South Dakota Community Foundation has $1.3M available to communities looking for match funds
March 1, 2015
Think about your hometown in terms of financial resources. Does your community have a way for you to contribute financially to its future even after you're gone? A Community Savings Account is one way that you can share your financial resources, large or small, to make your community better, explains Peggy Schlechter, SDSU Extension Community Development Field Specialist.
"A Community Savings Account is a fund to support basic needs and enhance the quality of life within a community. Because the Community Savings Account is "permanently endowed," a gift will live on permanently, through the careful investment of the South Dakota Community Foundation," Schlechter said.
More than 70 South Dakota communities have Community Savings Accounts. If a community embraces the Community Savings Account, it can become an incredible asset for the community, explained Buddy Seiner, Community Savings Account Coordinator with the South Dakota Community Foundation (SDCF).
How community savings accounts work?
Every Community Savings Account operates under a local board of directors. These directors not only work to raise money for the account, they decide how the funds are distributed. "This ensures that the money that is raised in your community will stay in your community to meet the current and future needs of your community," Schlechter said.
If your community already has a Community Savings Account they wish to bolster or is looking to start one, Seiner says that fundraising drives that have match funds are most successful. To help communities with match fund drives, the South Dakota Community Foundation has committed $1.3 million to give to local communities that are pursuing and meeting challenges.
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Each community decides how much money they want to raise for the match and how many years it will take them to raise that money. A typical community meets the match in 3 to 5 years.
To learn more about the matching funds and Community Savings Accounts, contact Seiner, firstname.lastname@example.org or 1-800-888-1842.
To read an article about how other organizations raise funds for their Community Savings Account, visit iGrow.org.