What is Maine Worth?
Building capacity so we can ALL leave a rural community legacy!
We all know that…
- most rural communities and their residents are chronically strapped for cash;
- rural places need to invest in their strategic assets to secure a prosperous future;
- rural communities have a high proportion of very devoted residents, many of whose families have lived there for generations; and
- the best funds for any project are local and without strings attached.
Many people believe philanthropy is just for the rich — we disagree! Maine Rural Partners is adapting the “Nebraska Model” of democratic, widespread community endowment building to rural Maine, beginning with two pilot projects in 2009.
The Town of Strong and Unity Barn Raisers are working with MRP’s assistance to develop strategic community endowment funds. These funds will be earmarked for strategic purposes and receive voluntary donations of cash or securities that are securely invested. As the fund grows over time, interest earned provides a permanent source of community investment capital with zero reliance on the property tax.
A great opportunity to direct a lifetime of accumulated wealth occurs when each of us passes away. Rural areas are older compared to the population at large — we have a short window of time to make prudent plans for directing the wealth that will transfer to the next generation. See the Nebraska estimate (pdf). Will any stay in the local community? Residents in both pilots will be offered assistance with financial and estate planning techniques to achieve their personal, family and community goals.
The methodology will be documented. A tool box will be created to document the method and experiences so that other rural communities can adopt this approach if desired.
Local voluntary giving stimulates Maine’s economy and relieves burdens that might otherwise fall to government. We will explore how State policy might facilitate voluntary giving (this would link to our check off and/or tax credit proposals).
Get Involved
If you want to get involved in this project, e-mail Mary Ann.