
Somerset Community Foundation has won the contract
to manage the Government’s Grassroots Grants Programme in Somerset
until April 2011.
Under this programme the Foundation can match most new donations
to our Endowment Fund –whether they are Named Funds or Somerset
Ambassador donations. For every £2 we receive £1 extra
will be added.
If we raise £1.02m the Government has pledged to add £510,000
to this...all for the long-term benefit of Somerset Communities.
For individuals, we may be able to add gift aid to donations and
match gross donation which makes the scheme even more attractive,
for example:
| |
Donation |
£1000 |
| |
Gift Aid |
£282 |
| |
Match Funding |
£641 (50% of £1282) |
| |
SCF receives |
£1923 |
Higher Rate Taxpayers will also be able to claim
back 25% of their initial donations in tax relief, so SCF would benefit
from £1920
at a cost to the donor of only £750.
For Businesses we can add 50% to donations, but they can claim Corporation
Tax Relief on their gift. So, the Foundation could double the net
value of a corporate donation under this scheme.
Donations from individuals, businesses and - in some cases – trusts
will be eligible. The only restriction beyond this is the donation
and match funding is invested to provide a regular and sustainable
income to support community-led projects, today and for generations
to come. We will not spend the actual donation, instead we will retain
it as an long-term community asset.
Summerfield Developments have already set up a Named Fund under this
programme (see
news).
By the end of the programme their £25,000
fund will be worth over £37,000.
Of course we recognise that not everyone who might wish to join
our community of donors is in position to set up their own Named
Fund. The
Ways to Give page
describes the alternative schemes available to donors, or we are
very happy to receive one-off donations.
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