Editor's note: The Emmet County Community Foundation is one of the foundations that will receive approximately $126,000.
Governor Branstad, Iowa Economic Development Authority, and ICoF announce $11 million for community foundations
County Endowment Fund Program Powerful Tool in Supporting Philanthropy
On Wednesday, Governor Terry Branstad and officials from the Iowa Economic Development Authority and the Iowa Council of Foundations announced the funding of the 2012 County Endowment Fund Program. Approximately $11 million in funding will be distributed to 85 community foundations across the state.
"Iowa has a long history of strong communities that support their own," said Governor Terry Branstad. "The funding that will go to community foundations as part of the County Endowment Fund will help ensure these community organizations will continue to be strong today and into the future."
Each of the 85 community foundations participating in the program will receive approximately $126,000; the organizations will then grant 75 percent of those funds to charitable projects and programs in their counties. The remaining 25 percent will be used to grow a permanent, unrestricted endowment fund intended to attract additional donations and provide a source of permanent funding for charitable projects in the county.
The source of funding for the program is eight-tenths of one percent of the state's gambling revenues. The program distributes an equal allocation to a community foundation located in counties without a state gaming license. Fourteen counties were not eligible for the funding because state-licensed gaming facilities are located in those counties.
The Iowa Economic Development Authority works closely with the ICoF to coordinate the program and determine the community foundation recipients of the funding. The ICoF is a membership organization of grantmaking foundations across Iowa with a mission of promoting philanthropy and effective grantmaking in the state.
"Community foundations across Iowa are committed to making our state a better place to live and work. The County Endowment Fund Program strengthens and supports their efforts. Our organization is proud to to be involved in this program and even more proud of what it means for Iowa," said Laura Sauser, president of ICoF.
A list of the community foundations that received funding for the 2012 County Endowment Fund Program can be found at www.iowacommunityfoundations.org/2012-recipients.aspx.