The Freeman Challenge
The purpose of The Richard West Freeman Endowment Challenge (The Challenge) is to create endowment funds for nonprofit organizations serving the Greater New Orleans thirteen-parish region. The Challenge is designed to assist nonprofit organizations in (1) establishing and/or building endowments and (2) educating the nonprofit sector and the donor community on the importance of building financial independence to ensure long-term financial stability. Endowments offer stability by providing a predictable source of income. The entire principal of the endowed fund is invested, yielding annual income. Over time, endowments are likely to increase from reinvested earnings and from additional contributions by donors and the nonprofit organizations.
The Richard West Freeman Endowment Challenge will match one dollar for every two dollars raised by nonprofits. Nonprofits will have the opportunity to select a preference for one of the three matching categories:
- The nonprofit raises $10,000.00, The Challenge matches $5,000.00.
- The nonprofit raises $20,000.00, The Challenge matches $10,000.00.
- The nonprofit raises $30,000.00, The Challenge matches $15,000.00.
To be eligible nonprofit organizations must meet the following requirements:
- A nonprofit with a 501(c)(3) public charity status.
- In operation for a minimum of five years.
- Main headquarters in one of Greater New Orleans’ 13 parishes: Assumption, Jefferson, Lafourche, Orleans, Plaquemines, St. Bernard, St. Charles, St. James, St. John, St. Tammany, Tangipahoa, Terrebonne or Washington.
- Presently has no endowment with a market value that exceeds $500,000.
- Evidence of previous fund raising success.
- An annual independent audit.
- A volunteer board.
- Board approval to take part in The Challenge and to place funds raised for the Freeman Challenge Endowment at the Greater New Orleans Foundation.
To download the Freeman Challenge Endowment application, please click here.
If you are having trouble viewing the application in the above Word version, please click here for the PDF.
For more information on the Richard West Freeman Endowment, click here to view the brochure.
When will this open up for 2012?
Dear Carol –
The Freeman Challenge will be opening in mid-April. Please check back with the Apply for a Grant table: http://www.gnof.org/nonprofits/apply-for-a-grant/
We have submitted a grant. When can we expect to hear if it is funded or not?
We did submit an application. How long does it take to hear something?
Anita,
Decisions will be made mid-May, 2011.
Our organization was founded in 2007, but it has not been a full five years. Am I correct that we are ineligible?
Eileen,
You will be eligible to apply next year.
We submitted one during the last cycle but were not funded. Is that application taken into consideration or do we submit a whole new application as if the previous information is not known or build on our progress since the prior application? Our understanding was that applications not funded would be considered in the next cycle during that year but that opportunity didn’t recur until now.
Katie,
If an organization’s application was denied in the past, it must submit a new application and follow the application guidelines posted on our website, including the application submission deadline.
The download does not appear to work. Can you please check the link.
Donna,
While we’re checking the link, I am going to send the application directly to you.
If we received years ago, possibly 10 or more, are we eligible to reapply?
THanks,
Dear Rachel,
Yes, even if you received funding in the past you may reapply for the Freeman Challenge.
Is there an application for The Challenge or do I submit a letter showing requirments are met?
Thank you.
LaVondra -
At the bottom of this page there is a link to the application. See, “To download the Freeman Challenge Endowment application, please click here.”