Thursday 28th Nov, 2013

Government funding boost!

Norfolk philanthropists have a rare chance to see their charitable giving enhanced by up to 75% on top of their original donation, thanks to a Government initiative.

The Office of Civil Society (OCS) has created a ‘national’ pot of £6,000,000 2:1 match funding through its Community First programme which aims to encourage more social action in neighbourhoods, enabling communities to build more self-reliance and grow their capacity to make the changes they want to see in their area.

This unique opportunity is open to individuals, families, businesses, legacy gifts, PLCs and not-for-profit enterprises who set up an endowment fund through their local community foundation. The £6,000,000 must be used by 31 March 2014.  It is offered on a first come first serve basis and there is no limit to the amount that can be leveraged by Norfolk donors.

Norfolk Community Foundation, CEO, Graham Tuttle said “This really is a fantastic opportunity to see your donation matched by at least 50%.  We don’t know when this type of Government initiative will be repeated again and we are already seeing donors take advantage of the match funding to maximise their giving in the Norfolk community.”

How does it work?
With match funding, a donation of £10,000 becomes £15,000.  For UK tax payers, gift Aid can be claimed making the donation worth a total of £17,500. With personal tax relief, the net cost of the gift is £7,500 for 40% tax payers – so your gift increases by 233%.

By setting up an endowment, not only does the fund build provision for the future, the income earned on an annual basis can be used to support local community groups and projects in Norfolk who need funding now.

Graham ended, “The great thing about this opportunity, on top of the obvious financial advantages is that it is open to anyone setting up an endowment. Not only that, it provides an attractive and cost-effective alternative to setting up a charitable trust and might be of interest to existing charitable trusts, who, by working with the Norfolk Community Foundation can grow their endowment to meet community need now and in the future – with no loss of control in the way that the current trust is managed or grants are delivered.”

For more information, please contact Graham Tuttle, CEO on 01603 623958 or email him at grahamtuttle@norfolkfoundation.com