St. Joseph, MO, Jan 07, 2014 -- USDA Rural Development State Director Janie Dunning today announced a Rural Business Opportunity Grant (RBOG) award of $24,800 to Community Foundation of Northwest Missouri, Inc. These funds will be used to prepare a video based upon the results of the Transfer of Wealth study conducted by the Center for Rural Entrepreneurship.
"In Fiscal Year 2012, Rural Development funded a Transfer of Wealth study to include all Missouri counties. The reason was to attempt to discover other resources for communities to meet the challenges facing them in an environment of shrinking federal and state resources,” Dunning said. “The study is now complete. What was astonishing was, not only the amount of the net household worth in our state, over $517 billion, but that by retaining 5% of this wealth in communities, $6.75 billion could be invested in foundations. A conservative 5% payout would result in the availability of approximately $337.43 million over 10 years to support community and economic development. Such an infusion of resources is significant and could respond to a myriad of community needs."
Community Foundation of Northwest Missouri was established in 2009 as a public charity with a 501(c)3 designation which allows donors maximum tax advantages while supporting their favorite charities. The service area includes 18 counties in Northwest Missouri. Community Foundation of Northwest Missouri encourages charitable and philanthropic giving as a means to support and strengthen communities and the organizations within those communities. The foundation manages six types of funds; Donor Advised, Field of Interest, Scholarships, Organizational, Undesignated, and Designated.
Mary Hinde, President/CEO, said, “The partnership between USDA Rural Development and the Alliance of Missouri Community Foundations is founded on the premise of improving the lives of residents in Missouri. Together we undertook the Generational Transfer of Wealth Study and together we are using the results to educate Missourians on the enormity of opportunity for our state! Thank you USDA Rural Development for your vision!”
The Community Foundation of Northwest Missouri is serving as the recipient of the RBOG on behalf of other Missouri foundations. Foundations from around the state continue to be actively involved in using the Transfer of Wealth study to promote their foundations and the benefits of investing in local communities. Sustaining wealth through charitable giving and philanthropic efforts is a key component in community and economic development. Foundations have a significant role to play in achieving protection of a community’s resources.
Anyone seeking more information about Rural Business Opportunity Grants or any other USDA Rural Development program may visit the Missouri Rural Development homepage at http://www.rurdev.usda.gov/mo or may contact the St. Joseph Area Office at (816) 364-3767 Extension 4. For other examples of USDA investments in rural communities, please visit Rural Development's new interactive web map at http://www.rurdev.usda.gov/RDSuccessStories.html. The map features program funding and success stories for fiscal years 2009-2012.
Today’s announcement is a reminder of the importance of USDA programs for rural America. A comprehensive new Food, Farm and Jobs Bill would further expand the rural economy which is one reason why Congress must get a comprehensive Bill done as soon as possible.
President Obama's plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President's leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America's economy, small towns and rural communities. USDA's investments in rural communities support the rural way of life that stands as the backbone of our American values.
USDA is an equal opportunity provider and employer. To file a complaint of discrimination, write: USDA, Office of the Assistant Secretary for Civil Rights, Office of Adjudication, 1400 Independence Ave., SW, Washington, DC 20250-9410 or call (866) 632-9992 (Toll-free Customer Service), (800) 877-8339 (Local or Federal relay), (866) 377-8642 (Relay voice users)