Foundation News
Dreams of a big society can be realised after £2 million charitable fund created for South Yorkshire
29th June 2010
A SPARKLING reception hosted by the High Sheriff of South Yorkshire Anthony P Cooper saw more than 100 guests celebrate the creation of a £2 million charitable fund to benefit the county.
Through the South Yorkshire Community Foundation's Grassroots Grants endowment challenge, all donations were matched pound for pound using government funding to create the massive fund.
A number of high profile guests were in attendance at the Sheffield Cutlers' Hall event, including Lord Lieutenant of South Yorkshire David Moody, Civic Mayor of Barnsley Margaret Sheard, Civic Mayor of Doncaster Margaret Pinkney, Sir Hugh Neill, and deputy chief executive of Sheffield City Council Leigh Adams.
Guest speaker Matthew Bowcock, chair of the Community Foundation Network, spoke of how increasingly important community foundations will become as the UK's economic landscape changes.
He said: "Community Foundations have been working towards the creation of a big society for more than 100 years, and they're influence is growing so rapidly because they are fulfilling a need.
"Our role is to give effect to people's dreams, by connecting people who have the where with all to help, to those who can benefit. We connect the donors to the doers in our society.
Using the fantastic multiplier effect presented by the three year Grassroots Grants endowment challenge, generous donors throughout the area have been able to double all donations made, maximising the impact of their charitable efforts.
The third year of the programme is well under way, and has received a boost by the news that after recent alterations to the tax system in the UK, those who have to pay the new 50% tax rate can actually see donations quadrupled.
This means that for a net cost of just £6,250, such donors can now set up their own named fund worth £25,000 to benefit South Yorkshire forever.
Matthew Bowcock said: "You can pay money in taxes, and hope that money is spent in the community where you want, or you can take up the Grassroots Grants endowment challenge and then you dictate how your money is spent."
Higher rate tax payers can see any donations increase by 3.3 times the net cost to the donor, while basic rate tax payers can see their donation increase by 2.5 times the net cost.
All funds raised will sit as a permanent capital fund, with the income on the pot going out in grants to vital local projects from April 2011.
Considering the high interest from generous local people in the first two years of the programme, SYCF is anticipating that the third year's match funding allocation will be snapped up just as fast.
Paul Benington, of SYCF, said: "This is the last chance for the generous people of South Yorkshire to take advantage of a once in a lifetime giving opportunity. If all targets are met we will create a £3.4 million pot to secure the future of community initiatives in the area.
"Resources are getting ever tighter and we need to work together to get the most out of our money for our area. A match funding programme that can double, triple and in some cases even quadruple donations can do just that.
Representatives from Sheffield City Council, South Yorkshire Fire and Rescue and South Yorkshire Police were also in attendance to recognise work being done with SYCF to benefit the wider community.
Paul added: "Three years ago when the floods hit South Yorkshire, we worked re-actively with organisations through the area for the good of the people. Now we are looking to work pro-actively to create a better, healthier and safer South Yorkshire.
To find out how your charitable efforts can be maximised through the Grassroots Grants endowment challenge call 0114 2424857.
.jpg)
