STURGIS, S.D. – The C.E.O. of the Black Hills Area Community Foundation spoke with members of the Sturgis City Council last week to give an update on the recently developed Sturgis Rally Endowment Fund.
The fund, established in 2021, shows a balance of $283,639.
The city of Sturgis set up the fund as a way to grow money from the Sturgis Motorcycle Rally into a fund that would be available for local nonprofits to use in the form of grants.
Chris Huber says it’s a perpetual tool or use into the future.
Sturgis Mayor Mark Carstensen says the fund was established to provide money to area nonprofit organizations and the allocations do not have to come from the city’s general fund.
Hurd also explained the city’s Lakeside Endowment fund, which contains donated money meant to help build an aquatic adventure park in Sturgis.
He says that fund contains a total of nearly $115,000, but has to be used for the specific purpose that it was set up for.
As a fiscal sponsorship fund, Huber says the Lakeside Endowment Fund is completely different in that it was set up for organizations that don’t have a 501c3 status and are doing a short term project.
