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Cut Bank Community Foundation says it met matching goal and will expand endowment
Summary
A representative of the Cut Bank Community Foundation told the council the foundation met its year-end fundraising goal and qualified for a state match, allowing it to continue building an endowment and run another grant cycle for local projects.
A Cut Bank Community Foundation board member told the council the foundation has met its year-end fundraising goal and is eligible for a state matching program the speaker referenced in the transcript as the "Montego State Fund." The board member said the foundation will continue fundraising and run another grant cycle this year to support community projects from the endowment's interest.
"I serve on the Cut Bank Community Foundation Board, and so what the foundation is trying to do is, create a community endowment and, then give out grants for community projects," the speaker said, describing the goal of creating sustainable local funding that relies on interest rather than repeated annual solicitations.
The board member said the foundation is in its first five years as an endowment and that the state match will help grow the principal. The foundation plans to continue fundraising and distribute grants from interest earnings going forward.
