Bowman and Slope counties recently established another way to support its communities through the creation of an endowment fund setup for charitable giving.
“A Community Foundation has been a part of our county’s Strategic Plan for years,” said Teran Doerr, executive director of the Bowman County Development Corp. “It gives us an opportunity to provide a more permanent way to support the organizations in our communities.”
Any person or group can donate funds into the newly created Bowman-Slope Community Foundation, which is considered a qualified North Dakota endowment fund. Gifts to the fund over $5,000 should qualify for the 40 percent state income tax credit.
Earnings from the fund could be given as grants to support projects and programs in the area, but the principal generally remains intact, continuing to provide income for many years.
Fifty-six communities of various sizes around the state already have established community endowment funds through the North Dakota Community Foundation. Bowman and Slope counties join the likes of Pembina, Larimore, Casselton, Anamoose, Minot, Killdeer, Mott, Bismarck and Ellendale.
Some of the community endowment funds give out over $10,000 in grants to local organizations every year to a variety of projects and programs in their area.
“We are hoping the fund will grow over time,” said Ron Palczewski, president of Dakota Western Bank in Bowman. “We want others to know that this fund has been set up and that it is a great way to provide support to charitable organizations in Bowman and Slope Counties forever.”
An advisory committee made up of local residents would determine grant awards and help raise funds, including initial advisory committee members Palczewski, Doerr, Ila Kelner, Les Snavely, Jeanine Clendenen, Kasey Burke, Carla Teske, Amy Fischer and Scott Hardy.
“This fund can make a real difference in our communities,” Doerr said. “It is truly an investment in our future.”