The Community Foundation of Huntsville/Madison County and Torch Technologies today announced the creation of a new endowed fund which will provide a perpetual source of grants for improving quality of life in Huntsville and Madison County.
The new fund, called the Community Catalyst Fund, is an endowment to be funded by unrestricted gifts which will empower the Community Foundation to make annual grants for the betterment of the community.
The ALATEC Corporate Care Fund, administered by the Community Foundation of Huntsville/Madison County, is a special charitable fund which allows employees of ALATEC to apply for grants during periods of extreme financial hardship brought on by natural disaster, death, serious or life-threatening illness or injury, or other crisis. This new fund allows tax-deductible donations to be made by the Company or its employees to create funds available to ALATEC employees who suffer an unexpected tragedy.
“The ALATEC Corporate Care Fund allows our Company and team members to help take care of our own when they need help the most” said Donna Faulkner, Executive Vice President of ALATEC. “By making use of this specialized fund administered by the Community Foundation, we are able to make tax-deductible contributions to a fund to help our employees, and they can receive much-needed financial assistance without incurring a tax liability on the assistance received.”