PACGDC Jump Starts County Foundation
Palo Alto County Gaming Development Commission (PACGDC) will provide $10,000 in seed money to form a county foundation. The decision was made at the board’s July board meeting.
“The Palo Alto County Foundation will ensure a long term commitment to our communities, and also provide donors the generous 25-percent tax break from Endow Iowa Tax Credit,” explained Don Miller, PACGDC President.
In addition to the seed money, PACGDC will match another $50,000 from donors to this new community foundation.
Other Iowa counties, without gaming facilities, have sustainable county foundations to manage the gaming revenues from across the state. Miller said Palo Alto County was noticeably absent.
“I’ve been involved with the Pocahontas County Foundation and realized these county-wide foundations are the best vehicle the state allows for Endow Iowa Tax Credit,” he said.
Miller continued to say that it ensures a long-term commitment to the county and offers a way contribute and provide a legacy.
The board provided the start-up money necessary to form a foundation, working as an affiliate with the Community Foundation of Northeast Iowa. This foundation already assists Kossuth and Emmet Counties, and allows its affiliates to grant four percent of earnings back to qualified groups in the county.
Board member Renee Jedlicka added that she was impressed with the opportunities for current foundations to work within this Palo Alto County Foundation umbrella.
“In talking with Kirk Hayes, a longtime volunteer with the Kossuth County Foundation, the local established foundations spiral from this county foundation to offer the generous tax break,” she said.
Jedlicka believes this is a win-win for the people of Palo Alto County and explained, “We need money to stay in Palo Alto County. PACGDC looked at data showing that our county ranks high in Iowa for the value of property in legal probates, but low in keeping those dollars in this county.”
PACGDC will begin to identify individuals for this governing committee in August. They are seeking people who will best represent the county, coming from a variety of diverse backgrounds. The board will look for nine to 15 volunteers committed and focused on the mission of the community foundation and endowment building, rather than people just wanting to make grant decisions.
For additional information on the foundation, or to recommend a foundation board member, please contact email@example.com or contact the PACGDC office in Emmetsburg by calling 712-852-4777.