Innovia announces new fund in Silver Valley
Kristi Rietze with the Innovia Foundation explains the new Silver Valley Forever Fund during a presentation last month at Albertini's Gem Bar in Wallace.
JOSH McDONALD
WALLACE — The Innovia Foundation recently unveiled plans for the new Silver Valley Forever Fund.
The Innovia Foundation has undergone several transformations since its founding in 1974, but the goal of serving communities in Eastern Washington and North Idaho remains the same.
Aaron McMurray, a chief strategy officer with Innovia, said the Silver Valley Forever Fund is one of many managed under the Innovia umbrella. Innovia specializes in grant-making and community charities with the goal of improving lives within a specific geographic area.
“Unlike other nonprofits, a community foundation, like Innovia’s, mission is to ignite generosity and help people who care about their community,” McMurray said.
The Silver Valley Forever Fund is set up so every dollar given to the fund is reinvested and comes back to the Silver Valley. How these funds are distributed is determined by community members on a special advisory committee.
“Because charitable endowments distribute earnings based on the total amount that’s in the fund, you want to get to an amount where the earnings that are being generated are making a real meaningful impact in the community,” McMurray said.
Each fund has a foundational amount that must be reached to get it started. The Silver Valley Forever Fund has been set up as a matching fund where the target goal has been set at $500,000. About $125,000 has already been pledged through an anonymous donor, who would like to see another $125,000 matched by leaders throughout the Silver Valley community.
Once that threshold has been met, a matching challenge will be issued to the community at large.
“This matching includes a dollar-to-dollar match and a portion to encourage people to think about making end-of-life gifts in a will or estate plan,” McMurray explained.
As the fund is established and grown, Innovia hopes the founding group grows.
“We’re looking for founders to be involved that are local community members to help shape the direction and build the funds,” McMurray said. “The Silver Valley Forever Fund is a vision for the future that will forever benefit the Silver Valley and there’s an opportunity now for people who want to be involved.”
Info: Kristi Rietze, regional engagement manager for North Idaho, at 208-292-1635, krietze@innovia.org, or by visiting www.innovia.org.