"The endowment will build institutional capacity, allowing Uptown Partnership to help those in need find a place they can call home," saysMarney McCleary, executive director of Uptown Partnership. "This is very important, considering the growing number of homeless and destitute people throughout the Denver metro area."
The LMC Community Foundation's Nonprofit Preservation Program is thefirst comprehensive effort in Colorado to assist in the long-term financial stability of nonprofit organizations through endowment building, she adds.
Of 40 offers extended, 35 Front Range nonprofits have accepted challenge grant offers as of July 1, to start and expand "endowment" funds or "hands-off" savings accounts that generate interest income. A total of $4.3 million will be distributed to the nonprofits.
The Nonprofit Preservation Program is the largest endowment building program of this kind ever undertaken in Colorado. It also expands thefoundation's reach to the entire Front Range. The LMC Community Foundation will match dollar-for-dollar the money a nonprofit raises for their endowment fund and will match 50 cents on the dollar any existing funds applied for the creation of an endowment for a 14-month period. Interest earned from the endowments can be used to offset operating costs, fund programs and other present-day uses that benefit the nonprofits and those they serve, providing a financial buffer for the participating community.
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