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Big Society endowment plans to raise millions for local community projects
The new Community First endowment, which aims to raise £150 million, to be invested to secure the future of local community projects in England, has been launched by Nick Hurd, the Minister for Civil Society.
The Government will give 50p for every £1 raised from individual, corporate and philanthropic donors – pledging up to £50 million in total. This combined with Gift Aid tax relief will 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.
The Community Development Foundation (CDF), which manages Community First, is working with local Community Foundations in the Community Foundation Network (CFN) to raise more money for the endowment.
Nick Hurd, Minister for Civil Society, said:
“It’s time we invested in our future rather than borrowing on it. The Community First endowment will be a lasting source of money to help local community groups achieve what they want, whether that’s turning wasteland into parks, holding social events for older people or starting sports clubs for the young. This is money on the ground for the Big Society and the 5000 Community Organisers we are training will encourage people to get together and use it."
Source: Community Development Foundation (CDF)