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Rapid City approves Vision Fund administration agreement to create $3 million Rapid City Impact Fund endowment
Summary
The committee approved an administration agreement with the Black Hills Area Community Foundation to steward a $3 million Vision Fund allocation aimed at creating a long-term endowment. The fund will delay disbursements until it reaches a target or a five-year threshold; governance and investment rules were discussed.
The City of Rapid City Legal/Finance Committee approved an administration agreement May 20 with the Black Hills Area Community Foundation (BHACF) to receive and steward a $3 million allocation from the city’s Vision Fund toward a new Rapid City Impact Fund endowment.
Daniel Ainsley, the finance director, told the committee the council earlier allocated $3,000,000 to seed the endowment. The stated purpose is long-term community impact: BHACF will manage fundraising and investment of the endowment with the goal of generating perpetual grant support for nonprofits and capital projects.
Chris Huber, president and CEO of the Black Hills Area Community Foundation, said the…
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