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EDA readies childcare regrants and considers endowment fund; seeks EDA representatives for regrant board
Summary
The EDA said its childcare regrant fund has enough money to make small grants, confirmed the Northwest Minnesota Foundation requires two EDA representatives on the regrant board, and discussed but deferred creating a $10,000+ endowment fund to a future meeting.
The East Grand Forks EDA reported that its rural childcare regrants fund has reached a level that allows small grants to be made and began recruiting two EDA representatives to serve on the regrant decision board, as required by the Northwest Minnesota Foundation.
Maggie explained the regranting governance requirement: the foundation asks for two EDA reps, four external members and committee members to oversee award decisions. Board members discussed time commitments (estimated about two hours per month) and potential internal nominees; they agreed staff would recruit representatives and monitor participation.
Separately, Maggie outlined conversations with local foundations about creating an endowment to support small projects, describing a $10,000 minimum to start and noting different fee and return structures between the Northwest Minnesota Foundation and the Grand Forks community foundation. Members agreed to defer the endowment discussion to a later date to focus near‑term on the loan program and other higher‑priority tasks.
