Sunday, October 19, 2008

New Orleans Nonprofits Challenged To Build Endowments In Part Through Matching Funds

[If you aren't sure what matching grant or matching funds programs are, read my post, "What Are Matching Grants? I'll Explain..."]

From The Foundation Center...

New Orleans Nonprofit Organizations Invited to Take Freeman Challenge to Build Endowments

Deadline: November 17, 2008 The Richard West Freeman Endowment Challenge through the Greater New Orleans Foundation ( http://www.gnof.org/ ) is designed to assist nonprofit organizations within the Greater New Orleans area looking to create an endowment for the first time or build on an existing one.

An endowed fund is one where the principal is kept intact and invested, with only a certain portion of the investment income distributed back to nonprofits for their general use. Often, nonprofits will see their endowments grow by reinvesting earnings and by adding additional contributions from donors.

The Freeman Challenge will match one dollar for every two dollars raised by nonprofits up to $15,000. Nonprofits will have the opportunity to select a preference for one of three matching categories: 1) the nonprofit raises $10,000, the Freeman Challenge matches $5,000; 2) the nonprofit raises $20,000, the Freeman Challenge matches $10,000; and 3) the nonprofit raises $30,000, the Freeman Challenge matches $15,000.

Nonprofit, tax-exempt, 501(c)(3) organizations are eligible to apply, as are organizations that have a fiscal agent relationship with a 501(c)(3) nonprofit.

Visit the GNOF Web site for complete program information and an application form.

RFP Link:> http://fconline.foundationcenter.org/pnd/15015463/gnoforg

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