Platinum Endowment Challenge
Application Deadline: September 27, 2019
The Community Foundation is now accepting applications to the 2019 Platinum Endowment Challenge. Funding for the Platinum Endowment Challenge is made possible by Google.
A gold-standard nonprofit endowment generates enough income to offset 10% or more of an organization’s annual operating expense. According to the Profiles of Loudoun report published by the Community Foundation in April 2019, very few local nonprofit organizations have an endowment fund; none have endowment that meets the gold standard. As a result, the Community Foundation offers an opportunity for five nonprofit organizations to establish an endowment fund if selected for the 2019 Platinum Endowment Challenge.
To meet the Challenge, selected organizations must commit to raising $10,000 in matching funds for their organizational benefit for either (a) reserve funds or (b) endowment funds. Note that reserve funds are held by the organization, typically in a separate checking account or accounted for separately from annual operations funds; endowment funds will be stewarded by the Community Foundation. Newly raised funds must be secured by the organization in order to meet the $10,000 requirement.
Raising Reserve Funds: Organizations with less than three months of reserve funds may apply for the Challenge with a plan and commitment to raise $10,000 in reserve funds, or a combination of reserve and endowment Funds in order to bring the organization’s reserve to three months. In return, the Community Foundation will match the $10,000 raised, per selected organization, as a grant to the organizations’ endowment fund for a total endowment of $10,000. For example, a successful organization will raise $10,000 in reserve funds held by the organization and $10,000 in endowment held by the Community Foundation.
Raising Endowment Funds: Organizations with three or more months of reserve funds must apply the Challenge to raise endowment within the Community Foundation; in return, the Community Foundation will match the $10,000 raised, per selected organization, as a grant to the organizations’ endowment fund for a total endowment of $20,000.
In the circumstance whereby one or more selected organization does not raise $10,000 as proposed, remaining funds will be offered to the remaining successful organizations on a matching basis with an extended timeline.
A Pre-Application and Interest Session
An optional pre-application and interest session will be offered Wednesday, September 4, 2019 from 9:00 to 10:00 a.m. at the Claude Moore Nonprofit Training Center at 714 East Market Street, Leesburg, VA 20176. If planning to attend, please RSVP to Nicole Acosta at nicole@communityfoundationlf.org.
Eligibility Requirements for Applicant Organizations
- Must be a 501(c)(3) nonprofit public charity working in arts & culture, human services, nature/animal welfare, and/or education;
- Must be headquartered in Loudoun County and directly serving its residents;
- May not currently have an endowment or quasi-endowment fund;
- Must commit to raising $10,000 within the one-year grant cycle to establish a permanent endowment fund within the Community Foundation for Loudoun and Northern Fauquier Counties (sample fund agreement found here) or establish/add to a reserve fund separate from the organization’s operating fund if the organization has less than three months of operating fund already in reserve. Newly raised funds must be secured by the organization in order to meet the $10,000 requirement.
Fundraising Planning Session for Selected Organizations
Selected nonprofit organizations will be offered the opportunity to meet for one to three hours with Pam Maroulis, Torchbearer Consulting, LLC, to receive support for fundraising strategies, ideas, and planning. With a wealth of expertise including major gift cultivation, campaign management, grateful patient programs, physician engagement and culture alignment, Pam as more than 25 years of experience in philanthropy.
Application Submission and Review
Application and supporting documents must be submitted electronically via email to Nicole Acosta at nicole@CommunityFoundationLF.org on or before Friday, September 27, 2019, 5:00 p.m. (subject line: Platinum Endowment Challenge Application).
Program Timeline, Selection and Final Reporting
Applications will be reviewed and selected by a review committee convened by the Community Foundation. Applicants will be notified of final selections by Friday, October 4, 2019, and invited to create an appointment with Pam Maroulis, Torchbearer Consulting, LLC. Organizations are expected to meet their $10,000 fundraising challenge, resulting in an executed endowment fund agreement with the Community Foundation, in lieu of a final report, by October 30, 2020. The Community Foundation will grant the matching funds directly to the organization’s endowment fund upon execution of the fund agreement.
Application and Guidelines
For the full application and guidelines, click here or download the full guidelines below.
Questions?
Community Foundation for Loudoun and Northern Fauquier Counties
Email: nicole@communityfoundationLF.org
Website: communityfoundatonLF.org
Location: P.O. Box 342, Leesburg, VA 20178
Phone: 703-779-3505
Facebook: https://www.facebook.com/PiedmontCommunityFoundation
Twitter: @loudounfauquier