ECGRA Invests More Than $1.3 Million in Erie County Lead Assets Endowment
Erie, Pa.— AUGUST 7, 2014 — Today,the Erie County Gaming Revenue Authority (ECGRA) invested $1,373,646 million to buttress Erie County Lead Assets. Lead Assets are key arts, culture-, and heritage-based nonprofits that impact the local economy by promoting tourism and attracting, retaining, and mobilizing creative talent and innovative businesses, and include: Erie Art Museum, Erie Arts & Culture, Erie County Historical Society, Erie Philharmonic, Erie Playhouse, Erie Zoological Society, expERIEnce Children’s Museum, Flagship Niagara League, and Mercyhurst Institute for Arts & Culture.
The gaming monies have been added to the Erie County Lead Assets endowment fund held in trust at The Erie Community Foundation. Combined with ECGRA’s previous investments, a local contribution, and market growth, the fund totals $10,013,322. ECGRA Executive Director Perry Wood said, “Lead Assets are vital to Erie County’s economic health. Through this growing endowment, these nine organizations will have access to gaming funds for years to come regardless of leadership or revenue changes.”
The Erie County Lead Assets endowment fund was created in 2012 with an original $5,434,033 contribution from ECGRA when members of the board of directors deemed it imperative to empower and secure the nine organizations in perpetuity. ECGRA invested an additional $1,168,005 million in December 2012 and $565,393 in September 2013. Combined with a local donor investment and healthy growth, the Erie County Lead Assets endowment fund is the second largest endowment fund held in trust at The Erie Community Foundation.
Erie Arts & Culture Coalition was named a Lead Asset in 2011. Executive Director Amanda Brown Sissem said, “The Erie County Gaming Revenue Authority has been a leader in recognizing the important role that arts and cultural assets play in helping to attract and keep residents, visitors, and businesses in the Erie region. The spirit of Lead Assets funding is to create steady revenue, both now and in perpetuity, for our organizations. The endowment is a critical tool in helping to ensure our long-term stability.”
Erie County residents and patrons of the Lead Assets can endow all nine arts, cultural, and heritage organizations with one gift through the Erie County Lead Assets endowment fund at The Erie Community Foundation. To donate or name the endowment fund in your will, call 814-454-0843 or visit www.ErieCommunityFoundation.org.
This investment in the endowment fund comes two weeks after ECGRA invested $323,406 in the Lead Assets in the form of grant funds. To date, the Lead Assets have received a total of $10,804,919 in endowment and grant funding.
