Nebraska Community Foundation announces $3 million milestone
More than 300 volunteer community leaders and guests heard the good news as they gathered in Norfolk Thursday evening, Nov. 10, for the Nebraska Community Foundation’s annual banquet and exposition.
The foundation has raised just over $3 million in response to its challenge grant issued by the Ford Foundation.
NCF is one of only five organizations nationwide to receive the $1 million challenge grant, which must be matched three to one by local contributions.
NCF Board member Richard Walter of Shickley made the announcement, and reminded the audience that the milestone was an important first step towards building a robust endowment that is the cornerstone of every successful institution.
An anonymous donor has issued a second challenge grant to enable the Foundation to continue its training and technical assistance to communities across Nebraska.
The program also included findings from the foundation’s 2011 Transfer of Wealth Study.
Jeff Yost, President and CEO of the Nebraska Community Foundation, said the study estimates that $603 billion will transfer from one generation to the next in Nebraska over the next 50 years.
Yost said that 51 counties will experience their peak years of wealth transfer within the next 10 years.
These are many of the same counties that have declining population. Due to outmigration, many heirs to the massive transfer of wealth no longer live in rural counties where the wealth was built over generations. In addition to the loss of human capital, these counties are at risk of losing millions of dollars in financial capital as well.
“The Transfer of Wealth study gives us the permission to dream,” said Brandon Day, NCF vice chair. “What would our hometowns look like if we had millions of dollars to invest each and every year?”
The Nebraska Community Foundation teaches leaders of its 214 affiliated funds how to encourage their friends and neighbors to include their communities and local charities in their estate plans.
With NCF’s emphasis on planning gifts for the future, NCF started a new tradition this year with its Community Legacy Award. The Norfolk Area Community Foundation Fund recently received the award because each of its 11 Fund Advisory Committee members has made a significant planned gift commitment to benefit their community in the future.
The Community Legacy Award trophy depicts a windmill, which is a symbol of the way endowed charitable gifts continue to give back to community year after year, forever.
The banquet program included speakers from NCF affiliated funds from the following communities and organizations: Brandon Day and Joe Ferguson of Norfolk; Holly Hornung Remund of Arnold; Nicole Sedlacek of O’Neill; and Richard Walter of Shickley.
Approximately 125 Fund Advisory Committee members from across the state participated in several NCF training sessions.
Major sponsors for the annual events were Elkhorn Valley Bank & Trust of Norfolk and the Omaha Office of Westwood Trust.
NCF is heralded as a national model for community development philanthropy, which uses charitable giving as a tool for revitalizing local economies.
NCF’s 214 affiliated funds serve 230 Nebraska communities in 77 counties; NCF supports 1,800 volunteer leaders through training, organizing, planning and networking.
More than $80 million has been reinvested in communities over the past five years. More than 36,000 contributions were made through the Nebraska Community Foundation in the last five years.
For more information go to www.nebcommfound.org.