Princeton Foundation to help residents fund community causes

Rick Clary of Central Bank in Princeton has seen the impact a foundation has made in Geneseo.

The Geneseo Foundation donated $225,000 for a lab at the Hammond-Henry Hospital, $100,000 to purchase equipment for the high school’s art vocational building and $100,000 for Freedom House to provide a satellite office in Geneseo for legal/medical advocacy and counseling services.

“I’m excited about what we can do in Princeton,” Clary said to a crowd of interested community members and city officials Wednesday at the Ye Olde Underground Inn.

Clary pitched that Princeton should start its own foundation.

The private foundation would have a board of trustees tasked with receiving contributions, managing those assets and making grants to charitable organizations that meet the foundation’s criteria. The foundation has a requirement to distribute 5% of its fair market value every year, however, a lesser amount may be distributed in the first four years in order to build up the funds. The amounts must be “caught up” and paid out by the end of the fifth year.

The purpose of the foundation would be to assist charitable, benevolent, civic or educational institutions, whether support is in whole or in part; to care of the sick, aged, handicapped, orphaned and helpless, and the care of needy men, women and children; for promoting scientific or medical research for the advancement of knowledge and the alleviation of human suffering or animal suffering; and for other civic or charitable purposes as the board of the foundation may select from time to time.

A single contribution has the ability to impact many organizations, Clary said. That is what makes the Princeton Foundation stand out from others that may focus on a sole entity.

“We are not in competition with any other foundations,” Clary said. “Our goal is to create a fund that someone can donate and it goes to the area of most need within the community.”

Donors may opt to give donor designed gifts, which may name specific charities earmarked for funds, but the board can make final determinations with respect to distribution of funds.

Donations would be tax deductible, Clary said. The foundation will be able to accept cash, stock/bonds, mutual funds, real estate, private securities and other assets upon review by the trustees. The account would be managed through Central Bank Illinois. The board will consist of the officers of Central Bank Illinois in Princeton or their successors along with two outside community members. This will provide a consistency of oversight and ensure goals are met, Clary said. Groups wanting to submit requests for funds will complete an application and be required to provide financials to support such a request. Applications are due at the first of each month.

Clary said he is optimistic the first funds may be distributed by the end of next year.

For information, visit the foundation’s website or call Central Bank Trust Department at 815-875-3333.

“You are the voice piece of this foundation,” Clary said. “Share it with the community.”