Nicollet Foundation plans to raise $250k
NICOLLET-A kickoff event for the Greater Nicollet Area Community Foundation, a non-profit, public charity that plans to raise $250,000 in donations and pledges this year, takes place on Tuesday, June 3 at the Nicollet Conservation Club.
More than $100,000 in cash donations and pledges were received as of April 10, 2014, according to a letter from Nicollet Area Community Foundation President Sue Keithahn to board members Gary Schmidt, Chuck Peters, Kaye Compart, Jeff Grommersch, Linda Hewitt and Lynnita Schmidt.
Funds raised will be invested in a permanent endowment fund with earnings used to make more than $10,000 in annual grants for causes that benefit the community, if the initial goal is reached.
Foundation board Vice President and Secretary Gary Schmidt said the Alexandria-based J.A. Wedum Foundation is sponsoring the Nicollet Area Community Foundation.
“I was approached by Nicollet native Frank Starke of the Wedum Foundation board. They gave us direction, guidance and the legal and financial assistance for us to incorporate and obtain tax-exempt status,” Schmidt said. “Starke grew up in rural Nicollet, established an educational career, teaching for many years, becoming president of the Alexandria Vocational-Technical Institute and later Dunwoody Institute.”
Schmidt said the foundation is a great opportunity to raise a significant endowment for people to give back to Nicollet in perpetuity. “We’re asking all people interested to attend the kickoff, help us celebrate getting the foundation and looking at where it can lead us,” he added. “This is a great chance for local money to benefit local people.”
Gift options include cash, securities (to avoid capital gains taxes), will bequests (to defer gifts until after your lifetime), real estate, grain, life insurance, a Retained Life Estate, Revocable Living Trusts, retirement assets and other options.
Tax deductible gift distributions are made from principal earnings, so grants will continue forever.
Foundation grants that could memorialize or honor people, are for community development projects and programs promoting education, culture, wellness, recreation, service organizations plus other wants and needs that would not be otherwise funded.
For more information, visit www.investinnicollet.org
Fritz Busch can be e-mailed at email@example.com.