FAIRBANKS — With three months to go in 2013, Golden Heart Community Foundation has raised enough money to receive first-year matching funds. With Rasmuson Foundation’s matching donations, the Golden Heart has earned $75,000 for its endowment in the first six months of existence.
The Golden Heart Community Foundation seeks to create a lasting legacy of funding in the Fairbanks area.
The foundation was officially created in March. Its goal is to create a long-term endowment that will be able to fund nonprofit organizations in Fairbanks.
When the Golden Heart was created, the Rasmuson Foundation offered to match funds donated in the first few years of its existence.
For the first two years, Rasmuson promised to match two-to-one all donations up to $25,000 each year. For the next two years, Rasmuson promised to match one-to-one all donations up to $50,000 each year.
To get the matching funds, Golden Heart has to reach the maximum reimbursement amounts set by Rasmuson.
Jo Kuchle, a Fairbanks attorney and one of the Foundation’s organizers, said even though Golden Heart has met the funding requirement, it still is looking for donors to round out the first year.
Every donor who gives money in 2013 will be considered one of Golden Heart’s “Founding Donors” and will be listed forever as such by the foundation, Kuchle said.
“We’re in it for the long haul,” Kuchle said. “A lot of organizations can’t afford to do a long-term endowment. We can be their long-term endowment.”
Kuchle said the foundation is not meant to be competition for any other nonprofits in Fairbanks, but hopes to act as a resource for the local organizations to receive funding and be able to create their own endowments.
Golden Heart is an affiliate of Alaska Community Foundation, a state which works with regional foundations like Golden Heart to benefit community groups.
Kuchle said the size of the endowment allows for more growth, while local groups can set up their own funds within the greater endowment that will be handled for them by Golden Heart.
Fairbanks Rescue Mission, Calypso Farm and Ecology Center and several other groups already have established their own funds with Golden Heart.
Contact staff writer Weston Morrow at 459-7520. Follow him on Twitter: