Sunday, January 22 2012 @ 08:32 AM GMT+5
A matching grant program to help nonprofits establish new sustainable endowments
The Program philosophy is to provide opportunities to ensure that area community organizations will continue to be strong today and well into the future through endowments within the Community Foundation.
An organization endowment serves as a long-term resource for stability, growth and an annual revenue stream that can be used for the success of the organization’s mission and purpose such as programs, services, maintenance, facilities and operations.
Provide monetary matching awards to community organizations wishing to establish a new organization endowment within the Community Foundation of Greater Muscatine. The match will serve as an incentive for the organization’s donors to contribute to the long-term health and vitality of the organization.
Open to nonprofit charitable organizations and qualified educational and religious institutions that serve Muscatine County residents and are, or will become, incorporated in Iowa and want to establish a new organization endowment at the Community Foundation.
Application - Organizations will make application by email followed by a signed submission by February 15, 2013 using the application form and process established by the Community Foundation of Greater Muscatine. Guidelines and applications are available by emailing email@example.com. In the application you will need to address the following: Why do you want an endowment for your agency/organization? Describe any past local fundraising efforts for operations. Describe up to two past fundraising efforts for program, project or services undertaken in the last five years. Describe your plans to raise money for an agency/organization endowment including an income budget. Submit the most recently completed annual financial report.
Review - A committee comprised of Community Foundation Executive Committee members, a Professional Advisors representative and an Investment Committee representative will review, rate, discuss, select and recommend recipients from eligible applicants.
Criteria for Selection – Applications will be rated on applicant’s plan for raising money for the endowment, likelihood for success in endowment building and importance of organization to Muscatine County as conveyed through application. Special circumstances of organizations applying as well as program outcomes may also be considered.
Awarding - Awards will be made March 19, 2013 following Board approval. Awarding ceremony is scheduled for March 27, 2013.
Funding is made possible through the County Endowment Fund Program and Community Foundation Partners in Philanthropy.
Grants will be awarded in two amounts: $2,500 or $5,000. This is a matching grant program where the Community Foundation matches $1 for every $3 proposed by the organization within limits. For example:
$2,500 grant from the Community Foundation requires you to raise $7,500 by 12/31/13.
$5,000 grant from the Community Foundation requires you to raise $15,000 12/31/13.
Organization’s Match - No more than one third (1/3) of the organization’s match can be from existing sources such as budgets, bank accounts, donor pledges, federal or state grants, etc. Two thirds (2/3) must be raised specifically for endowment.
Endow Iowa Tax Credit
Gifts to endowments at the Community Foundation of Greater Muscatine are eligible for a 25% State tax credit in addition to any federal tax benefits for which donors may qualify.
Restrictions - Organizations have until December 31, 2013 to raise their proposed amount. Failure to do so will result in forfeiture of grant award. However, funds raised by the organization will stay in the organization endowment where they can build over time in support of the organization.
Matching grants are not available for existing organization endowments at this time. This is a pilot program and future grant programming is dependent upon future need and funding sources.
Agreement - Organizations awarded grants through the Jumpstart program will be required to review procedures and policies governing Endowments and the Community Foundation. Additionally, a signed endowment fund agreement and a minimum beginning balance of $1,000 are required upon accepting the award.
Policies & Procedures
The Community Foundation of Greater Muscatine is confirmed in compliance with National Standards for U. S. Community Foundations and is qualified by the Iowa Department of Economic Development. This document is not intended to be contractual. All current policies and procedures take precedence over this document.