RADF To Add Service Program
November 25, 2009
Moratorium Lifted - $5 Million Available for a Limited Time
Edmonton – Rural Alberta's Development Fund (RADF) is making significant organizational changes so it can do more to help rural communities build the capacity and leaders they need to thrive.
The company announced today at its 2009 Project Showcase event in Edmonton that it will use its remaining $30 million dollars to leverage new investment from public and private sources and to finance RADF's operations in the future. The goal is to invest $30M over the next five years in community capacity building projects and secure a total of $100M from public and private sources by 2020.
A service arm will be created to complement its existing funding program. RADF's Board of Directors will get smaller but RADF's membership will increase.
The moratorium on the funding program, which has invested $68.7M in 60 rural projects to date, has been lifted but a final application deadline of January 15, 2010 has been set. Five million dollars remains available for distribution. RADF's agreements with the projects financed to date remain unaffected by these changes.
"These moves are positive, responsible and necessary, particularly if we are to give rural Albertans in smaller communities more hands-on support in areas where the need is greatest. It will make us sustainable long-term and removes the need to seek on-going contributions from government," pointed out Bob Clark, RADF Chair.
While specifics are still being ironed out, RADF's service delivery will focus on attracting and developing programs that can accelerate capacity building in Alberta. More details are available at www.ruralalbertasfund.com
Rural Alberta's Development Fund is a not-for-profit company that inspires innovation, collaboration and growth across rural Alberta. It is funded by the Government of Alberta and is a key implementation initiative of Alberta's Rural Development Strategy.
Summary of Organizational Changes
November 25, 2009
RADF is transitioning from a funding organization to a company that will get more directly involved in helping smaller rural communities build capacity and leaders. After the transition is complete (target is April 1, 2010), RADF will run two separate but complementary programs.
- This is the traditional program RADF has offered. Intake of Expressions of Interest will end permanently on January 15, 2010. Project proposals (those that pass the Expression of Interest stage) must be submitted by February 28, 2010. Eligibility criteria remain the same.
- Five million dollars will be available during this last intake phase. It is business as usual for the 60 projects financed to date plus any approved in the next few months. All agreements will be honoured.
- An evaluation of all funded projects and a public report on outcomes will be done. Good fiscal management of dedicated funds (currently $68.7M) and any necessary operational supports will be provided until the funded projects are completed.
- This is a new program that will provide capacity building support to rural Alberta, particularly smaller communities. The goal is to arm communities and their current and future leaders with the tools and knowledge they need to succeed. Service offerings will centre on program design and delivery, coaching and facilitation, funding access, leading practices and rural advancement.
- Strategic funding of $30 million to support community capacity and leader development will complement service delivery. This funding will be distributed by 2015. Details regarding distribution and eligibility are being worked out.
- RADF will work in partnership with businesses, non-profit and government organizations involved in rural development to avoid duplication and maximize collaborative opportunities. The program will be able to accept contributions from sources other than the Alberta government.
- More information will be released once program details are finalized.
- The company's vision and mission to help rural Alberta to grow and prosper has not changed.
- RADF will have approximately $30 million remaining in its account once its funding commitments are fulfilled. This money will be used to leverage new investment from public and private sources and finance RADF's operations in the future. The goal is to raise $100 million by 2020 for the benefit of rural Alberta.
- RADF's Board of Directors will shrink to nine from 12 but membership will grow. New members will be selected from amongst a cross-section of Albertans with a track record of interest and involvement in rural development. They will elect the Board of Directors.