The Freeman Challenges
The Freeman Challenges
A matching grant to help nonprofits establish an endowment or board-restricted reserve. A pre-requisite workshop is required for applying.
The purpose of The Richard West Freeman Endowment and Board-Restricted Cash Reserve Challenges (The Challenges) is to create an endowment or board-restricted cash reserves for nonprofit organizations serving the Greater New Orleans thirteen-parish region. The Challenges are designed to assist nonprofit organizations in (1) establishing and/or building endowments or board-restricted cash reserves and (2) educating the nonprofit sector and the donor community on the importance of building financial independence to ensure long-term financial stability.
Prerequisite Workshop “Are You Ready for an Endowment?”
The Challenges launch in the spring with the “Are You Ready for an Endowment?” workshops. Participation in one of these workshops is a prerequisite for applying for The Challenges.
Once you have determined that applying for one of the Freeman Challenges is the right fit for your organization, the next step is to begin the application process, which opens in September and closes in October. Site visits will be conducted in November and the grants committee will convene in December to make their funding decision.
Organizations will have 12 months to meet their challenge. Only those organizations that meet their challenge goal will receive the grant award.
The Endowment Challenge will match one dollar for every two dollars raised by nonprofits. Nonprofits select one of the three matching categories when applying:
- The nonprofit raises $50,000. The Challenge matches $25,000.
- The nonprofit raises $100,000. The Challenge matches $50,000.
- The nonprofit raises $150,000. The Challenge matches $75,000.
The Board-restricted Reserve Challenge will match one dollar for every two dollars raised by nonprofits. Nonprofits select one of the three matching categories when applying:
- The nonprofit raises $10,000. The Challenge matches $5,000.
- The nonprofit raises $20,000. The Challenge matches $10,000.
- The nonprofit raises $30,000. The Challenge matches $15,000.
Eligibility Criteria and Guidelines
- Have 501(c)(3) public charity status in good standing with the IRS.
- Have been in operation for a minimum of five years at the time of application.
- Be headquartered in one of the parishes served by the Greater New Orleans Foundation: Assumption, Jefferson, Lafourche, Orleans, Plaquemines, St. Bernard, St. Charles, St. James, St. John, St. Tammany, Tangipahoa, Terrebonne or Washington.
- Does not currently have an endowment with a market value that exceeds $1,000,000.00.
- Exhibit readiness for an endowment campaign or fundraising for a board-restricted cash reserve.
- Have board approval to take part in The Challenges. In the case of an endowment, the board resolution must include language committing to house the fund at the Greater New Orleans Foundation.
- Attend the prerequisite workshop “Are You Ready for an Endowment?”
- Organizations cannot apply for the same Challenge two cycles in a row; they must wait out one cycle before applying again for the same Challenge. However, organizations may apply for a different Challenge for consecutive cycles.
Learn more about The Challenges here including the dates for the “Are You Ready for an Endowment” workshops.