Theatre Cedar Rapids, the regionally recognized community theatre located in downtown Cedar Rapids, has reached its goal in raising endowment funds to receive a matching grant offered by the Greater Cedar Rapids Community Foundation.
In the fall of 2013, TCR was awarded a $25,000, 3-1 matching grant from the Endowment Challenge Fund at the Community Foundation. The fund supports nonprofit organizations in building endowments to create sustainable funding. This meant TCR was challenged to raise $75,000 within five years in order to receive the $25,000 in grant funds.
In just two years, TCR raised $80,338, successfully exceeding the challenge amount required in order to collect the $25,000 grant. The funds will remain at the Greater Cedar Rapids Community Foundation in a permanent endowment. The interest earned each year will be used by TCR to help fund productions and theatre education programming into perpetuity.
“Increasing our endowment by over $100,000 is a big accomplishment,” comments Casey Prince TCR Executive Director. “We are thankful to the Community Foundation for making this challenge grant possible. It is not only a significant gift, but it has been a useful tool to motivate others to give.”
“We are also extremely grateful to the donors that helped us reach our goal,” explains Prince. This support shows confidence in what we do, which is greatly appreciated. This generosity helps ensure that we can continue providing live theatre and theatre education programs to the people in this community for generations to come.”
Since launching the Endowment Challenge Fund in 2012, the Community Foundation has awarded challenge grants to 11 nonprofit organizations in Linn County.
“We are proud to invest in the mission and the future of nonprofit organizations like TCR,” says Les Garner, President & CEO of the Community Foundation. “Part of our mission is to help strengthen area nonprofit organizations and one of the ways we can help is by providing support for endowment building to help ensure the longterm sustainability.”