about local nonprofits. Each participating nonprofit has a
unique profile that includes comprehensive information
about programmes (including impact and measures),
finances, governance, operations and management. Nonprofits are searchable by name or by nonprofit category,
making it easy to identify organisations that ignite donors
interests. With more than 300 nonprofit organisations
serving Bermuda, it can be overwhelming for donors to
figure out all the fulfilling work being done to strengthen
the jurisdiction. Until now, donors who wanted to ensure
their act of giving made the biggest impact had no easy
way to match their philanthropic passion to organisations
most closely aligned with their interests. But all that will
change with this new site!

Aspen Fund: The work of the Aspen-Bermuda

partnership has finally been realised with the release of
Racial Dynamics in Bermuda in the 21st Century:
Progress and Challenges, a report designed to locate
where Bermuda is situated in its racial dialogue and quest
for racial equity.
l Diversity Initiatives Fund Tribute: BCF hosted a
convening in celebration of the former agencys work,
the public launch of this field-of-interest fund and the
publication of a commemorative booklet. Former members
of the Diversity Institute of Bermuda paid tribute to its
rich and productive history that saw almost 100 locals
participate in 20-day experiential-style diversity training.
Participants went on to teach and train on diversity
awareness, sexual harassment in the workplace, valuing
and managing differences, and understanding privilege.
The belief in the power of people to create change lives
on in the establishment of this fund.
l Early Childhood Development: Combined funding
from the Hemera Foundation, the Gutteridge Family, the
Bank of Bermuda Foundation and private individuals, was
donated to an early childhood development fund at the
Bermuda Community Foundation. BCF commissioned Dr.
Edmina Bradshaw to write the report Zero to Three in
Bermuda: What Further Role Can Philanthropy and
Government Play to Support Early Childhood Development? The result was a ground-breaking study into early
childhood development in Bermuda and revealed that
there is a strong need for improvement. The study
focuses on the first three years of life, which are likely to
impact an individual long term.
l Gender Project Fund Initiative: The last report on
gender in Bermuda was done in 1997. A donor who was
concerned there are few statistics about genderor
even information segregated by gender in Bermuda
supported a government-led project to gather
information that will form the basis of national gender
policy in the future.
l National Dance Foundation Bermuda Scholarship Fund: The NDFB transitioned the administration of
its scholarship programme to BCF, freeing up its board to
champion the development of Bermudas dancers through
financial support. MontpelierRe, in honour of Madame
l

Donor funds at BCF *

BCF Endowment Fund (established by The Atlantic Philanthropies, RenaissanceRe
and the Buchanan Charitable Fund)

BCF Administration / Operating Funds (established by The Atlantic Philanthropies,

RenaissanceRe, and Bloomberg Philanthropies with contributions from the
XL Foundation)
Bermuda High School PTA Excellence Prize Fund
Cummings & Katherine Zuill Family Fund
Diversity Initiatives Fund
Durhager Family Fund
Early Childhood Development Project and Research Fund
Financial Sustainability and Streetwise MBA Project
Hemera Foundation Fund
National Dance Foundation Designated Fund (established by the OHara Family)
O'Hara Family Fund
Quig Family Fund
Atlantic Philanthropies Fund (The)
BCF ReadWriteBermuda Campaign Fund
Bermuda Debate Society Agency Fund
Bridge Charitable Trust Charitable Fund
Buechner Society of Bermuda Fund for Family Literacy and Literature
De Weg Fund for Education
Ida James Memorial Fund for Social Work
Joan Darling Memorial Fund
RenaissanceRe Charitable Fund
RenaissanceRe Charity Challenge
Williams Legacy Fund
America's Cup Endeavour Community Sailing Fund (Legacy)
Aspen Bermuda Fund
BCF Gender Project Fund
BCF Technology Leader Study Tour Fund
Bermuda Audubon Society Agency Fund
Bermuda Donor Forum
Family Centre (The) Agency Fund
Family Centre (The) Designated Fund (established by the Freisenbruch Family)
La Leche League Bermuda Agency Fund
National Dance Foundation Programme Fund
Red Bull Youth Americas Cup Team Bermuda
TalkWell.Org
TEDx Bermuda
Toogood Family Fund
XL Foundation Programme

For more information and details on how to make contributions to Funds at BCF, go to www.bcf.bm.
* Excludes BCF Community Funds

Year Est.
2014

Fund Type
Endowed

2013

Non-Endowed

2013
2013
2013
2013
2013
2013
2013
2013
2013
2013
2014
2014
2014
2014
2014
2014
2014
2014
2014
2014
2014
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015

Agency
Endowed
Endowed
Endowed
Non-Endowed
Non-Endowed
Non-Endowed
Endowed
Endowed
Endowed
Non-Endowed
Non-Endowed
Agency
Non-Endowed
Non-Endowed
Endowed
Endowed
Endowed
Non-Endowed
Endowed
Endowed
Non-Endowed
Non-Endowed
Non-Endowed
Non-Endowed
Agency
Non-Endowed
Agency
Endowed
Non-Endowed
Non-Endowed
Non-Endowed
Non-Endowed
Non-Endowed
Endowed
Managed
Programme

The strategy for change

INCREASED PHILANTHROPIC RESOURCES AND CAPACITIES

ROBUST, MULTI-PURPOSE
PHILANTHROPIC
INFRASTRUCTURE

FIT-FOR-PURPOSE,
ADVANCED
TECHNOLOGY

PROVEN FUND
INVESTMENT
STRATEGIES

DEEP
SECTOR
KNOWLEDGE

1. Build and
operate the
community
foundation

2. Fund development/build
permanent
endowments

5. Online
donations and
individual
campaigns

6. Information
management
and technology

3. Manage and
invest funds

4. Grantmaking,
managed
programmes,
donor services

Platform for
structured,
sustained giving
addresses
ever-changing
sector and
social needs

Planned and
legacy gifts
become a
sustaining
nonprofit
revenue stream

Simplified, more
efficient, more
accessible giving
and fundraising
systems enhance
transactions

Donor decisions
are influenced by
data and metrics;
better access
to information
on social
programmes

Pooled investment portfolio

yields returns
while segregated
accounting
ensures that
funds go to
intended
purposes

Shared philanthropic services/

systems reduce
fees; improve
efficiencies,
increase and
diversify investments in effective
solutions to
problems

Permanence

Endurance

Effectiveness

Quality

Growth

Efficiency

Local giving

Lasting giving

Easier giving

Smarter giving

More funding

Less waste

Community philanthropy exists as a practice in Bermuda: it positively impacts how giving is done
(donors philanthropic wishes are respected; giving is impactful); how the philanthropic environment
is experienced (accessible, equitable) and how the sector is sustained.

OUR TEAM
BCF Board of Directors
Peter Durhager, Chair
Michael Brace, Investment
Brian OHara, Ambassador Relations
Amanda Outerbridge, Communications
Michael Schrum, Treasurer
Nikkita Scott, Technology
Myra Virgil, Assistant Secretary

Investment Committee & Advisory Support

Todd Fonner
William Gray
Alexander Cutler, Orbis Investment Management Limited
Grants Programme Support, Donor Fund Project Teams
& Strategic Advisors

BCF Staff / General Administration Support

Myra Virgil, CEO & Managing Director
Michelle Grant, Programme Associate

Dr. Edmina Bradshaw, Early Childhood Strategist

Sarah Cooke
Dr. Tamara Gathright Fritz, Strategic Evaluation Consulting,
Early Childhood Evaluation Strategist

IT Committee
David Atwood
Scott Humphrey

BCF Central Endowment and Operating Fund Donors

Tony McWilliam, TalkWell Editor

Frank Mutch
Cummings V. Zuill
David Zuill, TalkWell IT designer

Consultants, Contractors & Volunteer Advisors

The Atlantic Philanthropies

Buchanan Charitable Fund
RenaissanceRe
Bloomberg Foundation
XL Foundation
Individual Contributors

Finance Committee & Audit Support

Mark Wong
Thelma Kachisa
Auditors
PricewaterhouseCoopers
Communications Support
Brimstone Media Ltd.
Charles Doyle,Yabsta

Legal & Corporate Secretarial Support

Peter Pearman, Conyers Dill & Pearman
Scott Davis, Codan Services Limited

We would also like to acknowledge the Friends of Bermuda

Community Foundation Board. From its inception in May 2015 to
December 2015, the FBCF Directors estimate that 89 gifts from US
taxpayers resulted in 95 grants made to 29 Bermuda nonprofits
Myra Virgil, President
Robin Masters, Vice President
William Holmes, Secretary

BERMUDA COMMUNITY FOUNDATION

Sterling House, 16 Wesley Street, 4th Floor,
Hamilton, Bermuda HM 11
FOUNDING INVESTORS

Buchanan
Charitable Fund
XL Group
Insurance
Reinsurance

and private donors

A community foundation is an independent grantmaking organisation comprised of permanent and component funds established by many donors to
carry out their charitable interests for the broader interests of and benefit of local residents and to offer a solution to simply charitable giving.