Foundation

Cape Cod Five Cents Savings Bank Charitable Foundation Trust
2008 Chairman’s Letter

The Cape Cod Five Cents Savings Bank Charitable Foundation Trust can look back on 2008 with a sense of accomplishment for charitable donations to 147 community organizations  that totaled $647,400.

Although its assets are thoughtfully managed, the Foundation was not immune to the economic downturn and stock market decline in 2008, which decreased the Foundation's corpus by 22% for the year. The Foundation will be in a position to continue providing charitable distributions for the coming year, albeit at an amount approximately 11% below 2008 levels.

Our role is to support and encourage the efforts of the vast array of non-profit organizations that are essential to supporting the quality of our lives on Cape Cod. Whether they represent human needs such as food and shelter, health and elder services, youth and education, or the benefits derived from the arts and the unique environment surrounding us, they are vital to our well being. Many were the recipients of Foundation contributions in 2008 and are listed later in this report. We would not want to imagine life on Cape Cod without them.

Our task in 2008, as carried out by the staff and the many volunteers who make up the Foundation, was to adapt to a changing economic situation and make difficult donation decisions. As has been the case in prior years, the amount of worthy requests for funding far exceeds the Foundation’s annual giving ability.

The Cape Cod Five Cents Savings Bank Charitable Foundation Trust remains strong. We recognize that this is a challenging time, with the needs of the community on the increase, but with support for them more difficult to come by. But most important, we express our appreciation for the hard work and critical adjustments made by the many individuals involved in the Cape’s non-profit community. In these trying times, it’s these dedicated individuals who continue to make a positive difference and deserve our gratitude. We are privileged to play a small part in the important work they do.

Dorothy A. Savarese, Chairman

Statement of Financial Position