Thanks to our many generous donors and to the TowneBank Foundation, we were recently able to launch our new endowment fund challenge, The Match!
Formerly known as the TowneBank/SEVACF Challenge, The Match calls on local nonprofit organizations to start endowment funds with the Foundation. Although housed and administered by SEVACF, such funds are intended to support the needs of their respective organizations.
The program was initiated and agreed upon in 2013, with the primary funds having been provided by the TowneBank Foundation. We’ve been working diligently to match their contribution, and once achieved, the combined total will make $500,000 available to assist in creating and sustaining endowments for community nonprofits.
Upon establishing their fund, a nonprofit must pledge to raise between $20,000 and $50,000 over a one-year period. When their pledge is met, we will double their endowment by matching their raised amount with a portion of the combined TowneBank Foundation and SEVACF money.
These organizational endowments will promote financial stability by allowing the nonprofits to be less dependent on personal donations, which can often be inconsistent and unpredictable. The funds will also be invested by SEVACF, saving organizations the time and expense of having to pay an investment firm, and will grow to provide income to fund their future projects, needs, and operations.
Along with establishing self-reliant nonprofits through long-term endowment growth, The Match will also supply participants with guidance and support towards building effective boards and fundraising. The end goal is to create $1,000,000’s worth of endowed funds over five years and to create a strong, sustainable nonprofit community in Southeast Virginia.