Applying for the Freeman Challenges
Once you have determined that applying for The Challenges is the right fit for your organization, the next step is to begin the application process, which opens in September and closes in October. Site visits will be conducted in November and the grants committee will convene in December to make their decision.
The Endowment Challenge
An endowment is a fund that is made up of donations to a nonprofit organization that is subject to a requirement that the principal be maintained intact in perpetuity and invested to create a permanent source of income for the organization. Organizations cannot access the principal but can access the accrued income from the endowment dividends for its charitable purpose.
The Endowment Challenge will match one dollar for every two dollars raised by nonprofits. Nonprofits select one of the three matching categories when applying:
- The nonprofit raises $50,000. The Challenge matches $25,000.
- The nonprofit raises $100,000. The Challenge matches $50,000.
- The nonprofit raises $150,000. The Challenge matches $75,000.
Board-restricted Reserve Definition
A fund balance set aside for use under the guidance and approval of the organization’s Board of Directors to stabilize a nonprofit’s finances and provides a cushion against unexpected events including large un-budgeted expenses, losses of income, or working capital for an unplanned opportunity.
Board-restricted Reserve Challenge
The Board-restricted Reserve Challenge will match one dollar for every two dollars raised by nonprofits. Nonprofits select one of the three matching categories when applying::
- The nonprofit raises $10,000. The Challenge matches $5,000.
- The nonprofit raises $20,000. The Challenge matches $10,000.
- The nonprofit raises $30,000. The Challenge matches $15,000.
The Board of Directors is responsible for approving a policy on the purpose and process for accessing and replenishing the reserve. This policy is required with the proposal. Click here for a policy template for a Board-restricted Reserve.