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Individual Development Accounts (IDAs) How Financial Institutions can Invest in IDAs Foundation Provides Base of Progress for the Mid South Communities Unabridged: Leveraging Private Investment Calendar |
Foundation Provides Base of Progress for
This is the second in a series of articles about foundations that are serving areas located in the Eighth District states.
FMS President George Penick says the Foundation, "encourages individuals, communities, governments and businesses to think beyond state boundaries and to consider themselves as part of a cohesive region where ideas and resources can be shared." As a three-state community foundation, FMS holds a number of funds specifically developed to address this particular region's issues. FMS may be used as a vehicle for donors who wish to serve an area that has no community foundation or who wish to have an impact on the entire Mid South region. The Foundation also works in partnership with local community foundations in Arkansas, Louisiana and Mississippi when donors want to establish funds to meet a specific community's needs. The Foundation for the Mid South makes grants to build the capacity of individuals, organizations or communities; to change and improve regional policies; and to build philanthropy for the region. Its program strategy is centered on the realization that different organizations in the region are at different points in their development. Penick points out that the Foundation's staff "doesn't want to be the experts in the region but build organizations to be the experts." Therefore, grants are made at three stages of development: (1) Emerging or Pre-development, (2) Organized or High Potential, and (3) Mature or Partner. Two grant cycles are held each year (June and December). A Program Advisory Committee, composed of a very diverse group of people from the region, uses its expertise to assess each proposal. It considers the degree to which each proposal fits the overall guidelines and priorities of the Foundation. The FMS staff also considers and investigates proposals. Before a grant is made, the staff has first-hand knowledge of grant applicants through site visits or previous grantmaking experience. In addition, the proposal application and review process is structured to help the Foundation identify those organizations with strong organizational, program, policy and community-building potential. The types of grants are determined by: the combination of grant resources available to the Foundation; the guidance of those who provide the funds; and the priorities of the FMS Program Advisory Committee. Grants are made within four program areas: Economic Development, Education, Families and Children, and Black Church. Proposals can be submitted for any of the grants in the following categories:
The Foundation for the Mid South is about "change, not charity." In a region characterized by low education, poor work skills, racial strife, historic segregation, rural isolation and overwhelming destitution, an influx of financial resources alone cannot revitalize the economy.
FMS has invested resources in expanding the capacity of existing programs in the region and in developing new initiatives that complement and maximize the region's opportunities and strategies. In particular, the Foundation focuses a great deal on building partnerships and trying to stimulate collaborations that break long-standing traditional molds. Examples of the Foundation's economic development activity can be seen in its investments in various community development credit unions to assist them in increasing their deposit base. To encourage asset development in the region, investments have also been made to establish Individual Development Accounts (see IDA) where the Foundation's resources are used to match an individual's own savings, which may be used to purchase a home, open or expand a business or continue an education. The emphasis, according to Senior Program Manager Sherrie Pugh, is a strategic focus on asset development.
The Workforce Alliance efforts currently are targeted to seven multicounty and multi-parish communities in the Arkansas, Louisiana and Mississippi Delta. Each community selected received a planning grant of $25,000 to begin its work, which involves an intensive nine-month training process and an evaluation of the respective community's economic status and potential. After successfully completing the planning phase, the community will submit a proposal and plan to receive an implementation grant of up to $400,000. Upon approval, the community will begin to implement its plan and form the partnerships needed to transform its workforce. The Workforce Alliance is one part of the Delta Partnership, an initiative to revitalize the economy of the Delta. A second element is the Enterprise Corporation of the Delta (ECD), an independent organization spun off by FMS which provides capital and technical assistance to small- and medium-sized Delta businesses concentrating in Workforce Alliance communities. The third element, which is being managed by the ECD, is the Private Sector Initiative, an effort involving national business leaders and corporations to increase the demand both locally and nationally for Delta-produced goods and services.
It is through this program that communities and organizations design youth and family initiatives that make the best use of the existing resources to build on for the future. In addition, help is available to create resources that increase the strength and stability of families, enhance the capacity of families to nurture children, and create developmental opportunities for children and youth. The Foundation has been instrumental in developing the Mid South Family Alliance. The Alliance is the first regional network for the three states that involves nonprofits, faith-based organizations, schools, advocacy groups, etc., to look at how they can advocate more effectively on behalf of children, increase resources for child development, and develop leaders. The Alliance is currently developing a plan for children that will provide sustainable programs based on what is needed in the region. The plan addresses the lack of strategic planning and second-generational leadership development, as well as policy issues. The African-American church is often the strongest community, economic or social organization that exists in poor Mid South communities. Historically, it has developed leaders, provided for basic needs of its congregants and community when necessary, offered additional services and support and provided spiritual sustenance. FMS works closely with the region's black churches, particularly those that engage in community and economic development efforts. The Foundation has an African-American Church Program; however, its grantmaking to faith-based organizations is not limited to this program.
For additional information, contact the Foundation for the Mid South at |