News Column

BRIEF: Erie gaming authority invests nearly $1.4 million in endowment

August 7, 2014

By John Guerriero, Erie Times-News, Pa.

Aug. 07--The Erie County Gaming Revenue Authority this morning put nearly $1.4 million into an endowment for nine community organizations, raising the fund held in trust at the Erie Community Foundation to $10 million.

ECGRA's previous investments in the endowment, growth in the market and a donor's contribution all have led to a fund total of $10 million for what the agency calls nine lead assets.

Those lead assets are: Erie Zoo, Erie Art Museum, Erie Playhouse, Erie Philharmonic, Erie Arts & Culture, Mercyhurst Institute for Arts & Culture, Erie County Historical Society, Flagship Niagara League and Experience Children's Museum.

The total contributed to the fund today was $1,373,646.

The authority on July 24 awarded the nonprofits a collective $323,406 in funding for a six-month period. They will get another check in December.

The money for the lead assets now comes from an ECGRA account, but future annual distributions are expected to be drawn from interest earnings on the endowment.

The authority administers grants for various organizations and programs from part of the estimated $12 million in annual gambling revenue that Erie County government gets from Presque Isle Downs & Casino.


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Source: Erie Times-News (PA)

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