Back
in 2004 the Corsica community joined a challenge for South Dakota Communities to
form a foundation that would provide a mechanism for community supporters to
make a difference for generations to come.
Back
in 2004 the Corsica community joined a challenge for South Dakota Communities to
form a foundation that would provide a mechanism for community supporters to
make a difference for generations to come.
It was reported at the meeting of Feb 9, 2007 that the fund is VERY NEAR it's first benchmark of $50,000 at $48,000!! (Minutes of the meeting)
The purpose of the foundation is to raise funds that will be placed in the Foundation and each year 5% of the invested monies will be returned to the Corsica community. The balance will then grow in the Foundation.
The Foundation Board saw this as an opportunity for individuals and families that live in the area and also for others who remember a facet of the Corsica community that had an influence on your life, that helped develop your career choice, or that has given you great childhood memories and would like to invest in the future of our community. We like to think of this as a community savings account.
The first goal of the Foundation is to raise $100,000 which the South Dakota Foundation will match with a $12,500 donation when the first $50,000 is raised, with the possibility of more when higher levels of contributions are achieved. To date, $48,000 of that first goal has been met in contributions and pledges. $50,000 is necessary to secure the matching state foundation contribution. (Donations)
Contributions can be designated by donors to churches, scholarships, and non-profit organizations where returns from these donations go directly to where specified. An important item you may also want to consider is that all donations to the Foundation are tax deductible. This may also be an excellent opportunity to leave a portion of your estate to the Foundation in your will.
Community Savings Accounts
Across South Dakota people are enhancing their communities through generous donations to Community Savings Accounts. Children are learning new skills. Business districts are growing with new opportunities. Non-profit and charitable organizations are benefiting from funding provided by their Community Savings Account.
Community Savings Accounts are permanently endowed component fund of the South Dakota Community Foundation, a pubic non-profit organization established in 1987 to provide funds to non-profit and charitable organizations across the state of South Dakota. The earnings from the fund are awarded at the recommendation of locally established community Board of Directors to non profits and charities right here.
Meeting the Challenges of the Future
The Community Savings Account concept is about giving something back to your community. Many Community Savings Accounts start as a challenge to the community at large. A foundation, bank, corporation or individual may issue a challenge to a community to raise money to start a Community Savings Account. The challenge may provide for a two-to-one or even a dollar-for-dollar match of contributions the public makes up to a certain amount. The value of your donation is increased through the matching gift.
Community Support
Our Community will benefit from your donation by grants made for the following purposes:
economic development
human services
health
education
cultural enhancement
scholarships
How the Savings Account Works
The Savings Account is held as an advised fund within the South Dakota Community Foundation. The total endowment of over $26 million is invested by the Foundation's Investment Manager. The Foundation's investment return has averaged over 12.7 percent over the last ten years.
The Foundation allows each fund to distribute five percent of the fund's average fair market value each year. The Foundation charges an administrative fee of approximately 1.2 percent. The remaining earnings are credited directly to the account, increasing the base value of the fund.
Example:
| Community Account |
$100,000 |
| Earnings (12.7%) | $12,700 |
| Grant Distributions (5%) | $(5,000) |
| Administrative Fee (1.2%) | $(1,200) |
| New Account Balance | $106,500 |
Leaving A Legacy
Philanthropy is part of a desire to help mankind. Contributing to your Community Savings Account is a good way to leave a lasting legacy in this community.
Contributions made to the Community Savings Account are held in perpetuity and the earnings are awarded each year. You are insured that your gift will make a lasting impact on your community. You may give a gift in honor of a special event or in memory of a special loved one.
For more information, contact a member of your local community foundation's board, or contact the South Dakota Community Foundation at 1-800-888-1842. To make a donation to your community's savings account, simply use this form.
Board Members: Dick Bordewyk, Sylvia Zomer, Rose Lauck, Gary Van Roekel, Tom Gerlach, Vern De Geest, Nathan Hinker, Scott Muckey, Roger Bordewyk, Pres. 605-946-5606(day) 605-946-5599(home)