December 2008 brought overwhelming good luck to several local residents – and to The Piqua Community Foundation. A group of Piqua city employees hit the jackpot – the $207 million jackpot of the Mega Millions Lottery.
Richard Donnelly, one of those lucky winners, came to the Piqua Community Foundation with the idea of using a portion of his winnings to help Piqua and those who live here – and the Foundation had several great options that allowed Donnelly to use his good fortune to help his community in a variety of ways. Donnelly took advantage of the Foundation’s flexibility to develop three different channels of gifts.
Donnelly’s donation to the Foundation has become “The Donnelly Funds”, comprised of three separate endowments. The Donnelly Designated Fund allowed him to designate several of his favorite local organizations which annually receive grant distributions. The Donnelly Advised Fund makes grants each year to different organizations or projects that are selected by an advisory committee, then ratified by the Foundation’s Board of Directors. Finally, the Donnelly Unrestricted Fund allows the Foundation’s Distribution Committee to make additional grants to community organizations as part of their scheduled grant distributions.
The three funds allow Mr. Donnelly differing levels of involvement. He had complete direction of designated fund recipients; he offers “advice” as a member of the committee of the advised fund; he gave the Foundation’s board and distribution committee full control of the unrestricted fund. Since all three are endowments, the funds will exist in perpetuity to continue the wishes of this one lucky Piqua supporter.