With Yankton’s Boys & Girls Club $2-million-fundraising goal in view, its mystery donor agreed to give it more time.
Last fall, an unnamed donor offered the club $3 million if it could raise $2 million for its endowment fund by the end of the year.
As the Dec. 31 deadline approached, the club was only $460,000 shy of its goal.
“We were getting so close that we went back to the donor and shared with him the good news and asked him if he would consider giving us a little bit more time,” Nicole Biever, chief development officer for the club told the Press & Dakotan. “He said, ‘How does March sound?’”
The new deadline for the match challenge is March 31.
Biever believes this extra time will allow the club to reach its goal to receive the maximum amount of matching funds, she said.
“The donor is just so excited that the community has responded so strongly,” Biever said. “All along, he knew that he was setting up a really big challenge for us. It just surprises me that we’ve gotten so far so fast.”
The donor initially offered $2 million in matching funds if the club could raise $1 million by the end of 2020. When that goal was reached months early, the donor upped the stakes offering an additional $2 million if the club could successfully raise another million dollars for its endowment fund.
Now the club is well on its way to raising the additional $1 million.
“As soon as we reached the first million, our donor submitted $2 million,” Biever said. “The same thing will happen if we get to that $2 million. The donor will write the next million-dollar check.”
Over the course of the challenge, donations have come in from across the area, she said.
“It’s just amazing how many people are really inspired by this,” Biever said. “From $20 here and there to people sending in $5,000, people are giving what they can. When you add all of those pieces together, it’s making a big impact.”
Also, a few small businesses in town have made some larger pledges, which had a great impact, she said.
Donations have come from individuals who have donated in the past, as well as newcomers intrigued by the generous nature of the challenge.
Biever explained that the club does not spend endowment donations, but invests them to earn interest, which it can spend.
If the challenge is successful, the club projects an annual income from the fund of about $220,000 which would cover 20% of the club’s operations each year, she said.
“The returns on that continue forever,” Biever said. “This is also our regular annual campaign time of year, so we are out there asking people to support our operating campaign because, today, that’s how we keep the lights on and have a safe place for kids to come.”
With a robust endowment fund, club organizers can dream bigger about the future and activities it can offer its members, she said.
“So we’ve got that extra little bit of time and we have been working with different places in town to try and get closer to that goal,” Biever said. “If you ever wanted to support the club, this is the chance to do that, because what you give is more than doubled,” Biever said.
For more information visit, www.greatfuturessd.org/yankton-endowment .