So essentially the Quarter Fund consists of a bunch of friends who get together once every few months to drink beer and give away funds to a deserving cause. Our primary function is to have fun and do some good along the way.
Specifically, we fund capital expenditures. If you’re confused by that term, don’t worry. A capital expense is just a fancy grant making term for the purchase of tangible things such as, youth soccer uniforms, a pizza oven, or a goat cheese cave. In buying this stuff we can know exactly how our funding will be used by an organization and more easily observe its impact on our community.
On the surface giving money away sounds like a noble and relatively simple idea, however there’s more to philanthropy than meets the eye. Who will manage our assets so that they generate maximum interest? Who will find the causes we will eventually decide to fund? How can we ensure that Quarter Fund contributions are tax deductible? That’s where the Longmont Community Foundation steps in to save the day.
The Director there is really excited about us millennials uniting to form a giving circle and what’s more, he has an amazing track record for helping funds grow their endowments. About ten years ago a similar group was formed, composed of baby boomers. Since their founding, that group’s endowment has ballooned to nearly $250,000. Their annual interest, approximately $25,000, can now be used to supplement the $10,000 they already give away. Woo hoo! Free money!
Thus far, the Quarter Fund consists of 18 members but we are always looking for more in order to give this concept the best possible momentum. Oh and one more thing to chew on before you consider signing up for this group…there’s no real risk. This is pretty much a turnkey operation thanks to the support of the LCF. Your pledge of $100 won’t disappear into a black hole and is instead guaranteed to do some serious good right from the start.