Vermillion Area Community Foundation accepting applications

Vermillion Area Community Foundation accepting applications In the fall of 2000, a community savings account, the Vermillion Area Community Foundation (VACF), was established. The original local fund-raising effort has achieved over $100,000 and has been matched by $25,000 from the South Dakota Community Foundation.

The funds are invested with the S.D. Community Foundation. The VACF market value of the account as of December, 2004 totaled approximately $140,000. The community savings account fund policy allows that 5 percent of the annual earnings may be used or distributed as local grants. The interest earned over and above the 5 percent remains in the account to increase the market value of the Vermillion invested funds.

The VACF is now accepting applications for consideration. The total 2005 annual grant awards will not exceed $4,400. Please keep this in mind when developing your requests. Preference is given to non-profit organizations, but private businesses and individuals may apply. Projects will be rated on community improvement and how the project will be beneficial to the community.

The completed VACF grant application must be received at the Vermillion Chamber of Commerce Office by the dead line of May 10 for projects, with a start date of no earlier than July 1. Final awards decisions will be made at the June VACF Board meeting.

A second round of 2005 grant awards is tentatively scheduled for November 1.

Application packets may be picked up at the Vermillion Chamber of Commerce. Applications must be delivered to the Vermillion Chamber of Commerce and clearly identify: Attention: Vermillion Area Community Foundation, C/O Vermillion Chamber of Commerce, 906 E. Cherry Street, Vermillion SD 57069.

For further information on grant packets please call 605 624 5571.

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