A community foundation is a nonprofit, nonsectarian, grantmaking public charity that is dedicated to improving the lives of people in a defined local geographic area — in this case the Village of Skokie.
An endowment is a non-profit institution’s investable assets, also known as the principal: a permanent source of funds that is invested for long-term growth. Each year, some of the funds are disbursed to fulfill the foundation’s purpose such as awarding grants. As the endowment balance grows, more is available for distribution over time. The endowment is designed to keep the principal amount intact while using the investment income for charitable efforts.
The interest generated from the endowment allows the Foundation to make grants that fund programming for the benefit of Skokie residents and the community.
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