HLACF

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Hackensack & Backus Endowment Fund

The Hackensack Lakes Area Community Foundation is a Partner Fund of the Initiative Foundation and is led by an advisory board of local volunteers. The mission of the Foundation is to improve the quality of life in the Hackensack Lakes Area Community by providing financial and human connections to support a healthy place to live, learn, work and play. The Foundation serves the Hackensack/Backus Lakes Area, defined as the geographic region covering the 127 lakes within a ten-mile radius of the Hackensack city limits. Hackensack’s partnership with the Initiative Foundation combines local knowledge and leadership with professional expertise and guidance to identify community need, build relationships with donors, and manage the foundation’s investments in the future of the Hackensack Lakes Area.

In late 2018, the Hackensack Game Changers secured a $10,000 matching grant from the Initiative Foundation for an endowment to start Hackensack Lakes Area Community Foundation (HLACF). Tax-deductible donations made to the endowment fund between now and the end of 2019 will be matched dollar-for-dollar, up to $10,000. An endowment fund is a charitable investment account in which the contributions are invested as principal to generate interest income, and only the interest income is spent. This provides a flexible, dependable funding stream to support our Lakes Area. As the endowment fund grows, it generates more and more interest income, which will be distributed in the form of grants for local projects to improve our quality of life. The specific grants the HLACF will award will depend on the applicant pool and the available resources in any given year. Grants will be available to support and supplement the tremendous work of new and existing area clubs, groups, and other agencies.