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Austin Area Foundation is announcing an opportunity for local nonprofit organizations to significantly grow or establish their endowment funds. 

This opportunity is made possible through the support of a grant from The Hormel Foundation and a bequest from the estate of Annabell Benson.

“The generous grant and bequest from the Benson Estate and The Hormel Foundation will allow AAF to help our community’s nonprofits and enhance their ability to serve the community,” said Taggert Medgaarden, chair of Austin Area Foundation board of trustees. “These gifts will benefit many people and we thank them for their contributions to our community foundation’s mission.”

The Hormel Foundation provided a $10,000 grant as an incentive to establish or grow endowments with the AAF. Additionally, the bequest from the Benson estate greatly expands the number of organizations to which the matching funds can be provided. 

Organizations adding $2,000 or more to their established endowment with the AAF, have the opportunity to receive a $2,000 contribution from The Hormel Foundation grant plus an additional $2,000 contribution from the Benson estate. Thus, $2,000 in new funds from the participating organization immediately becomes $6,000.

For organizations which don’t already have endowments with the AAF, the initial deposit of $5,000 to create a new endowment fund will remain in place. However, the opportunity to receive the additional $4,000 in funding will be provided to these new endowments.

To grow or establish your nonprofit organization’s endowment fund, please contact Steve Barrett, executive director, at 507-434-7494 or by email at director@austinareafoundation.org.