With a $100,000 gift, Hyde-Stone Mechanical Contractors has established the first corporate charitable foundation within the Northern New York Community Foundation.
Hyde-Stone, which has offices in Watertown, Potsdam and Plattsburgh, has shifted from awarding grants through the company to using a more formalized, nonprofit structure that will help fund projects and programs in Jefferson, Lewis, St. Lawrence and Clinton counties.
I think were still trying to get our arms around it, said Jay F. Stone, owner and Community Foundation board member. Were in a learning curve. Hopefully well make it grow.
Future contributions from Hyde-Stone to its charitable foundation depend on how business goes, Mr. Stone said.
Community Foundation Executive Director Rande S. Richardson said the Hyde-Stone charitable foundation will make its own grant award decisions, but also may be able to partner with the Community Foundation on projects that interest both parties.
Were always in a much stronger position if were able to use multiple sources, Mr. Richardson said. From the Stone family, they see this as the potential opportunity to encourage other corporations to do their giving in a more formalized way as well.
Mr. Stone said he and his company remain dedicated and committed to local communities. Hyde-Stone is led by Mr. Stone, his wife, Dawn, and their two sons, Christopher and Thom.
The Community Foundation said in a released statement that it works with individual and corporate donors, as well as nonprofit organizations and schools, to enhance the overall value of their missions and interests.