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 invested funds.
Vermillion Area Community Foundation is governed by a 14-member board of directors. Board members are appointed by local organizations and from the public at large. Board responsibility includes normal organizational decisions, continued fund raising efforts, and grant awards and distribution. To date, two requests have been funded, which were awarded to the Vermillion/ Clay County Safety Center and the Vermillion Streetscape Project.
The Vermillion Area Community Foundation is now accepting applications for consideration. The remaining 2005 annual grant awards will not exceed $2,400. Please keep this in mind when developing your requests. Preference will be 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 Vermillion area.
The board's present philosophy is to fund one-time requests and projects that provide some aspect of community improvement or seed money for new concepts. The board will not fund organizational support needs, that support is available through the United Way and other granting agencies.
Applications may be picked up at the Vermillion Area Chamber & Development Company office or obtained from their Web site at www.vermillionchamber.com. Questions may be referred to the Vermillion Area Chamber & Development Company at 605-624-5571. Applications must be received by Nov. 30. Organizations submitting requests will be asked to make a short presentation at the December VACF Board meeting.
Applications should be mailed to: Vermillion Area Community Foundation, PO Box 342, Vermillion, SD 57069.