The Carroll H. Starr Endowment Challenge is an opportunity for nonprofits in Boone, Ogle, Stephenson, and Winnebago counties to build a permanent endowment at the Community Foundation of Northern Illinois.
Participants select an amount, between $15,000 and $150,000, and have two years to meet their goal. If participating organizations reach their goal by the deadline, CFNIL will grant $1 for every $3 that the nonprofit contributes to an agency endowment. For example, if a participant raises $60,000, CFNIL will contribute $20,000 to the endowment established at the Community Foundation of Northern Illinois.
The annual distribution from the agency endowment will support the organization’s mission for generations to come.
Organizations that wish to participate in the Carroll H. Starr Endowment Challenge, must submit an application that declares the organization’s goal and the rationale behind choosing that figure, its plan for meeting the goal, and how endowment will support the ongoing needs of the organization. The Carroll H. Starr Endowment Challenge is a competitive process. Applications will be scored by a committee of volunteer reviewers and ultimately voted on by CFNIL’s Trustees.
CFNIL will begin accepting applications for the Carroll H. Starr Endowment Challenge on July 2, 2018. The application will close at 5 p.m. on August 1, 2018. The upcoming Carroll H. Starr Endowment Challenge will be the ninth time that the program has been offered to area nonprofits. To date, the Carroll H. Starr Endowment Challenge has had 28 participants.
Creating an endowment is a major decision for an organization. CFNIL encourages organizations that are considering participating in the Carroll H. Starr Endowment Challenge to start thinking about how an endowment can support your organization’s long-term plans. Past participants are encouraged to re-apply.