Building Greater Communities
Galesburg Community Foundation is pleased to announce the establishment of a $25,000 Challenge Grant to assist small towns in Knox and Warren Counties with the establishment of Community Funds. Community Funds are endowments, permanent funds in which the principal is invested, with a portion of the returns awarded locally as grants. Once a Community Fund is established it grows forever, creating a permanent source of financial support for local needs.
Community Funds are developed by local residents and built with gifts from community members, businesses, service organizations and other sources. Community Funds are guided by a local steering committee that is empowered to award grants that positively impact their community and residents.
Why we believe in the power of Community Funds—
- Allow communities to address their most pressing needs.
- Provide flexible problem solving tools. No one can know what a community’s most urgent needs will be twenty years from now—and Community Funds allow your community to build the capacity to meet those future challenges.
- Serve as a catalyst for community-wide problem solving and decision-making.
- Provide receptacle for planned gifts or bequests for current and former residents who want to make a contribution.
- Great education tool to help your community learn more about the power of philanthropy and endowment building.
As you consider establishing a Community Fund here are answers to a few questions that may be top of mind—
What amount is required to establish a fund?
A minimum of $25,000 is required to establish a fund. The Galesburg Community Foundation will match the $25,000 raised with another $25,000 so your Community’s Fund will have a total of $50,000. The Community Foundation will also provide your community with $5,000 to assist with grants, marketing or additional needs to get the fund up and running.
Who oversees the fund?
A steering committee comprised of members from each community oversees the fund. This steering committee is committed to helping the fund grow and also helps generate awareness of the fund. In addition, the steering committee decides how the grant process will work and how grant distributions will be awarded. Essentially, the steering committee will tailor the framework of the fund to best meet their community’s needs.
Why should a community consider this opportunity?
Creating a Community Fund is a way to permanently ensure your community has resources that support local needs. This is also a great way for community members to help improve where they live. Essentially, by giving to a Community Fund the community is being invested in, as grants and distributions will help make the community more vibrant and dedicated to the impact of philanthropy. Essentially, Community Funds have the potential to serve as a receptacle for planned gifts and bequests, which is very important to rural communities.
The exciting aspect of creating a Community Fund is that it builds your community’s ability to shape a better future and promote the well-being of all community members. It unites the tools of community, economic and resource development, engaging all people to come together with their voices, ideas, strategies, talents and giving.
For more information call Galesburg Community Foundation at 309.344.8898.