First phase of challenge grant met
Raising $25,000 is never an easy task, but the spirited supporters of the Homer Foundation found it was a goal too good to refuse. The challenge had been put forth by the Rasmuson Foundation through the Alaska Community Foundation: raise that much from at least five individuals in your community by June 30th, 2008, and we will match that amount two-for-one with a $50,000 endowment. To sweeten the deal, Rasmuson would also provide a $5000 award for local grant making.
Joy Steward, executive director of the Homer Foundation, is pleased to announce that the Homer Foundation has met the $25,000 goal, and is well on the way to meeting the second phase of the challenge, which gives the Foundation until the end of 2009 to raise another $25,000. According to Steward, the phase one goal was met with gifts ranging from $50 to $5000 to establish the Homer Foundation Fund at the Alaska Community Foundation. “I cannot stress enough how fortunate Homer is to have individuals that recognize the needs of Homer’s vibrant nonprofit community, helping to meet not only day-to-day needs, but having the vision to build permanent philanthropic assets for the community.”
Homer is among seven Alaskan communities selected to participate in a statewide Community Asset Building Initiative sponsored by the Rasmuson Foundation and managed by the Alaska Community Foundation. According to Edward Rasmuson, chairman of the Rasmuson Foundation, the three-year initiative was conceived as “a program that could create vehicles to prioritize and solve local problems.”
The other communities in this pilot project are the Chilkat Valley (including the Haines Borough and village of Klukwan), the Frederick Sound area (including Petersburg, Mitkof and Kupreanof Islands), the upper Susitna River valley (including Talkeetna, Caswell, Susitna Y, and Trapper Creek), Seward, Juneau, and the upper Kenai Peninsula. The CAB Initiative is assisting these communities in developing a community foundation where none exists, or in the case of Homer, helping to grow philanthropic assets through the already established community foundation.
The other communities that proved successful this summer in raising the required amount will also receive $50,000 from the Rasmuson Foundation, as well as the additional $5,000 award for local needs. Each of these new endowed funds will be held and managed by the Alaska Community Foundation, with the earnings available for the benefit of the communities. The best part is that the process repeats in year two, with the challenge renewed as a continued incentive for local charitable investment.
The Homer Foundation was able to start working towards the phase two goal as soon as the first $25,000 objective was met. “We already have $9500 in cash and pledges for phase two,” reported Steward. Anyone wishing to support the initiative may contact Joy Steward at the Homer Foundation, 235-0541, or jsteward@homerfund.org.
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