Alliance Initiative Fund
In 2001, the Alliance created the Alliance Initiatives Fund, a tool for handling unusually large grants and complex gifts. The fund was first used to accept a $19.9 million grant made possible by Lilly Endowment’s Community Alliances to Promote Education (CAPE) initiative. In 2005, the Alliance Initiatives Fund also received a second grant of $7.2 million in as part of Lilly Endowment’s CAPE initiative, to help sustain the programs initiated with the first CAPE grant.
City of Evansville Endowment Fund
The City of Evansville Endowment Fund originated in 1994, when former Mayor Frank McDonald II proposed that $5 million of revenue from the gaming boat be invested in a way that would serve the City of Evansville forever.
After an extensive study of investment options by the Mayor and the City Council, the decision was made to establish the endowment fund as a “supporting organization” of the Community Foundation Alliance. As a supporting organization, the City of Evansville Endowment Fund is a distinct legal entity affiliated with the Alliance, created as a public charity under the Alliance’s umbrella. As such, the City of Evansville Endowment Fund qualifies for a tax status not granted to private foundations.
The City of Evansville Endowment Fund’s earnings allow for grantmaking year after year. During its most recent grant cycle, the Fund allowed for grants totaling $476,871.50 to 23 nonprofit organizations serving the City of Evansville.
The Alliance administers the City of Evansville Endowment Fund, while the Fund’s separate board of directors is responsible for governance and grantmaking decisions.
Board of Directors
Jerome Stewart (4th Ward), President
Alan Groves (Vice President)
Dan McGinn (1st Ward), Treasurer
Susan Harp, Secretary
- Daviess County Community Foundation
- Gibson County Community Foundation
- Knox County Community Foundation
- Perry County Community Foundation
- Pike County Community Foundation
- Posey County Community Foundation
- Spencer County Community Foundation
- Vanderburgh Community Foundation
- Warrick County Community Foundation