East Kootenay Community Credit Union is once again showing its community leadership by kick-starting the Elkford Community Fund with a $5,000 donation.
Jean-Ann Debreceni, EKC Board Chair, stated “As a member-owned and community-based co-operative, and as the only financial institution in Elkford, EKC is very pleased to provide the first donation to the Elkford Community Fund. EKC and the Community Foundation both believe in the importance of investing locally, to make our communities even better places to live, work, and play. The Elkford Community Fund will provide a permanent and lasting benefit to our members and our community.”
The Elkford Community Fund operates under the umbrella of the Community Foundation of the Kootenay Rockies (CFKR), which manages permanent endowment funds in Sparwood, Fernie, and Cranbrook, as well as the surrounding rural areas.
According to Lynnette Wray, Community Foundation Executive Director, “EKC is the ideal partner to kick-start the Elkford Community Fund. With EKC’s donation of $5,000, we are now inviting businesses, service clubs, and individuals to work with us to raise an additional $20,000. Once we have raised a total of $25,000 in the community, we will then have the potential to access $75,000 in matching funds, resulting in a permanently invested endowment fund of $100,000. In other words, each donated dollar could result in three dollars in matching funds, which is pretty amazing.“
“Once the $100,000 endowment fund is established, it will return approximately $2,200 to $2,300 in grants to local community projects in Elkford, every year, forever. The Elkford Community Fund will complement and enhance the on-going excellent work of the Elkford Project Society and the Elkford Community Enhancement Society,” Wray added.
The Elkford Community Fund Steering Committee will be the local point of contact for the Fund. The Steering Committee members are Shawna Klein, Terry Vandale, and Jessica Bohn, all of whom have deep roots in Elkford, are experienced community volunteers, and are very enthusiastic about the benefits of the Elkford Community Fund. Four additional seats remain open on the Steering Committee, for community members who are keen to help build the Elkford Community Fund.
Once a total of $25,000 has been raised in the community, including EKC’s $5,000 donation, an anonymous donor will provide $25,000 in matching funds. There will then be the potential to apply for a $50,000 matching donation from another donor.
The Community Funds in Sparwood and Fernie have both completed this same process of community donations and matching funds. As a result, each of these endowments now hold over $100,000 in permanently invested funds and are in their second year of providing community grants.
Submitted by the Community Foundation of the Kootenay Rockies