The Faribault Foundation was established as a community foundation in 1999 by a group of community leaders, to enable people who love their community to support it today and in the future. By combining gifts, great and small, the foundation gives everyone the opportunity to be a philanthropist.

 

Most nonprofits commonly serve a singular need or demographic by providing a specific service.  Community foundations are devoted to helping solve diverse and emerging community problems and strengthening new and existing community assets primarily by providing financial support. The Faribault Foundation has the flexibility to channel resources into multiple organizations to help address the most pressing community needs and the most exciting community projects. The unique purpose of the Faribault Foundation is to support what is important to Faribault today and long into the future.

The Faribault Foundation is on a mission to improve the quality of life in our region through the generosity of donors.

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Our eye is on high-impact, sustainable philanthropy… helping people who love Faribault make meaningful gifts to the causes they love -- today and tomorrow.

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Our Mission

 

The Mission of the Faribault Foundation, Inc. is to develop, manage, and administer financial resources to promote and enhance the quality of life for the greater Faribault community.

 

The Faribault Foundation was founded as a non-profit 501(c)3 tax-exempt public charity that allows individuals, businesses, and other organizations to establish permanent endowments and temporary funds within the structure of a single large foundation. These funds are managed by a board of directors comprised of Faribault area residents.

 

Our Purpose

 

The purpose of the Faribault Foundation is to promote and enhance the quality of life for the greater Faribault community by:

 

• Attracting charitable gifts and promoting community philanthropy

• Serving as a responsible fiscal host for the funds collected

• Being a leader by building nonprofit capacity in the community

• Serving as a catalyst and convener to help identify and solve local concerns and challenges

• Being a community resource, offering services to donors, nonprofits, and others

 

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The Hand Up Campaign

 

Since January the Faribault Foundation has embarked on the next generation of the community foundation. Policies and procedures have been vetted and approved for operating as a dynamic resource for community philanthropy. This builds on our long history of raising funds and helping organizations with small grants. The Hand Up Campaign is seeking support from key donor partners to encourage philanthropy focused on improving the quality of life in Faribault in perpetuity. The Hand Up Campaign will allow us to establish professional systems in both human and technology resources to fulfill our mission.

 

The immediate short-term goal is a campaign to quietly raise $2.5 million. One-half (1/2) of the monies raised will provide working capital to help pay operating expenses.  This includes a full-time executive director, part-time development position, accounting services, as well as software needed for donor and fund management. The other half of the monies raised will be permanently endowed as discretionary funds for the foundation’s operation’s use until the foundation operation is self-sustaining, and then will be used for community grant-making.

 

The 5-year goal is to encourage the development of philanthropy greater than $10 million which will be made up of many endowed component funds that include named donor advised, organization, discretionary, scholarship or field of interest funds.  The component funds will provide predictable income for local nonprofit organizations, scholarships, and community needs.  

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Contact us to learn more about this exciting transformation.

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