Call for Nonprofits to Take The Freeman Challenge
Call for Nonprofit Organizations to Take the Freeman Challenge
Matching Funds are Offered to Build Endowments
New Orleans - November 17 is the deadline to apply for The Richard West Freeman Endowment Challenge (The Freeman Challenge) through the Greater New Orleans Foundation. The purpose of The Freeman Challenge is to assist nonprofit organizations within the Greater New Orleans area with creating an endowment for the first time or building upon an existing one.
"While economic times are tough right now, nonprofits should not dismiss the importance of building or adding to an existing endowment," said Interim President and CEO Ellen Lee. "Dollars invested today can provide a source of income for tomorrow."
An endowed fund at the Foundation is one where the principle is kept intact and invested, and only a certain amount of earnings are distributed back to these agencies for their general purposes. Often times, agencies will see their endowments grow by reinvesting earnings, and by adding additional contributions from donors.
The Freeman Challenge will match one dollar for every two dollars raised by nonprofits up to $15,000. Nonprofits will have the opportunity to select a preference for one of the three matching categories:
1. The nonprofit raises $10,000.00, The Freeman Challenge matches $5,000.00.
2. The nonprofit raises $20,000.00, The Freeman Challenge matches $10,000.00.
3. The nonprofit raises $30,000.00, The Freeman Challenge matches $15,000.00.
Completing an application is the first step. All applications will be reviewed by the Selection Committee. Nonprofit, tax-exempt organizations are eligible as are organizations that have a fiscal agent relationship with a 501(c)(3) nonprofit. To apply, go to http://www.gnof.org or call at 598-4663 for an application. The agencies selected to participate in the Freeman Challenge will be announced in December.
The Freeman Challenge was established in 1999 to memorialize one of New Orleans' greatest philanthropists - Richard West Freeman. The Freeman Challenge was initiated by the philanthropist's three children: Richard West Freeman, Jr.; Louis McDaniel Freeman and Tina Freeman Woollam. The Freeman Challenge is administered by the Greater New Orleans Foundation.
The last Freeman Challenge was conducted in 2003. Louisiana Children's Museum Executive Director Julia Bland remembers. "At the time of the Freeman Challenge, we worked with our more loyal donors to help them better understand the need to prepare for the institution's health a couple generations down the road. We need to constantly be preparing for the sustainable health of the Museum long-term. Our children's children will thank us!"
ABOUT GNOF
The Greater New Orleans Foundation (http://www.gnof.org) serves as a catalyst for change in southeast Louisiana by connecting community needs with individuals, families and organizations interested in charitable giving ¬¬- and through leadership of initiatives designed to improve the quality of civic life. Tracing its roots to 1923, GNOF is a leading resource on charitable giving and community needs, stewarding more than 700 charitable funds and endowments with total assets of more than $192 million.
