Pinellas Community Foundation CEO Duggan Cooley joined Tampa Bay area business leaders Wednesday evening at a Florida Economic Club social in St. Petersburg. For Cooley, it was an opportunity to discuss the nonprofit\u2019s work and its influence on the region.\u00a0<\/p>\n
Established in 1969, the Pinellas Community Foundation provides philanthropic expertise and investment oversight to support local nonprofits, according to the organization\u2019s website. The Florida Economic Club focuses on fostering interaction between community professionals in different Florida cities.\u00a0<\/p>\n
\u201cWe sit in a wonderful seat of privilege to see incredibly good things happen in our community,\u201d Cooley told the attendees. \u201cEveryday, practically every moment of the day, people solve different situations, meet challenging needs and make our community a better place. So, don\u2019t get stuck and wired down in the negativity. Go find an organization to spend your time with, to give your talent to and to give your treasure to.\u201d\u00a0<\/p>\n
He explained that the foundation helps people make strategic charitable decisions, whether that is providing a gift to a nonprofit that supports a favorite cause or even their alma mater. Additionally, the organization provides grants to support initiatives such as youth programming, affording housing and food security efforts.\u00a0<\/p>\n
When asked about the vetting process, Cooley said that the foundation typically works with public charities that have a 501(c)(3) status. Additionally, the team rigorously reviews the organizations\u2019 financial documents. In some instances, they will also do a site visit. Committees will then rate the applications.\u00a0<\/p>\n
The foundation often \u201cgets involved with organizations as a convener to solve problems in the community,\u201d Cooley said. For example, it partnered with nonprofits to assist with disaster relief efforts after Hurricanes Helene and Milton in 2024. Cooley and his team also provided local support during the Covid-19 pandemic.\u00a0<\/p>\n
Cooley believes that philanthropy can have a larger regional impact.\u00a0\u00a0<\/p>\n
\u201cAs community members, we start asking more questions,\u201d he explained. \u201cWhat are the things we should recognize and opportunities we should provide? What should we disincentivize or not do? Are we using all of the tools in our toolbox? Can charitable capital do more?\u201d<\/p>\n
For example, he discussed the creation of the Gladys E. Douglas Preserve Fund<\/a>.\u00a0<\/p>\n The Dunedin property, at the northeast corner of Virginia Avenue and Keene Road, is approximately 44 acres. With the help of the Pinellas Community Foundation and other partners, the City of Dunedin would eventually acquire the land<\/a> for about $10 million in 2021. Individuals can contribute to the fund to help preserve, restore and further develop the property.\u00a0<\/p>\n Cooley explained to the Catalyst that the Pinellas Community Foundation is exploring locally-based impact investment options<\/a>. The opportunities would not only provide a financial return, but also benefit the Tampa Bay community.\u00a0<\/p>\n The organization allows individuals to contribute cash and non-cash assets, such as stocks and mutual funds, to create charitable funds. The team then invests the gifts and distributes a portion of the earnings every year to nonprofits and\/or local initiatives. One of the ways the foundation currently invests money is by purchasing stocks in companies such as Apple, Microsoft and Google.\u00a0<\/p>\n Local opportunities would be a way to \u201crecycle charitable capital.\u201d One of the major avenues of interest is affordable housing. With more capital behind projects, developers or organizations could build more homes in the region.\u00a0<\/p>\n \u201cWe would do that in the fashion of a loan,\u201d he said. \u201cBut it might be lower than market value.\u201d\u00a0<\/p>\n