The Community Foundation of Tampa Bay is excited to announce a new initiative to support the financial sustainability of local nonprofits. The Match Madness Endowment Match Challenge is providing up to $2 million in matching funds when nonprofits or individuals create a new endowment with the Foundation or add to an existing endowment.
Endowments provide stability and a consistent source of income for nonprofits. Money placed in an endowment grows over time and provides an annual income for the beneficiary of the endowment. In the past year alone, the 140 nonprofits with endowments at the Community Foundation garnered about $3 million in distributions, which are often used to support daily operations and administration.
The Endowment Match Challenge provides a 1-to-3 match into endowment funds. The minimum matched contribution is $25,000 (with an additional $8,333 match from the Community Foundation). The maximum matched contribution is $300,000 (with an additional $100,000 match from the Community Foundation).
Nonprofits must apply and be approved to participate in the Challenge.
Applications are open now and will be considered on a first-come, first served basis. Applications will be accepted until June 30, 2019.
Participating nonprofits have one year from the approval date to meet their endowment goal. Approved nonprofits must place the funds raised in an endowment with the Community Foundation to qualify for the match.
For more information, nonprofit organizations should contact Beverley McLain, Senior Vice President, Philanthropic Services.
Individuals who want to create or enhance an endowment do not need to apply. Please contact Molly James, Vice President, Philanthropy, to proceed.