Community Foundation’s New Philanthropy Fund increases match amount to $250,000
MOUNT VERNON – Prospective donors seeking to create a named charitable endowment fund, or add to an existing fund, with the Community Foundation of Mount Vernon & Knox County, have an extended opportunity to qualify for a 50 per cent matching grant from the Ariel Corporation Fund.
A $125,000 grant from Karen Buchwald Wright’s Ariel Corporation Donor-Advised Fund earlier this year created the “New Philanthropy Fund” to encourage major gifts with an immediate 50 percent match for endowment contributions of $10,000 to $50,000. According to Foundation Executive Director Sam Barone, the initial match pool was quickly exhausted by donors. Ms. Wright, who serves as vice-chair of the Community Foundation offered to make an additional $125,000 available to encourage additional major gifts before year-end.
Barone said some of the additional match fund has already been claimed donors; however, some $80,000 remains for those who would like to realize a significant immediate increase to their charitable giving impact through the Foundation.
Matching funds are available for unrestricted, designated, scholarship or donor-advised funds, on a first-come basis until the “New Philanthropy Fund” is exhausted. Barone reiterated that New Philanthropy Fund matches are available to donors who wish to have their Community Foundation fund managed by their own local investment firm, or with First-Knox National Bank, the Foundation’s principal investment manager.
Ariel Corporation President Karen Buchwald Wright said, “The New Philanthropy Fund was presented to me as an opportunity to encourage philanthropic-minded Knox County citizens to invest, sooner rather than later, in a trusted institution that encourages excellence in our community and is the largest single grantor of college scholarships to area students.”
Extensive information about the Community Foundation of Mount Vernon & Knox County is available at its website www.knoxcf.org. A detailed Q&A regarding the New Philanthropy Fund matching program can be found under the “Donor Information” tab of the website. Inquiries may also be addressed to participating local investment advisors or to the Foundation by calling 740.392.3270.