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Thu October 18, 2012
Philanthropic Organization Hopes to Build Hopkins Co. Endowment Funds
A Hopkins County philanthropic organization has started a new endowment to respond to changing community needs for the county's more than 300 nonprofits. Community Improvement Foundation Director Shane Browning says the money will go to supply urgent and current needs for nonprofits that request it.
The project is a part of CIF’s goal to bring more than $30 million from investors over the next 10 years. Browning calculates that number from the Kentucky Transfer of Wealth Study. The report put out by the Kentucky Philanthropic Initiative shows the net worth of people in Hopkins County is $2.54 billion. And over the next 10 years, $620 million of that will change hands between generations. Browning says if CIF can utilize 5 percent of that, it would represent a $31 million investment in the community.
CIF is part of a network of community foundations in Kentucky that build funds for 501c3’s, schools, governments and churches. Browning says foundations have become more important as federal spending cuts have reduced grant availability.