GREENSBORO, N.C. – The Community Foundation of Greater Greensboro is launching a new grants program to encourage local nonprofits to build endowments.
The $65 million-asset foundation initially will make matching grants of $10,000 each to five nonprofits that raise $20,000 each for an endowment by Dec. 15, 2001.
Nonprofits must raise the money from new sources, and cannot take dollars from pledges, reserves or funds shifted by its board of directors.
Nonprofits serving Guilford, Alamance, Randolph and Rockingham counties with existing endowments of $100,000 or less are eligible to submit proposals by Oct. 1.
The foundation, which will manage the endowment funds, will give preference to groups that don’t already have endowments.
“Our goal is to provide an incentive that will help nonprofits kick-start their endowment campaigns,” said Patrick Weiner, the foundation’s vice president of donors services and development.
“Part of our role in the community is to raise awareness aboiut the power of endowments to create long-term stability.”
The first round of grant recipients will be announced Dec. 14.