River Cities Public Transit Designated FundRiver Cities Public Transit
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About the River Cities Public Transit Designated Fund.
Recently, River Cities Public Transit (RCPT) became a victim of its own success. RCPT has expanded and provided so many new rides in recent years that we were awarded new federal funds that would have required an additional $400,000 local match. Where would that amount of local funding come from? Counties and cities that currently provide us funds could not give us more as their budgets are tight. Contracts with various agencies are fixed and as non-profits they do not have additional funding. We did change our fares structure as that had not been adjusted for the past 18 years. We also postponed some of the expansion into another year to lessen the amount of match monies needed in any one year. All this helped but it made us realize that we need to expand the number of sources of local match dollars.
GREAT NEWS !!! River Cities Public Transit (RCPT) was recently awarded a challenge grant from the South Dakota Community Foundation (SDCF) to begin an endowment fund. Briefly, RCPT must raise $80,000 over two years in order to receive a $20,000 matching grant from the S.D. Community Foundation. This basic $100,000 will allow us to spin off some interest earned on the account each year to provide an additional source of matching dollars, in perpetuity, to secure new buses and to maintain or expand services. As the fund grows, so will the amount available to support our mission and vision.
In order to do establish this fund we need YOUR support. We are asking you to consider making a gift to the fund. Making a gift is easy, and can come in many forms. Whether giving cash, stock, land, or remembering RCPT as a beneficiary in your life insurance or estate, the SDCF can help you make a lasting legacy gift to support the rich history of transportation in our communities for employment, medical care, education, shopping, recreation or socialization.
You may be asking …How will my contribution have an impact? Local dollars raised can be matched with federal dollars in an 80% federal to 20% local basis. So for every $1 donated an additional $4 can be secured on the federal level. $20 can become $100. $100 can become $500. Thus, by establishing a $100,000 endowment the 4-1/2% interest each year will provide $4,500. The $4,500 contribution can become match dollars for an additional $18,000 and can be repeated each year.
Contributions can be made directly to…
River Cities Public Transit Foundation
c/o South Dakota Community Foundation
P.O. Box 296
Pierre, SD 57501
Or you can donate online…