By ANDREW DAVIS
The Chicago Community Trust will formally announce the establishment of The Lesbian, Gay, Bisexual, Transgender Community Fund Wed., May 26, at the Joffrey Ballet, 10 E. Randolph. The new fund has been created with grants of $500,000 from the Trust and a $200,000 challenge and operating grant from The Elizabeth Morse Charitable Trust.
Windy City Times talked with Dr. Patrick Sheahan, head of community & corporate social responsibility, and public relations manager Eva Penar about the fund.
Windy City Times: Could you talk about the gestation of the fundwho thought of it, etc.?
Patrick Sheahan: The idea came to fore when we were creating the Center on Halsted. The trust was very generous in making a quarter-of-a-million-dollar capital gift to the creation of the center. As a result, we began talking about endowments and planning for the future. I think it was [ Trust Executive Director ] Terry Mazany and [ The Elizabeth Morse Charitable Trust co-trustee ] James L. Alexander who had the light bulbs go off; they said that there are other identity-based funds so we should have an LGBT fund. That was in 2006-07.
Since then, we've worked to bring the fund to where it is now. Now we're at the point where we can go public.
WCT: And with this being an endowed fund, that means the gift would not come from the original $500,000, correct?
Patrick Sheahan: Right. So our goal is to get to $1 million, and it then becomes an endowed fund. So we have to raise about $300,000. Once it is endowed, we won't stop there. The goal is to raise as much as possible. Once it reaches a million dollars, we begin to grant money back into the community.
WCT: So the [ May 26 ] announcement not only is about the establishment of this fund but also an announcement regarding the need for donations?
Patrick Sheahan: That's correctand that this is ongoing. The other funds range from a million and a half to three million and a half dollars. But the exciting thing is that this is the first fund of its kind in a major city, which is exciting. And it also provides that if someone wants to make a bequest in [ his or her ] will, that person can do that generally and the steering committee can decide where to grant the moneyor the donor can state where he or she wants the money to go.
WCT: The press release says that the fund "will address a broad range of needs through strategic philanthropy." What exactly is "strategic philanthropy?"
Eva Penar: What that means is that, with the expertise we have at the trust, the steering committee will work with the trust to look at the needs of the community. They will look at data to make sure the money is maximized to its fullest potential. The steering committee is going to come together and decide what the criteria will be for giving.
Patrick Sheahan: There will be a steering committee of 12 individuals who haven't been put together yet. It will definitely be nonprofits and definitely be programs that are LGBT.
WCT: And will the grants be awarded annually?
Patrick Sheahan: Yes, I suspect they will although, again, I don't want to speak for the steering committee.
WCT: Is there anything either of you wanted to add?
Patrick Sheahan: It's very exciting in the sense that it provides full recognition of the LGBT community in the city. It also shows how far this community has come in a short amount of time.
For more information, see www.cct.org .