I am delighted to support Norfolk Community Foundation which is already doing such very good work within the County.
Robert Carter, Chairman of R G Carter Construction Ltd
Grassroots Endowment Challenge
Norfolk Community Foundation has been awarded the role of Local Funder for the Governments Grassroots Programme for England funded through the Office of the Third Sector. There are two elements to this programme:
a. £1.1 million of new funding available for small community and voluntary groups in Norfolk to be delivered by the Foundation before March 2011.
b. An Endowment Match Challenge to create a permanent source of community capital for Norfolk. The programme offers Norfolk £820,000 which we can match against new endowed funds raised at a rate of £1 for every £2 of new money raised. If successful we will achieve £2.4 million of permanent community capital for Norfolk, the interest from which will provide grant support for communities in Norfolk in perpetuity.
The drive to successfully complete the Challenge is being spearheaded by the Foundation’s Joint Patrons HM Lord Lieutenant of Norfolk Richard Jewson and The Rt Revd Graham James, Bishop of Norwich and Chairman Theodore Agnew.
The Endowment Challenge
The Grassroots Programme recognises that donors often wish to maintain control over how their donation is used and to continue to have their name associated with their funding in perpetuity. Donations to the Challenge can be used to establish a “Named Fund” with the Foundation whereby the donor can stipulate the types of causes they wish to support.
The Endowment Match Challenge is particularly attractive to individual donors paying tax at a 40% rate. A donation of £10,000 has a net cost of £7,440 to the donor. With gift aid (£2,800) and the match funding (£6,400), the total value of the donation is £19,200 giving the donor a multiplier of over 2.6 on the net cost of their donation.
Donations can be pledged over the remaining two years of the programme to be completed by March 2011.
If you would like further information or you would like to discuss the Endowment Challenge, please contact Graham Tuttle, Director on 01603 623958.
