HUNTSVILLE, Ala. (WHNT) - A Huntsville company has donated $150,000 to help establish a new community fund. Torch Technologies made the announcement during a check presentation Thursday to the Community Foundation of Huntsville/Madison County.
Stuart Obermann, president of the Community Foundation, says the money will enable the creation of the Community Catalyst Fund, a perpetual endowment. Since being established in 2009, the foundation has distributed $3.4 million to deserving programs in the Madison County area. However, foundation leaders wanted a way to fund annual grants, while still growing money for future funding needs.
The Community Catalyst Fund is intended to do just that. The foundation will spend the next twelve months raising more capital for the fund and identifying where the money would most improve the quality of life for area residents. Obermann says that could include, "anything from environmental concerns, early childhood education, dealing with problems of homelessness, hunger, health and human services, all the way to economic development."
As for Torch Technologies, CEO Bill Roark says philanthropy is extremely important to the employee-owned business, which supports a number of area programs. Roar called this most recent donation, "an opportunity to give a gift that will set up a foundation that will give for eternity."