Hilton Foundation Invests $2 Million in VCCF Nonprofit Center
The Conrad N. Hilton Foundation has made a $2 million investment to support the work of the VCCF Nonprofit Center in Camarillo.
Owned by the Ventura County Community Foundation and opened in December 2012, the VCCF Nonprofit Center houses 16 local nonprofits at below-market rent, provides free meeting space to community organizations and offers low-cost professional training at the Center for Nonprofit Leadership.
“We are most grateful for this generous support that reflects the value the Center provides to Ventura County nonprofits,” said VCCF President & CEO Hugh J. Ralston. “It reaffirms VCCF’s decision to create this community asset.”
The Hilton Foundation funding is critical to the $10 million Capital Campaign VCCF has launched to cover the costs of buying the building at 4001 Mission Oaks Blvd. and establishing a permanent endowment to support the expanded work of the Center for Nonprofit Leadership, Ralston said. The funding comes in the form of a program-related investment, or PRI, in which a foundation leverages its portfolio to further its charitable mission. The Hilton Foundation’s assets are in excess of $2.2 billion.
“We’re pleased to be able to help VCCF cover the costs of establishing the Center for Nonprofit Leadership and by extension to help local nonprofits in the Ventura County area,” said Steven M. Hilton, chairman, president and CEO of the Conrad N. Hilton Foundation. “Under VCCF’s guidance, hundreds of nonprofits stand to benefit from the center’s programs, creating a ripple effect of impact in the region.”
This significant support from a fellow foundation helps VCCF sustain its aim for the Nonprofit Center, which is to provide local nonprofits with modern, efficient office space at a discounted rate, Ralston said. United Way of Ventura County CEO David M. Smith has noted his organization’s annual rent decreased by $30,000 when it moved to the VCCF Nonprofit Center. Those savings can be redeployed to help meet the needs of more people in Ventura County.
Major construction for this project finished within 12 months, and the Center is fully leased. Tenants besides VCCF, its Center for Nonprofit Leadership and the United Way include Interface Children & Family Services, Kids & Families Together, Gold Coast Veterans Foundation, Big Brothers Big Sisters of Ventura County, the New West Symphony and ACTION.
To learn more, go to vccf.org/nonprofitcenter.