City of Evansville Endowment Fund
The City of Evansville Endowment Fund originated in 1994, when former Mayor Frank McDonald II proposed that $5 million of revenue from the gaming boat be invested in a way that would serve the City of Evansville forever.
After an extensive study of investment options by the Mayor and the City Council, the decision was made to establish the endowment fund as a "supporting organization" of the Community Foundation Alliance. As a supporting organization, the City of Evansville Endowment Fund is a distinct legal entity affiliated with the Alliance, created as a public charity under the Alliance’s umbrella. As such, the City of Evansville Endowment Fund qualifies for a tax status not granted to private foundations.
The City of Evansville Endowment Fund’s earnings allow for grantmaking year after year. During its most recent grant cycle, the Fund allowed for grants totaling $194,551 to 15 nonprofit organizations serving the City of Evansville.
The Alliance administers the City of Evansville Endowment Fund, while the Fund’s separate board of directors is responsible for governance and grantmaking decisions.
Board of Directors
Alan E. Groves, President
Jerome Stewart, Vice President
John Friend, Treasurer
Susan Harp, Secretary
Dr. H. Dan Adams