Innovia announces new fund in Silver Valley

WALLACE –– The Innovia Foundation hosted a social event last month at Albertini’s Gem Bar, where they unveiled plans for the new Silver Valley Forever Fund.  

Over the years, the Innovia Foundation has undergone several transformations since its founding in 1974, but the goal of serving communities in Eastern Washington and North Idaho has never changed.  

In North Idaho, it was the generosity and foresight of Wallace native Margaret Galbraith, who left behind a $12 million endowment after she passed away in 2005, that really brought Innovia into North Idaho’s six northern counties.  

Since that time, that money has been invested, grown, and then put back into the communities of Idaho, including the communities throughout Shoshone County.  

The Margaret F. Galbraith fund continues to endure and grow to this day, but now Innovia, through a collaboration with many Silver Valley residents, is looking to begin a new fund that specifically benefits the people of the Silver Valley.  

Aaron McMurray, a chief strategy officer with Innovia, explained how the organization works and how they hope to get the new fund established.   

The Silver Valley Forever Fund is just one of many funds that are managed under the Innovia umbrella. Innovia is a community foundation, specializing in grant-making and community charities with the goal of improving the lives of people within a specific geographic area.  

“Unlike other nonprofits, a community foundation, like Innovia’s, mission is to ignite generosity and help people who care about their community,” McMurray said. 

The Silver Valley Forever Fund is set up so that every dollar given to the fund is reinvested and subsequently comes back to the Silver Valley. How these funds are distributed throughout the community is determined by community members on a special advisory committee.  

“Because charitable endowments distribute earnings based on the total amount that’s in the fund, you want to get to an amount where the earnings that are being generated are making a real meaningful impact in the community,” McMurray said.   

Each fund has a foundational amount that must be reached to get it started – The Silver Valley Forever Fund has been set up as a matching fund, where the target goal has been set at $500,000. $125,000 has already been pledged through an anonymous donor, who would like to see another $125,000 matched by leaders throughout the Silver Valley community. 

Once that quarter of a million-dollar threshold has been met, a matching challenge will be issued to the community at large.  

“This matching includes a dollar-to-dollar match and a portion to encourage people to think about making end-of-life gifts in a will or estate plan,” McMurray explained.  

As the fund is established and grown, Innovia hopes that the founding group grows. This helps ensure that the fund’s direction stays balanced and community centered.  

“We’re looking for founders to be involved that are local community members to help shape the direction and build the funds,” McMurray said. “The Silver Valley Forever Fund is a vision for the future that will forever benefit the Silver Valley and there’s an opportunity now for people who want to be involved.”  

Through funds like Margaret Galbraith’s, Innovia has maintained an active presence in Shoshone County, helping fund projects for many of the county’s cities, the Wallace Swimming Pool, Lion’s Park in Osburn, the SMC Fitness Park in Smelterville, and several others.  

Kristi Rietze is Innovia’s Regional Engagement Manager for North Idaho and is excited about the opportunity to have a fund dedicated specifically to the Silver Valley, that represents the community and is controlled by the community. 

“We don’t want Innovia to be this weird entity out of Spokane that drops in and is generous,” Rietze said. “It’s people. These funds are built by people, including people from the Silver Valley.”   

For more information on the Innovia Foundation or the Silver Valley Forever Fund, contact Kristi Rietze at (208) 292-1635, or by email at krietze@innovia.org, or by visiting www.innovia.org.