A YEAR OF MILESTONES FOR TOWN BRANCH PARK
This year, Town Branch Park took an important step that demonstrates the successful incubation of the project.
With the award of its 501(c)(3) status from the IRS, Town Branch Park transitioned from a fund here at Blue Grass Community Foundation to an independent park conservancy and moved its office to Main Street!
For Blue Grass Community Foundation, being the fiscal steward for community projects like Town Branch Park supports our mission to serve the greater good through charitable giving. We are currently incubating 15 community projects or groups through our fiscal sponsorship services.
The fiscally sponsored projects are housed under the charitable umbrella of BGCF while the groups work to accomplish their charitable project (for example, Friends of Kentucky Theatre), or obtain independent 501(c)(3) charitable status, like Town Branch Park.
“The Community Foundation’s involvement lends credibility, name recognition, and confidence, particularly with our stewardship of charitable dollars,” said Lisa Adkins, president/CEO of Blue Grass Community Foundation.
With the help of just over 30 leadership-level donors to date, Town Branch Park has raised nearly $12 million of the $31 million private fundraising goal to create the nine-acre signature downtown park.
Town Branch Park will reconnect Lexington to its geological, geographical, and cultural past. The park will turn the Manchester Street parking lot, adjacent to the renovated Rupp Area and Lexington Convention Center, into a dynamic, fun, and uncommonly beautiful green space, reflecting the culture and spirit of Lexington.
As a park conservancy, Town Branch Park will be run as a private, non-profit, non-political organization that supports capital development and advocacy for parks. The conservancy will operate and maintain the park to the highest standards. While a first for Lexington, park conservancies currently operate in more than 50% of major U.S. cities to ensure parks are safe, active and well-maintained.
“Town Branch Park is a terrific example of the Foundation’s fiscal sponsorship program,” said Adkins. “It’s particularly gratifying to see a new concept for Lexington grow into a dynamic, nonprofit organization that is on the leading edge of greenspace development.”