City considers creating a community foundation
October 30th, 2008Is Gaylord interested in developing a community foundation? Gaylord’s Economic Development Authority, last week, directed City Administrator Kevin McCann to continue to research the issue.
A community foundation is a nonprofit organization that provides an opportunity for people of diverse interests and financial capabilities to join their charitable dollars for the common good of their community. The primary functions are attracting assets, trusteeing assets, and distributing assets for charitable purposes through grant making according to the purpose and mission of the foundation.
Two different organizations, Southern Minnesota Initiative Foundation and Region Nine Area Inc., have expressed interest in serving as a fiscal agent if Gaylord decides to establish a community foundation. McCann said that he would like to have representatives of both organizations speak to the Gaylord Economic Development Authority at a future meeting.
If a foundation is established, McCann said that it will likely be under the control of the EDA or the city’s financial advisory committee. The Community All Together (CAT) Committee said that it was not interested in the task.
