Blackstock Fund
When KDO began receiving a substantial annual revenue stream from mineral rights in 2016, KDO embarked on a special grantmaking initiative separate from its traditional grantmaking process. This initiative is called the King's Daughters Organization Blackstock Fund. KDO intends to make larger-than-usual grant awards through this process, with the potential for multi-year funding to its recipients.
The purpose and goals of the KDO Fund are to provide financial support to programs and services of charitable organizations that:
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Enhance the quality of life for older residents of Sangamon County.
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Address the unmet needs of older residents of Sangamon County.of Sangamon County.
What is the spending policy of the fund?
The Community Foundation has a history of working with two giving circles that administer their philanthropy through the Community Foundation - Young Philanthropists and Women for Women. As each of these groups has a significant, ongoing revenue stream from member donations, each uses a grant calculation to come up with annual grant amounts that use the Community Foundation Spending Policy for Endowed Funds, plus 25% of their annual revenue. The other 75% of their annual revenue is then added to their respective endowments. KDO's mineral rights income is similar to the aforementioned giving circles donation revenue. Therefore, KOO uses a similar approach. However, it is prudent to consider that the mineral rights income will not go on forever, though it seems to be a reliable source of revenue to the KOO Fund for the foreseeable future. Below are two scenarios for annual KOO Blackstock Fund grant distribution calculations, contingent upon whether revenue streams from mineral rights continue to come to the KOO Fund.
“We assisted one particular client who is a single female in her late 60s with her utilities. She had some unexpected health issues, which resulted in unexpected medical bill. Being on a fixed income making sure that her all of her bills were paid on time was becoming a challenge. Thankfully through the assistance of KDO we were able to pay her CWLP bill so she didn’t get disconnected. Her appreciation was so great that she was moved to tears and later mailed us a thank you card. So many of our senior clients are like this individual in that they are living on a fixed income, their dollar isn’t going as far, they face unexpected bills, but don’t have the money to fall back on.”
Catholic Charities
Patrick McConnell, Area Director
