Exceeds $30,000 Goal to Jumpstart Innovation Fund EndowmentThe Northern Virginia community is well on its way to having a committed pool of funds investing in innovative programs that will help diversify the local economy, give local students a leg up as they navigate their education and future careers, and support complex social issues in new, creative ways.
The Community Foundation for Northern Virginia rallied the local community on May 12th to raise $30,000 in 30 days to jumpstart its Innovation Fund Endowment. One month later, $34,845 poured into the campaign.
An anonymous donor challenged the community with a $250,000 matching gift to endow the Innovation Fund, a source of venture philanthropy at the Community Foundation that invests in inventiveness, creativity and new design. To date, the campaign stands at $331,690, and every additional dollar raised to support the Innovation Fund will continue to be matched up to $500,000. This money will be invested as an endowment, with an estimated $25,000 from the interest being available each year to make impactful grants.
Kiddar Capital partnered with the Community Foundation to launch a Granted! campaign that seeks community input on how to best deploy the philanthropy from the Innovation Fund. Community Foundation staff have promised to report on how the wishes made through this platform will manifest in future grants to help diversify the economy, invest in unique and original programs that will give our students a leg up as they navigate their education and future careers, and support complex social issues in creative ways.
“Broad-based community support of the Innovation Fund is inspiring, not only to those of us who understand philanthropy’s power to move the needle on critical needs, but also to the organizations and individuals who have and will directly benefit from Innovation Fund grants,” said Eileen Ellsworth, President of the Community Foundation for Northern Virginia. “The Community Foundation for Northern Virginia is uniquely positioned to build permanent endowments that will forever benefit the Northern Virginia region, and we thank our partners and donors who have joined us on behalf of current and future generations in our community.”