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The Roanoke Cultural Endowment is nearing a milestone, the halfway point to raising 20 million dollars. WFIR’s Denise Allen Membreno has more
It has taken nearly 10 years to reach the halfway point, but members of the Roanoke Cultural Endowment leadership say reaching the 20 million dollar goal will go exponentially faster. Roanoke Cultural Endowment Executive Director Shaleen Powell explains.
“The rate of change has increased as the endowment grows. So everything that has been raised and is in the Roanoke Cultural Endowment right now, it stays there and it accrues interest. And so because there’s now nearly $10 million in that fund, it is going to gain interest quicker over this next second-half of the campaign.”
Roanoke City was an initial donor, adding 2-point-25 million dollars. Now the fund is nine and half million dollars strong and the goal is to reach the halfway point by the end of the year.
“An incredibly generous, anonymous donor has come forward and said, we’re going to help you get to this halfway point of your $20 million goal. And we are going to commit $250,000 to match new community support. So for every gift that comes into the endowment, no matter the size, between now and December 31st, 2026, every new gift will be matched dollar for dollar.”
A link to donate is RoanokeCulturalEndowment.org. Denise Allen Membreno WFIR News.
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Nearly two dozen Roanoke nonprofit Arts organizations will benefit when the Roanoke Cultural Endowment reaches its goal of $20 million. WFIR’s Denise Allen Membreno has more.
A survey of the nearly two dozen Roanoke nonprofit arts organizations found they needed ongoing funding to keep their programs running. When the fund reaches $20 million dollars The Roanoke Cultural Endowment will award grants to the city’s arts organizations. Here’s Executive Director Shaleen Powell.
“So those operating funds will be awarded in three-year cycles. And eligibility criteria are very simple. They have to be a nonprofit organization. They have to be located within the city of Roanoke, which the majority are. And they also have to have been in operation for three full years. So this isn’t seed money. And also they have to have full year programming in the arts.”
Endowment is at nine and a half million dollars. The goal is to reach the halfway point by December 31. An anonymous donor is matching all donations up to $250,000 to help reach that goal. Powell says the arts community does more than improve quality of life and provide entertainment. In 2019 the cultural endowment commissioned a study.
“And what it found was that the arts contribute $65 million annually in economic impact, and they also provide a full-time equivalent of 1,400 jobs. So if you take all of arts and culture industry together, the totality of that is really one of the largest employers that we have in the Valley.”
Powell says the Endowment Fund will strengthen these organizations. Find out more at RoanokeCulturalEndowment.org. Denise Allen Membreno WFIR News.
The post Roanoke Cultural Endowment nears milestone first appeared on News/Talk 960-AM & FM-107.3 WFIR.
