A group of community members has been working with the South Dakota Community Foundation in Pierre to create a new, local endowment fund called the "Willow Lake Area Community Foundation" (WLACF).
The Willow Lake Area Community Foundation is now set up to receive tax-deductible contributions, which will be invested in a permanently endowed fund to support the Willow Lake, Carpenter, and Vienna area. Through this new fund, we can make a significant, long-term difference in our communities!
We have been presented with two very exciting "challenge grant" opportunities! If we are able to raise $200,000 by July 2024, then the South Dakota Community Foundation will pitch in an additional $50,000 -- AND -- and anonymous local donor will give us an additional $50,000 on top of that!
More than 80 towns across South Dakota have a "community savings account" like this with the South Dakota Community Foundation, which was established by the late Governor George S. Mickelson in 1987. SDCF invests and manages the dollars for maximum return, and grants us back an annual distribution of 4.5% of the interest earned. The principal stays in the fund so our fund can continue to grow and provide larger dividends each and every year!
If we are successful in reaching these challenge grants, the resulting $300,000 would mean that we'd have at least $13,500 to spend in our local communities EVERY YEAR! Our local WLACF board of directors can direct these dividend dollars into worthy charitable-giving and community-improvement projects around Willow Lake, Vienna, and Carpenter.
Read through the full details on our new webpage, www.willowlakesouthdakota.org/foundation.