New Civic Foundation Being Formed In Waterloo

Some local business leaders are forming a new charitable foundation to support projects and other endeavors exclusively in the city of Waterloo.

The Waterloo Community Foundation (WCF) filed articles of incorporation in February to become an Iowa non-profit organization. The philanthropy group's tax exemption application was acknowledged earlier this month, and the organization hopes to be fully operational by July 1, 2015.

The goal of WCF is to improve lives across the community and support endeavors of all types. The group plans to focus on funding Waterloo-based projects and initiatives. The foundation seeks to improve the community’s intellectual, cultural and historical well-being; educational endeavors; natural spaces and recreational opportunities.

“We want people in Waterloo to be able to support projects and initiatives for those who value the city’s growth, success and quality of life, like we do,” said Rick Young, a philanthropist and retired businessman who will serve on the board of directors

Young is joined on the initial board by Tim Hurley, former mayor and retired John Deere engineer; Mike Young, attorney at Dutton, Braun, Staack & Hellman; Dan Watters, division head at U.S. Bank and Joe Vich, retired banker. The five men founded the group and plan to add others to the board soon.

“This foundation is being built on the legacy of the Waterloo Civic Foundation that began in 1956,” said Hurley. “We remember our past and are sharply focused on the future here in Waterloo.”

The Waterloo Civic Foundation is now known as the Community Foundation of Northeast Iowa (CFNEIA), which today serves a 19-county region. CFNEIA is in the process of moving from its long-time leased office in downtown Waterloo to a new location in Cedar Falls. A ground-breaking ceremony on the new $2 million building is scheduled for Thursday.

The Waterloo Community Foundation will focus on funding projects and initiatives within the city. Funding will come from a variety of donors including wills and estates, and the foundation will manage all financial assets through local banking institutions.

“Our emphasis is to keep everything circulating amongst the people of Waterloo,” said Rick Young.

“We live here, work here and want to invest our time and resources here,” added Hurley. “And we know lots of people feel the same way.”

The new group has also met with leaders from the Cedar Falls Community Foundation (CFCF), which has a structure and mission the Waterloo foundation hopes to emulate.

“We’ve had great conversations with them (CFCF),” said Vich. “They have more than 35 years of success under their belts, and we hope to become that type of resource and cornerstone for the Waterloo community. We have already identified ways we can collaborate to be more successful.”

The Waterloo Community Found board is working to secure an office downtown and plans to start with part-time staffers until the workload demands more. During the process of getting the foundation up and running, the board requests that questions be directed to wloocommunityfoundation@gmail.com.

More details about the foundation will be announced as they become available.