Anonymous donor pledges considerable amount to Sturgis Rally Endowment Fund
STURGIS, S.D. (KEVN) - The officials of Sturgis have exciting news to share! A local donor, who wishes to remain anonymous, has pledged to match cash, pledges, and deferred gifts up to $100,000 for the Sturgis Rally Endowment Fund. The same donor made this pledge during last year’s Rally because they love Sturgis and all the hard work the community puts into it.
In 2021, the city of Sturgis established the endowment fund with the Black Hills Community Foundation. The fund is built using a variety of sources such as rally event registration fees, trademark use (including the “Winged S” logo of the rally), and sales of officially licensed merchandise. According to Sturgis Mayor Mark Carstensen, these sources help to build the endowment fund.
Last year, the city received the entire $100,000 match through donations and proceeds. The endowment fund was established to become financially self-sufficient.
“The City Council wanted to ensure that there would be a lasting legacy for future generations of the rally,” the mayor said. “Who knows in 20 years what the profitability of the rally will be like.”
At present, the city donates the earnings from selling open-container cups and other rally-related sources to the Sturgis Rally Charities Foundation. This foundation then grants the funds to different charitable organizations in the local area. In case there is a significant decline in these funds in the future, the city can utilize the Rally Endowment’s earnings to keep offering financial support to local non-profit organizations.
You can donate to the fund by sending a check to the City of Sturgis Finance Office, 1040 Harley-Davidson Way, Sturgis, SD 57785.
Copyright 2023 KOTA. All rights reserved.
