Rico meets with Paradox Community Trust
On Dec. 11, Paradox Community Trust held a meeting at the Rico Courthouse in Rico regarding growing and building local financial resources for a stronger community. An opportunity for our community or organization in Rico. The key to growing a stronger community, to creating better economic opportunities and to improving the quality of life for the community residents in our community's ability to access money. Money that our community can count on year in and year out and money our community can use to fund programs and projects in the community to make it better.
For the communities and organizations of the Paradox Region (Norwood, Naturita, Nucla, Redvale, Paradox, Egnar, Dove Creek and Rico) and on behalf of the Paradox Community Trust, the Telluride Foundation is making available a unique training opportunity to help our community identify local priorities and to raise and secure local money to afford them.
Don Macke, Director of the Center for Rural Entrepreneurship along with the staff from Telluride Foundation held an informative sessions. The Center for Rural Entrepreneurship helps create economic opportunities and build philanthropic strategies for local community building in rural communities throughout North America. Back in 1999 Boston College created a national conversation when they released their landmark study Millionaires in the Millennium. In this research Boston College estimated that the U.S. household inter-generational transfer of wealth over the coming 50 years at $41 trillion. For philanthropy and community building this represents a remarkable finding and opportunity. Last year the Center for Rural Entrepreneurship updated national transfer of wealth (TOW) for the United States. Despite the Great Recession the TOW opportunity remains remarkable projected at $75 trillion between 2010 and 2060.
For community philanthropy this is the single greatest opportunity to bring new dollars to the table in support of making our communities great. Just think of the potentials. If just 5 percent of this projected household inter-generational wealth transfer were donated back to hometown across America - $3.75 trillion in new community endowments could be grown. The good news is there are now communities that are achieving 5 percent giveback goals.
So what does this mean in possible grant making for community betterment? It is a deal changer. $3.75 trillion in new community endowments all across America could generate $188 billion every year of inflation-protected funding for new libraries, improvement to schools, youth attraction programs, economic development and other needs and opportunities in our communities. What this means for the Paradox Region and our county, the transfer of wealth projections for Dolores County in the Paradox Region of Colorado: 2010 Household Current Net Worth=$130.34 million. 2010-2020 Transfer of Wealth Opportunity=$28.48 million. Value of 5% Giveback Goal Realization=$1.42 million. 5% Annual Grant Making Capability=$71,200.