I want to clarify the issue of the city's allocation to the foundation, as this process has often been a point of confusion.
Each year for the last four years, the city of Homer has made an allocation to the Homer Foundation. These funds have been designated to be split between the city of Homer's Endowment Fund and the city of Homer Grants Program, which the Homer Foundation administers. Not only does the foundation receive no support from this funding, we charge no administrative fees for the services performed.
In fact, the Homer Foundation supports the city of Homer. The city's endowment fund currently has a balance of $78, 913, and in FY04 the foundation's investments generated $2,363 in distributable earnings for the city. These earnings are then awarded as part of the city of Homer Grants Program.
The Homer Foundation also has directly supported city projects, most notably a $50,000 grant the foundation made to the city's new library project.
The foundation will always be a supporter and advocate for Homer's vital nonprofit community. Most folks appreciate the programs and services these organizations provide, and for many the resulting quality of life is enough to justify city support. We should also recognize that some of the services these organizations provide are, in other communities, services provided by the municipalities themselves.
In addition, we should not forget the role these organizations play as economic drivers in a community: as employers; by creating environments within which others can make a living; by leveraging city funding to bring new dollars into the Homer community; and by improving our quality of life which helps to attract new businesses and families to Homer.
The Homer Foundation knows the city council will take all of this into consideration as it grapples with the hard budget decisions that lie ahead.
Joy Steward, director
The Homer Foundation
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