Community Foundation of Tampa Bay multiplies impact of Baldwin’s generous gift
St. Petersburg Free Clinic has received a $300,000 gift from the Virginia and David Baldwin Foundation, which supports the nonprofit’s long-term sustainability. The Community Foundation of Tampa Bay contributed an additional $100,000 to Mr. Baldwin’s gift.
Mr. Baldwin’s $300,000 gift is one of several transformative donations to St. Petersburg Free Clinic that created avenues for major expansion in recent years. The Free Clinic’s residential program for women is named the Virginia and David Baldwin Women’s Residence in honor of his generous gift in 2016. Another significant gift from Mr. Baldwin expanded the Free Clinic’s health center’s services and moved it into a standalone location in 2017. He then added to his positive impact on the Free Clinic’s residential programs with a major gift to the Men’s Residence, which made it possible to purchase a new facility in 2018.
“Mr. Baldwin’s generosity has been totally transformative for our organization,” said Michael O. Bice, interim CEO of St. Petersburg Free Clinic. “By creating this endowment, his giving spirit will have an impact on our organization for many years to come.”
Endowments provide stability and a consistent source of income for nonprofits. The principal gift and matching funds from The Community Foundation of Tampa Bay grow over time, and St. Petersburg Free Clinic receives annual income from the endowment.
The Community Foundation of Tampa Bay multiplied the impact of Mr. Baldwin’s most recent gift through its Endowment Match Challenge. Through the Endowment Match Challenge, the Community Foundation of Tampa Bay provides a 1-to-3 match when nonprofits or individual donors create a new endowment with the Foundation or add to an existing endowment.
“Our Endowment Match Challenge motivates donors to help nonprofits build a perpetual source of revenue for financial sustainability,” said Marlene Spalten, president and CEO of the Community Foundation of Tampa Bay. “In our role as a community catalyst, we’re multiplying the impact of Mr. Baldwin’s generous gift in support of St. Petersburg Free Clinic.”
St. Petersburg Free Clinic plans to use the endowment’s income to sustain operations of its programs. The Free Clinic’s eight food, shelter, and health care programs distribute over 11 million pounds of food to community members annually, provide over 9,000 with free health and wellness services annually, and help another 400 annually on their path to independent living through shelter services.
The Free Clinic’s endowment is managed and invested by the Community Foundation of Tampa Bay along with more than $278 million in other assets. Since inception, the Endowment Match Challenge program has resulted in endowments for 87 different organizations totaling over $26 million at the Community Foundation of Tampa Bay.