The Match Program
In 2014, SEVACF and the TowneBank Foundation unveiled our new endowment program, The Match, which calls on local nonprofit organizations to start endowment funds with SEVACF.
The ultimate goal of The Match is to create a million dollars’ worth of endowed funds over a five-year period, which in turn, will create a strong, sustainable, nonprofit community in Southeast Virginia.
How It Works
Upon establishing their endowment fund, a nonprofit must pledge to raise between $20,000 and $50,000 over a one-year period. Once their pledged fundraising amount is met, the two foundations will match their money raised, doubling their endowment.
These organizational endowments promote financial stability by allowing the nonprofits to be less dependent on personal donations or government grants, which can often be inconsistent and unpredictable. The funds are invested by SEVACF, saving the organizations the time and expense of having to pay an investment firm, and they will grow to provide income to fund future projects, needs and operations.
In 2015, the Elizabeth River Project became our first organization to achieve their pledge goal and reach their match. Since then, a number of other organizations have joined the program, including the Portsmouth Public Library Foundation, the Association of American Physicians of Indian Origin Hampton Roads, Chesapeake Sports Club, Christopher Academy, South Norfolk Ruritan Club, the Fort Nelson Chapter of the DAR, the YMCA of Portsmouth, the Chesapeake Public Schools Educational Foundation, and the Portsmouth Sports Foundation.