By Todd Cohen
GREENSBORO, N.C. — For the second straight year, the Community Foundation of Greater Greensboro will give challenge grants to help local nonprofits raise endowment funds.
Based on proposals that nonprofits in Guilford, Alamance, Randolph and Rockingham counties submit by Oct. 1, the foundation will select five nonprofits to receive $10,000 each if they raise $20,000 each by Dec. 15, 2003.
The foundation, which issued a similar challenge to five nonprofits it selected last year, gives preference to groups with no existing endowment and which cannot meet the challenge with funds from existing pledges, reserves or proceeds redirected by their boards of directors.
“Our goal is to provide an incentive that will help nonprofits kick-start their endowment campaigns,” says Patrick Weiner, the foundation’s vice president of donor services and development. “Part of our role in the community is to raise awareness about the power of endowments to create long-term stability.”