he goals:

Set up endowment fund for County
Raise €1 million for projects
Grants starting November
Help meet County Monaghan needs
Develop legacy for county


The needs:

No third level educational institution
Low level of entrepreneurial base
Weak Tourism base
Shortage of housing, especially social housing

The benefits:

Cost effective, professional service
Permanent funds managed and pooled
Tax efficient vehicle
Flexibility to donate to charitable causes which are not registered charities
Charitable, flexible,national Institution

The County Monaghan Fund Launched

At a launch event in City Hall on the 6th April 2004, donors from Monaghan gathered to celebrate the launch of a fund for the County of Monaghan.

The Fund which aims to be built is the first endowment fund to be set up for an individual county in the Republic and will be the pilot for similar schemes nationwide. The chairman of the Community Foundation, Mr Chris Horn of Iona Technologies, warmly congratulated the Co Monaghan committee on their efforts to date. "They have shown the way ahead", he stated, "and other counties will soon follow".

The purpose of the fund is twofold. The first is to allow the people of Co Monaghan to commence building an endowment fund for the future. The interest generated annually by this fund will be available to spend on community and charitable projects throughout the county - forever!

The second aim is to build a fund for immediate spending in a number of key areas, including entrepreneurial education among 2nd level students, provision of accommodation for returning emigrants and regeneration projects throughout the County of Monaghan.

The Community Foundation issued a challenge to match the first €100,000 raised locally for endowment with €100,000 of its own. A Co Monaghan committee rose to this challenge and under the chairmanship of Mr Frank Cosgrove, and vice chair Mr Cathal McCarthy, this sum has been met and further fundraising is currently under way.

More information about the Co Monaghan fund will follow later in the year. Meanwhile, the Community Foundation will be making some of their funds available to projects in Co Monaghan in the Autumn when it is anticipated a local launch of the Co Monaghan Fund will be held.


€5,000 sets Enterprise Project in motion.

"This might provide 6 new Sean Quinn’s who will generate the wealth and employment in Co Monaghan for the next generation", Mr Frank Cosgrove stated, during his address to the first AGM of the Co Monaghan Fund. He was speaking about the Funds effort to promote enterprise education amongst second level students in Co Monaghan. The development of this project has been ongoing between the Co Monaghan Fund, Monaghan Education Centre and the County Enterprise Boards of Monaghan and Wexford.
The monies allocated to this project are to assist in the purchase of copyright materials and training for an administrator to oversee its implementation. Frank felt that the progress made to date in advancing this project was very significant for the continued promotion of an enterprise culture in Co Monaghan.

With regard to the Co Monaghan Fund itself he said that, "Raising money is always a big issue and it was proving to be a slower process than anticipated." However there was a lot to be pleased with over the course of the past year.

From its initial start date in early 2004 the Fund has raised in the region of €250,000 between donations to its Active and Endowment Funds. The Endowment Fund will make an annual return of approximately €10,000 in 2005 and will continue to generate such an income every year from now on - forever! The greater the amount placed in the Endowment the greater the annual return will be. The committee can invest these monies in Community and Charitable projects throughout Co Monaghan.

With the assistance of the Community Foundation for Ireland, the Co Monaghan Funds parent body, €19,910 had been paid out in small grants in 2005. A letter of thanks from one group, the Croi Club, which helps people with a physical or sensory disability in the Monaghan area, showed the potential impact the Co Monaghan Fund could have. This group used their small grant of €1,000 towards the overall cost of a feasibility study. This study in turn allowed them to get their project mainstreamed by the Health Service Executive at a value of over €100,000.

Frank thanked Mr Des Sheridan, the Fund development worker and Ms Tina Roche of the Community Foundation for Ireland for their hard work throughout the year. He also thanked the Board and staff of Co Monaghan Community Network, who initiated the Co Monaghan Fund, for the support and commitment they have given to this project.

Following the chairpersons address the election of officers took place and the following committee was returned:

Chair Frank Cosgrove
Vice Chair Cathal McCarthy
Secretary Francis McCarron
Asst Secretary Robert Wilson
Treasurer Michael Treanor
Asst Treasurer Julie Gilhooley
PRO Des Sheridan