Program-Related Investments (PRI)
The Community Foundation of Northern Illinois is complementing its grant making program with a Program-Related Investment (PRI) initiative. Through the PRI, the Foundation will make funds available, in the form of loans, to area charitable organizations.
Program Related Investments are closely connected to our grant making program in that the Foundation is looking to improve the effectiveness and longevity of the charitable organization, strengthen their infrastructure, broaden their base of support, increase their visibility in the community, and encourage collaboration and partnerships. The PRI will allow us to broaden the impact of our grants, to provide additional funding opportunities to area charitable organizations, and to maintain the focus that has made our grant making effective.
Program Related Investment (PRI) Specifications
Definition: A PRI is a loan to support a charitable project or activity.
Limits: The Community Foundation will consider PRI amounts on a case-by-case basis. The terms of the loan will be negotiable.
Repayment: Plans for repayment of the PRI must be included in the application. The recipient organization must have the skills, financial resources, and capability to meet the agreed upon repayment schedule. The rate of interest to be charged on the outstanding balance will be negotiated on a case-by-case basis. PRI recipients will be required to submit a copy of their annual audit while the loan is outstanding.
Criteria: PRIs will be awarded up to $25,000.00. The Community Foundation welcomes PRI applications from organizations in the Illinois counties of Winnebago, Boone, Ogle, and Stephenson. Collateral should be provided, where appropriate.
Eligibility
To be eligible for a PRI, an applicant must:
- Tax exempt status or have a charitable purpose
- Be in operation for at least a year
- Have appropriate/competent staffing
- Have commitment to developing the organization and its leadership
- Have sound record keeping procedures and accounting controls
- Be committed to expanding their base of support and attracting further resources
Application Process
Applications are reviewed and approved by the PRI Committee. All applicants are informed in writing of the Foundation’s decision, including any conditions and reporting requirements. Applicants interested in applying should submit 1 copy of the completed application to: Barbara Nelson, Vice President & Senior Program Officer, 946 N Second Street, Rockford, IL 61107. If you have questions, call 962-2110 ext. 15.