The McPherson County Community Foundation Board of Directors announced Thursday the successful completion of the 12 in 12 endowment campaign.
In May 2010, the board officially kicked off an endowment campaign with a goal to reach $12 million through donations and planned gifts by the foundation’s 12th anniversary in May 2013.
The foundation kicked off the campaign with $6 million in assets and no identified planned gifts. As of May 1, the foundation’s assets have increased to $10.3 million, and the organization has secured $1.8 million in planned gifts.
“We are pleased to not only have met but exceeded the $12 million goal,” said Bob Kohrs, foundation board chairman. “Accomplishing this goal continues to strengthen our ability to provide a permanent funding resource for local organizations.”
Board members and staff met with numerous residents to request donations to establish new funds or build the principal of an existing fund during the three-year campaign. Fifty-seven new funds with varying purposes to support charities were established as a result.
Each year, a portion of the investment earnings from the funds can be granted to nonprofit organizations for programs, special projects, operating funds or capital campaigns. Since the Foundation’s inception in 2001, more than $2.4 million have been awarded either through a donor designation or a competitive grant process.
“Awarding grants to help further an organization’s mission are the primary goal for our funds,” said Becky Goss, foundation president/CEO. “Giving back is ultimately what we do.”
Grants are available to organizations throughout the year.
Organizations are encouraged to contact the foundation with potential funding needs to determine amounts available for distribution. For competitive grant awards, organizations are asked to complete a grant application stating the intended use for the requested funds.
With the completion of the 12 in 12 campaign, the foundation’s board has established a new goal of further building the endowment to $25 million in total assets and secured planned gifts. The goal is based on results from the Transfer of Wealth study commissioned by the Kansas Health Foundation and conducted by the Center for Economic Development and Business Research at Wichita State University in 2007 and updated in 2012.
Research indicates $236 million will transfer from one generation to the next in McPherson County during the next eight years. When considering a 50-year time frame, this wealth transfer is estimated at $1.4 billion. Most of this wealth will be transferred to heirs or paid in taxes, but Kansas community foundations are leading an effort to ensure that a portion is preserved and invested in communities across the state.
“Our goal is to secure a conservative 5 percent of the total projected transfer between now and 2020 by working with individuals, families and businesses to give to the foundation or local nonprofits,” Goss said. “Based on the numbers, we have the potential to add $11.9 million to the endowment, thereby increasing grant opportunities in support of local nonprofits and ultimately strengthening our communities”.
Page 2 of 2 - For more information about the 12 in 12 campaign or Transfer of Wealth study, contact the McPherson County Community Fund at 620-245-9070 or visit www.mcphetionfoundationorg.