New endowment created for Greater Fergus Falls

Detroit Lakes, Minn. (KDLM) – Greater Fergus Falls has a newly-created endowment fund to further support its economic development work for the city.

The endowment is a new option to support the organization’s economic development work, in addition to the generous annual support of the city and its businesses and individuals who recognize the importance of growing the local economy and competing with other communities for jobs and growth.

Endowment fund board chair Andrew Yaggie said the public-private partnership with Greater Fergus Falls is now five years old and has been a boost on the local economy.

Yaggie said: “We are tremendously grateful to our many financial supporters who believe in growing Fergus Falls. In addition to annual support, Greater Fergus Falls now offers the option to also contribute to the endowment. We are a 501(c)(3) nonprofit, so all support for GFF is tax deductible.”

The endowment fund is intended to be permanent, so the income from the fund can be used as a source of additional funds for economic development work. 

GFF intends to spend no more than 5% of the fund each year towards its mission, allowing the principal to grow.

The new endowment fund has already received a $5,000 grant from the Chief Justice Roger and Agnes Dell Charitable Trust to get started. 

The endowment fund welcomes planned giving. Those interested in supporting the endowment may contact Greater Fergus Falls via email at: info@greaterfergusfalls.com, or by phone at: 218-321-2079, or visit their website at www.greaterfergusfalls.com