In 2012, the Winona Community Foundation was informed that they were named a beneficiary of the Wilmer L. Larson and Beverly A. Larson last will and testament and a generous gift arrived shortly after worth $245,000. The Board of Directors was given discretion to use it for the benefit of the Winona area. At the time, the Foundation was coming out of losses and changes from the 2008 recession. During that uncertain time in 2008, the Board of Directors paused the competitive community grant program which was still relatively small in granting dollars. The Board decided to reestablish the Community Grant program with the gift from the Larson family and used $25,000 per year with the intention of using the funds until they are exhausted – this is referred to as a pass-through fund. Over the past ten years, this fund has infused $297,500 into the competitive grant program and still has about $100,000 left! How is it possible a gift of $245,000 will turn into about $400,000 in giving? Investment and time! These dollars were invested and stewarded carefully and over the ten years, the average class return has been 8.6% – growing the original gift and making it last much longer than anticipated. More than just numbers, these dollars have outfitted kids for school, provided nutritious meals for seniors, and given meaningful work for people with disabilities (just to name a few types of grants its supported).
Since 2013, the Community Grant program has grown to grant over $100,000 each year not only from the Larson fund, but other funds and monies directed toward this vital program. While this is exciting and significant, we also share this story to inform the community that the Larson Family fund has about 3-5 years left before it will be completely depleted, losing the $25,000 gift each year that gets granted through our community grant program. To mitigate this, we started a new community fund called the Community Impact Endowment Fund. This endowment fund was established to provide a lasting source of grant dollars to be invested in the needs and opportunities of Winona and surrounding communities through the competitive grant program. Grant requests far exceed our available dollars and to close this gap and address the dollars we will lose from the Larson fund, the Community Impact Endowment Fund was created on October 25, 2022. We welcome contributions to this fund to help us build this enduring place we call home.
At its heart, the Winona Community Foundation exists to serve as a permanent source of charitable dollars for the benefit of all who live, work, and play here in the Winona area. The competitive Community Grant program is made possible by people like the Larson family, who have a giving heart and a love for our community. Their story is just one example of how a gift to the Foundation can work! To make your impact on the causes you care about in our community, give the Winona Community Foundation a call. The Foundation offers a variety of charitable giving options suited to your needs. Call Nancy Brown at 507-454-6511 or visit www.winonacf.org to learn more.
Note: Wilmer and Beverly Larson owned and operating Wilmer Larson Construction Inc. They loved Winona and made a choice to include the Foundation as part of their estate planning to benefit the greater local area.
