Area foundation gives out $120K
Published 3:00 pm Sunday, November 24, 2013
A local foundation distributed $120,000 to 26 Freeborn County nonprofits this fall.
The Freeborn County Communities Foundation exists because of several donor funds from Freeborn County residents. The foundation was established in partnership with the Minnesota Foundation, according to a news release.
The individual funds, established over the past 15 years, range from $25,000 to one in excess of $2 million.
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“The donors who established these funds were motivated by love of this community and a desire to leave a legacy that would continue to support charities they had supported during their lifetimes,” said Paul Overgaard, a board member with the Freeborn County Communities Foundation.
The Minnesota Foundation is a depository for the funds and offers investment management, administration and fund distribution, he said. Donors can specify which nonprofits receive the funds or delegate the decision to the Freeborn County Communities Foundation board.
“Currently the Freeborn County Communities Foundation advises on distributions from several funds having a total value of more than $3 million, and we have been advised that funds with a value of more than $1 million are being established by several donors whose identity won’t be identified until the donor chooses to do so. The Minnesota Foundation has a policy of total confidentiality,” Overgaard said.
The Minnesota Foundation can assist with estate planning and other means of donating. Pat Abbe, a Waseca resident, is the tax-deductible gift planner and can be reached at 800-875-6167. She does not sell financial products.
Tribune readers can expect to see brief write-ups and photos of the 26 Freeborn County recipients throughout the winter months.