CSHB 290(FIN) Summary

• Establishes the Endow Alaska grant program in the Department of Commerce, Community, and Economic Development to encourage community philanthropy through grants to community foundations and affiliates.

• Requires the lead philanthropic entity to be a nonprofit 501(c)(3) organization that is statewide in scope with grants as its principal function, and limits administrative costs to five percent of grant funds received.

• Grants may not exceed $25,000 annually per foundation or affiliate unless benefiting multiple boroughs or regions, and require matching funds at a one-to-one ratio from non-state sources.

• Eligible recipients must demonstrate financial need, potential for future philanthropic activity, ability to match state funding, and provide a spending policy for distributing grant money within their geographic area.

• Defines key terms including "community foundation" as tax-exempt institutions composed of permanent funds for charitable benefit to residents of defined geographic areas, and "community foundation affiliate" as groups of five or more community leaders establishing endowments within existing foundations.