FORMER Chad charity, the Nottinghamshire Community Foundation (NCF), is to benefit from a new endowment fund - which will be used to support good causes in the area.
The fund - the Big Society ‘endowment for the nation’ - aims to raise millions of pounds to be ploughed back into communities throughout England from 2015.
Under the scheme, the Government will pay in up to £50m - giving 50p for every £1 raised from individual, corporate or philanthropic donors - and with Gift Aid tax relief, it will create a pot of more than £150m.
The money will be invested and the return, expected to be up to £12m a year, will be used to provide grants to local projects.
Said NCF’s new chairman, Paddy Tipping: “We are delighted that Nottingham and Nottinghamshire will benefit from this new endowment fund.”
He added: “In effect every pound donated to this new fund will attract Government support of 50p. In a difficult economic climate that’s a great investment.”