The Ireland-based Community Foundation (CFI) has appealed to local councils for assistance in implementing trial public-private collaborations for the provision of communal amenities. The charitable organisation, recognised for its role in the distribution of philanthropic funds, plans to set up five experimental funds each amounting to €10 million. Each fund will comprise half state financing and half private and corporate monetary endowments.
The idea is for benefactors to support communities they have either personal or professional ties to via these funds. The Foundation has already identified certain ongoing projects that have the potential for development. Notable contributions it has made include sizeable donations to local communities from fundraisers, including the Late Late Toy Show’s efforts.
Some notable projects encompass the “Changing Lives” campaign in the Dún Laoghaire Rathdown local government area which has seen individual and corporate patrons contributing to initiatives such as parenting, after-school clubs, and an “ageing well in place” programme.
The organisation has also highlighted a sustainability fund in Mayo which is focused on expanding a preparatory study pinpointing local climatic and biodiversity measures worth pursuing.
The trial funds would pave the way for private sponsors to collaborate with both local and national government to instigate compelling social transformations through ‘place-based giving’ schemes. It is suggested that local councils undertake the management of these funds and contribute to initial donations.
The end goal is to establish enduring endowment funds utilising €5.5 million or 55% of the total fund. The CFI argues that such financial reserves can play an important part in sourcing sustainable funding and crucial investment in local communities.
The Foundation is advocating for a country-wide promotional drive for legacy donations and suggests modifying the capital acquisitions tax to create an incentive for donations from inherited wealth, which is estimated to amount to €9 billion annually.
With an insistence on a pledge for matching contributions with funds from all government departments, CFI holds that the government has the capacity to amplify the reach of philanthropic investments.
The CEO of CFI, Denise Charlton, states that contributors have an interest in giving back to their communities and ‘place-based giving’ widens the scope for everyone in the region. She goes on to add that a harmonised approach allowing both public and private funding to work in tandem can lead to a more significant impact.
Our suggestions are based on both our expertise as a centre for philanthropy, assisting communities via a network of 5,000 affiliated organisations, and thorough investigation. It’s our aspiration that policy creators both at national and local levels will appreciate the relevance of collaboration and join forces with us to facilitate the unique local funds. We are laying out the specifics and principles of the strategy in a local electoral manifesto titled, A Sense of Place, which we intend to disseminate to council members and applicants.