Community Foundation donors contribute $1.7 million to endowment
The results are in. From July 2013 through June 2014, during the Quad Cities Community Foundation’s 50 for 50 Challenge, donors established 70 new funds with more than $1.7 million in endowment to support causes that matter to them.
Community Foundation’s board of directors approved the 50 for 50 Challenge with the hope of having 50 new qualifying endowed funds established for their organization’s 50th anniversary. That goal was surpassed as the Foundation topped out at 70 new funds by the June 30th deadline.
With a minimum $10,000 gift, any individual, family or business was eligible to participate in the 50 for 50 Challenge. For every new fund created, the donor was given the added incentive to direct a $1,000 grant award to their favorite charity from the Community Foundation Community Impact Endowment, a fund established to meet a wide range of community needs as they arise. More than 100 donors have given to this endowment over the last 50 years. As a result, the Foundation will distribute $70,000 in grants at the end of October to area nonprofits who were chosen by the new fund holders. That is money that goes right back into the community!
An endowment fund is a self-sustaining source of funding. Each year, a portion of the value of the fund is paid out to support charitable purposes, and any earnings in excess of this distribution are used to build the fund’s market value. In this way, an endowment fund can grow and provide support for its designated purpose in perpetuity.
The endowments that were established during the 50 for 50 Challenge are permanent, which means they will continue to give back to the community for generations to come. In 2015, they will distribute approximately $76,500. Community Foundation donors established new Community Impact Endowments that will provide annual resources to meet the most critical needs in the community, Private Foundation Funds where the donor decides each year which charities will receive distributions, and Designated Endowments to provide a permanent source of annual support to causes they care about most.
Ron McGauvran of Clinton, Iowa was pleased to join the 50 for 50 Challenge in November when he established the Ron McGauvran Munificence Fund and the Ron McGauvran Community Impact Fund through a gift from his IRA. This gift is an expression of Ron’s concern for and commitment to the community, and his desire to help improve the quality and circumstances of life for present and future generations through his philanthropy. The Funds are designated endowments, and the annual distribution from the Funds will be granted to two Clinton, Iowa charities he chose to support and thus enable them to continue to add to the quality of life in Clinton.
Mr. McGauvran has designated the two $1,000 50 for 50 Challenge grant awards to the Paul B. Sharar Foundation for Clinton Community College, part of the Eastern Iowa Community College District. Ron served as a Trustee Director of Eastern Iowa Community College District prior to being appointed by Governor Terry Branstad in 1988 to the State Board of Education as a representative of community colleges in Iowa.
The Quad Cities Community Foundation is a local organization with deep roots in the community. Their professional staff has broad expertise regarding community issues and needs. Contact the Community Foundation for help in building an endowment fund that will benefit the community forever and will create your own personal legacy.