Owatonna Foundation Adopts New Donor Policy
The Owatonna Foundation Board of Trustees held their Annual Meeting recently. At the meeting the Board of Trustees revised a new donor policy that was adopted in 2017. Donors will now be able to fund specific areas of interest that they are passionate about. In the past usually donations were put together with others and used as grants in four primary areas. Those areas were 'community, arts, recreation and education. With the revision of the new policy there is now a "Field of Interest Policy".
The three types of specific donor funds are now:
Non-Endowed Field of Interest which allows donors to give to a specific area of interest with a minimum gift of $10,000 being required.
Endowed Field of Interest Fund in which donors may donate a minimum of $100,000 to a specific area of interest in which only the accrued interested would be used for grants.
Donor Designated Field of Interest Fund in which the donor may give towards the Foundation's four areas of interest which consists of either community, arts, recreation or education. A minimum gift of $10,.000 would be required.
You can learn more about the Foundation's work on AM 1390 on Friday, August 17 as the Foundation will be Brad Fischer's guest from the Steele County Free Fair starting at 8AM.