Foundation’s endowment funds up $1.5M
Provided to the Star February 19, 2013 12:08PM
For more information about the work of the Crown Point Community Foundation, call Patricia Huber, foundation president, at 662-7252.
Updated: April 22, 2013 2:47AM
The Crown Point Community Foundation recently completed a five-month campaign that increased its endowment funds by $1.5 million.
Donors were able to establish an endowed — permanent — fund with the foundation. Their gifts were then matched dollar-for-dollar by the Dean and Barbara White Family Foundation. These permanently endowed funds were invested and will ultimately be distributed as grants to fund community needs as directed by the contract with each donor.
Because of the success of the initial $1 million campaign, the Dean and Barbara White Family Foundation donated an additional $500,000 to the Crown Point Community Foundation. The board decided to divide the gift between the operating endowment fund and Community Fund that supports community needs.
The final success of this challenge match resulted in a $1.5 million growth of the foundation’s endowment assets.
“With the growth in the assets reaching over $18 million, the future impact of grant-making will benefit our community forever,” said Mark Bates, chairman of the foundation board.
“Growing the assets of the Foundation will bring additional grant dollars to help strengthen community partnerships,” Patricia Huber, foundation president, said. “The foundation continues to make a difference in the lives of all in our community. These gifts allow the Foundation to do even more.”
The Crown Point Community Foundation serves Crown Point, Winfield and south Lake County. Since 1990, the foundation has distributed over $6.3 million in grants to non-profits and projects that support the south Lake County region. The foundation administers over 300 funds for donors who want their charitable goals to impact the community.