The need for a Community Foundation was noted by a local estate planning attorney in the early 1990s. He worked with clients who had both estate planning issues and a desire to be philanthropic but required more flexibility than simply naming a charity as the ultimate beneficiary. After researching numerous solutions, it appeared that a local Community Foundation could provide a solution.
At the time, there were many significant fundraising campaigns in process that required both financial and human resources and talents. Those interested in helping form this organization felt the community should focus on the current efforts before embarking on another path.
In mid-2000, the core group of volunteers interested in moving the Community Foundation concept forward felt the timing was now appropriate. On January 3, 2005, the Internal Revenue Service granted the Indian River Community Foundation its tax exempt status under section 501(c) 3 as a charitable organization.
The initial Board members were Robin Lloyd, Ann Marie McCrystal and Rick McDermott.