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£150m Big Society Endowment launched

Big Society Endowment launched

Son of Douglas Hurd helping the Big Society along…

Today Minister for Civil Society, Nick Hurd launched the new Community First endowment. The endowment aims to raise £150 million to be invested to secure the future of local community projects in England.

The Government will pay in up to £50 million, giving 50p for every £1 raised from individual, corporate and philanthropic donors. With Gift Aid tax relief, this is expected to create a pot worth in excess of £150 million. The money will be invested and the return, expected to be up to £12 million per year, will be used to provide grants to local community and social action projects from 2015 onwards.

From today, the Community Development Foundation (CDF), which manages Community First, will begin work with local Community Foundations in the Community Foundation Network (CFN) to raise money for the endowment.

Nick Hurd, Minister for Civil Society, said:… we know what he said don’t we?

… It’s time we invested in our future rather than borrowing on it. The Community First endowment will be a lasting source of money blah, blah blah ….

More interestingly;

This year yes 2012, the Community First fund will also pay out £30 million in small grants to community groups and local social action projects in the 600 communities in England which need the support most, through the Neighbourhood Match Fund. People are being asked to form local panels to distribute the funds themselves. Good old ASDA has pledged its backing through in-store promotions, by allowing communities to use its stores as meeting places for community panels and through its existing community investment strategy.

… and there’s more…

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