Creating a strong foundation: one sorority is taking investing in their community seriously. (Black Wealth Initiative).MEMBERS OF THE THETA OMEGA CHAPTER OF ALPHA KAPPA ALPHA Kappa Alpha may refer to:
Antonym: dec. . ARE BUILDING ASSETS IN THEIR COMMUNITY THROUGH GRANTS, PROGRAMS, AND SCHOLARSHIPS. IN 1997, THE THETA OMEGA CHAPTER OF ALPHA KAPPA Alpha Sorority Inc. (AKA) was looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. ways to increase its fund-raising and endowment efforts. The Chicago graduate chapter, with more than 350 members, is one of the largest AKA chapters in the country. It has always been extremely active in giving away scholarships and providing community-related programs, and services. By chance, Gladys Smith, an AKA member, mentioned to another member, Marva Lee, that her husband was on the board of Chicago Community Trust, which currently manages about $1.1 billion. Smith arranged a meeting between the two organizations. As a result, the AKAs and the Chicago Community Trust worked together to strengthen a foundation. "The relationship has been extremely beneficial to us," says Bette Reid, president of the AKA chapter. "We are always looking for ways to make our money go further." The Trust was established 87 years ago, and its No. 1 mission is to help organizations and individual philanthropists build endowments. Trust-related philanthropy generates about $40 million in grants annually. To get more community-oriented organizations involved in building assets, the Trust began a program in the 1980s to give $1.50 for every dollar that its partner organizations raises, explains Carol Crenshaw cren·shaw also cran·shaw n. A variety of winter melon (Cucumis melo var. inodorus) having a greenish-yellow rind and sweet, usually salmon-pink flesh. [Origin unknown.] , vice president of finance for Community Trust. For example, if the AKAs raise $60,000, they are able to make grant recommendations for up to $90,000, which are supported by the Trust. The only stipulation An agreement between attorneys that concerns business before a court and is designed to simplify or shorten litigation and save costs. During the course of a civil lawsuit, criminal proceeding, or any other type of litigation, the opposing attorneys may come to an agreement is the AKAs must agree to keep the retained assets with Community Trust for at least 10 years. Currently, the AKAs have recommended $300,000 in programming and fund grants and have $200,000 in endowment funds Endowment funds Investment funds established for the support of institutions such as colleges, private schools, museums, hospitals, and foundations. The investment income may be used for the operation of the institution and for capital expenditures. , explains Crenshaw. When the Chicago AKAs were beginning negotiations with the Trust, it had just received its full not-for-profit status with the establishment of the AKArama Foundation Fund. Through the foundation, the women give 10 to 15 annual scholarships worth $20,000 to $30,000 to high school students, and operate a $35,000 budgeted program called Families as Mentoring Entities (FAME). The program supports elementary school elementary school: see school. children with tutoring, an arts program, parent training, and healthcare. The chapter is also building a $1.45 million community center, for which it received a $500,000 government grant. The organization's administration is simple. The AKAs elect nine members from the group at large to take the helm in running the foundation's day-to-day operations. And the two programs each have a chairperson. Also, the AKAs make smaller grants to one local black theater group, a program for the disabled, and the local chapters of the NAACP NAACP in full National Association for the Advancement of Colored People Oldest and largest U.S. civil rights organization. It was founded in 1909 to secure political, educational, social, and economic equality for African Americans; W.E.B. Du Bois and Ida B. and the Urban League. The foundation board and the chairpersons only make recommendations to the membership at large, which means all of the AKAs cast the final vote. Every fall, the AKAs convene an annual fund-raiser, which collects $80,000 to $100,000. Afterward, it draws up the annual budget and the Trust gives them a matching check from its endowment funding Noun 1. endowment fund - the capital that provides income for an institution endowment patrimony - a church endowment chantry - an endowment for the singing of Masses . The relationship between the Chicago chapter of the AKAs and the Chicago Community Trust has allowed the AKAs to fulfill principle No. 7 of the Declaration of Financial Empowerment: to use a portion of my personal wealth to strength my community. We encourage other organizations to follow the lead of the Chicago chapter of the AKAs and maximize the impact of philanthropic efforts. Here are a few tips to help you and your organization get started: * USE YOUR MEMBERSHIP CONTACTS An existing relationship between one of the members of the AKAs and the Chicago Community Trust led to the partnership. Organizations should realize the strength of the network within their membership, especially if members are professionals or entrepreneurs. * START A FOUNDATION To start a foundation, you will need to get a not-for-profit status. This involves filing the appropriate paperwork with your state attorney general's office, through rules vary state to state. Contact an attorney to make sure the process is handled properly. A member of the AKAs, Donna Valee Salone, is an attorney and updating of the records. * LEVERAGE SUCCESSES The AKAs already had a successful track record of active community involvement, which made them a very attractive partner for the Trust. * IDENTIFY NONTRADITIONAL SOURCES OF FUNDING While Community Trust partners with a variety of nonprofit organizations Nonprofit Organization An association that is given tax-free status. Donations to a non-profit organization are often tax deductible as well. Notes: Examples of non-profit organizations are charities, hospitals and schools. that give more than $40 million to charities annually, traditionally there have been few relationships with minority organizations or individuals, explains Mari Ex, vice president of external relations for Community Trust. In recent years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time Trust has worked successfully in building relationships with larger Chicago-area black churches. The Trust is actively working toward attracting younger African American African American Multiculture A person having origins in any of the black racial groups of Africa. See Race. philanthropists as well. RELATED ARTICLE: Declaration of financial empowerment. From this day forward, I declare my vigilant and lifelong commitment to financial empowerment. I pledge the following: 1 To save and invest 10% to 15% of my after-tax income 2 To be a proactive and informed investor 3 To be a disciplined and knowledgeable consumer 4 To measure my personal wealth by net worth, not income 5 To engage in sound budget, credit, and tax management practices 6 To teach business and financial principles to my children 7 To use a portion of my personal wealth to strengthen my community 8 To support the creation and growth of profitable, competitive black-owned enterprises 9 To maximize my earning power Earning power Earnings before interest and taxes (EBIT) divided by total assets. earning power 1. The earnings that an asset could produce under optimal conditions. For example, AT&T may currently be earning $2. through a commitment to career development, technological literacy Technological literacy is the ability to understand and evaluate technology. It complements technological competency, which is the ability to create, repair, or operate specific technologies, commonly computers. , and professional excellence 10 To ensure that my wealth is passed on to future generations |
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