Community Foundation of Northern Illinois

Confirmed in Compliance with National Standards for U.S. Community Foundations

Grants

Program-Related Investments

Community Foundation of Northern Illinois is complementing its grant making program with a Program-Related Investment (PRI) initiative. Through the PRI, the Foundation will make funds available, in the form of loans, to area charitable organizations. The PRI budget is in addition to our Community Needs Fund budget.

The PRI is closely connected to our grant making program in that the Foundation is looking to improve the effectiveness and longevity of the charitable organization, strengthen their infrastructure, broaden their base of support, increase their visibility in the community, and encourage collaboration and partnerships. The PRI will allow us to broaden the impact of our grants, to provide additional funding opportunities to area charitable organizations, and to maintain the focus that has made our grant making effective.

Program Related Investment (PRI) Specifications

Definition: A PRI is a loan to support a charitable project or activity.

Limits: CFNIL will consider PRI amounts on a case-by-case basis. The terms of the loan will be negotiable.

Repayment: Plans for repayment of the PRI must be included in the application. The recipient organization must have the skills, financial resources, and capability to meet the agreed upon repayment schedule. The rate of interest to be charged on the outstanding balance will be negotiated on a case-by-case basis. PRI recipients will be required to submit a copy of their annual audit while the loan is outstanding.

Criteria: PRIs will be given up to $25,000.00. The Foundation welcomes PRI applications from organizations in the greater Rockford area, which includes the counties of Winnebago, Boone, Ogle, and Stephenson. Collateral should be provided, where appropriate.

Eligibility

To be eligible for a PRI, an applicant must:

Tax exempt status or have a charitable purpose
Be in operation for at least a year
Have appropriate/competent staffing
Have commitment to developing the organization and its leadership
Have sound record keeping procedures and accounting controls
Be committed to expanding their base of support and attracting further resources

Application Process

Applications are reviewed and approved periodically by the PRI Committee. All applicants are informed in writing of the Foundation’s decision, including any conditions and reporting requirements. Applicants interested in applying should submit 1 copy of the completed application to: Barbara Nelson, Vice President & Senior Program Officer, 946 N Second Street, Rockford, IL 61107. If you have questions, call 962-2110 ext. 15.

Download the Guidelines & Application now