SPIRIT OF EDEN FUND
NEWS RELEASE - EDEN ECHO
December 4, 2008
Since the fall of 2002, the Spirit of Eden Fund has given $972,051 to local public and private corporations described in Section 501(c) 3 of the Internal Revenue Code, governmental entities and special purpose districts supported by property taxes. The City of Eden has received 64% of the moneys. The Concho County Hospital District has received 12%, and the Eden Consolidated Independent School District has received 8%. The Eden Community Child Care Center, Concho County Health Foundation, and Concho County have received 4% each. The Eden Public Library has received 2%. The Eden Heritage Preservation Association and Lake Ivie Volunteer Fire Department have received 1% each.
In 2008, the Spirit of Eden Fund distributed $130,418. The City of Eden received $100,665 of which $33,755 went toward economic development activities. Clean up Eden and removal of dilapidated structures received $25,000, and the repair of the multi-purpose center received $15,000. The remainder went for parks and recreation, Police Department, and golf course. To generate $100,665 would require an increase in the City’s property tax rate of $0.22 per $100 evaluation.
In 2008, Concho County Hospital District received $12,000 to update its telephone-wiring network. Concho County Nutrition Program received $5,004 for meals at the Eden site, and the Concho County Sheriff’s Office received $3,000 toward the construction of a firing range for area law enforcement agencies. The Eden Public Library received $6,000 to remodel its facilities; the Eden Heritage Preservation Association received $2,749 for display cases; and the Eden Community Child Care Center received $1,000 for their Parent Involvement Project. In 2007, the Spirit of Eden Fund gave $183,117 to 8 county and city agencies and organizations. In 1985, the City of Eden entered into an Intergovernmental Agreement (IGA) with the U.S. Bureau of Prisons to house federal inmates. To meet the IGA requirements, the City entered into agreements with Roy Burns who built, managed, and owned the detention center. In 1995, Mr. Burns sold the detention center to the Eden Correctional Facilities Corporation (ECFC), a non-profit corporation chartered by the Texas Secretary of State for the purpose of issuing bonds to purchase the facilities, which resulted in a significant indebtedness for ECFC. To continue meeting the IGA requirements, the City leased the facilities from ECFC. Lease payments were used to make ECFC’s bond payments. The City hired the Corrections Corporation of America (CCA) to manage the center.
In 1999, CCA approached ECFC with an offer to purchase the detention center. After some negotiations, a purchase price was agreed to, and ECFC sold the facilities. The price was more than that required to pay the indebtedness, resulting in a profit for ECFC.
To utilize the profits for the long-term benefits of the community, ECFC established a second non-profit corporation chartered by the Texas Secretary of State with Articles of Incorporation and Bylaws allowing it to grant moneys to other public and private corporations and organizations described in Section 501(c) 3 of the Internal Revenue Code. In 2001, the second corporation, the Spirit of Eden Fund, became a reality. ECFC conveyed to Spirit of Eden Fund the assets from the sale of the facilities. A charitable Foundation was created, and ECFC was dissolved.
A 5-member board of directors manages the Spirit of Eden Fund without pay. The trust department of an out of town bank manages the funds. The objective of the directors is to improve the quality of life in Eden and the surrounding area by maintaining and conservatively growing the assets for perpetuity.
To meet Federal requirements, the Spirit of Eden Fund must give an average of $155,000 each year to eligible donees. Ninety six percent (96%) of the corporation’s annual, local expenditures go to grants. Four percent (4%) is used for Federal taxes, accountant fees, insurance, and office supplies. The bank charges an annual management fee of approximately 0.5% of the value of the assets.The Spirit of Eden Fund is soliciting Letters of Intent from organizations seeking financial assistance from the foundation’s 2009 Grant Program. Applicants may be public or private corporations described in Section 501(c) 3 of the Internal Revenue Code; governmental entities; or special purpose districts that are tax supported. The financial assistance should improve the quality of life in Eden and the surrounding area.
The Letter of Intent is the initial step in applying for a grant. The information required in the letter is found in the Grant Application Procedures of the Spirit of Eden Fund. Please obtain a copy of these procedures by calling Tommy Kelso at 869-3131 or Wendell Moody at 869-8803 or writing the Spirit of Eden Fund, P.O. Box 125, Eden, TX 76837.
Letters of Intent should be mailed to the Spirit of Eden Fund, P.O Box 125, Eden, Texas 76837, by January 15, 2009.
Spirit of Eden Fund