Funds
The HHF’s mission identified the need for financial resources to be raised, administered, distributed and accounted for to meet HHF’s strategic priorities and the specific interests of our friends and donors. The HHF has established the following funds to meet those needs and to provide our friends with options that coincide with their interests and values.
Discretionary – Spendable and Endowment Funds
The HHF’s ability to be a resource and champion of Scandinavian related causes, like Norsk Høstfest and the Scandinavian Heritage Association, is directly tied to its flexibility in the use of its assets. Discretionary funding makes the HHF a nimble and responsive organization. Supported through our annual fund (the Oarsmen) or generous undesignated gifts the following funds make a difference for the HHF needs of today and the unforeseen needs of tomorrow.
Grant funding for cultural, educational or historical programs at Høstfest, offered through the Scandinavian Heritage Association or other HHF mission related Scandinavian programs
HHF program initiatives supporting Høstfest, the Scandinavian Heritage Park, or other HHF mission related Scandinavian programs
Building and ground improvements or new static displays at the Scandinavian Heritage Park
HHF administrative expenses
Restricted
The HHF has established a number of funds that are restricted in purpose or to specific programs, projects and activities within HHF’s mission. These funds maybe spendable (where all assets can be used) or endowed (where generally only the earnings from the fund can be used) for the stated purpose.
HHF Vision for the Future Spendable Fund and HHF Vision for the Future Endowment Fund
These funds to provide income and revenue to support:
The on-going visioning, business and strategic planning efforts necessary for HHF, Norsk Høstfest Association, and Scandinavian Heritage Association to realize their respective missions
The evaluation, planning and implementation of new programs, projects, activities, partnerships and initiatives which help to introduce future generations, including students at the elementary, secondary and post-secondary levels, with their Scandinavian heritage or contemporary Scandinavian life
Cooperative educational opportunities, including student scholarships, with Scandinavian universities with preference to exchanges coordinated through Minot State University
Collaborative activities with other Scandinavian heritage programs, museums, festivals, etc. throughout the US and Canada that support participation with Norsk Høstfest and the Scandinavian Heritage Association
The evaluation, planning and implementation of new programs, projects, activities, and initiatives supporting educational, business or economic development programs with a Scandinavian theme or basis
Norsk Høstfest Funds
The Høstfest-Heritage Foundation has always been associated with and maintains the future success of Norsk Høstfest as a priority. The Foundation’s first restricted fund was Norsk Høstfest Guardian Fund which maintained a financial reserve for Norsk Høstfest in the event a devastating “snowstorm” put the festival in financial jeopardy. The following funds are restricted to the benefit of Norsk Høstfest and shall be used only for that purpose as determined by the Foundation Board and upon recommendation by Norsk Høstfest Board.
Norsk Høstfest General Spendable Fund
Allows for donations to be used at any time and for any purpose of Norsk Høstfest
Norsk Høstfest Spendable (Guardian Funds)
Provides a financial safety net for the operation of Norsk Høstfest in the event of an unforeseen natural disaster or interruption of the revenue needed to conduct the festival.
Norsk Høstfest General Endowment (Chester and Joy Reiten Høstfest Endowment Fund)
The fund establishes a permanent financial base (generally only earnings can be used) to provide income and revenue to support Norsk Høstfest. It is named in honor and recognition of Chester and Joy Reiten’s vision for Norsk Høstfest as a time of community celebration and fellowship.
Norsk Høstfest Endowment for Nordic Entertainment
This fund establishes a permanent financial base (generally only earnings can be used) to provide income and revenue to annually support Nordic entertainment at Norsk Høstfest.
Scandinavian Heritage Association Funds
The Høstfest-Heritage Foundation is deeply committed to the development, maintenance and success of the Scandinavian Heritage Association. The Association’s Scandinavian Heritage Park in Minot represents the can do attitude and “ya you betcha” spirit of our Scandinavian heritage. The general work of the Association and the future of the park are Foundation priorities supported by three restricted funds.
Scandinavian Heritage Association General Spendable Fund and the Scandinavian Heritage Association General Endowment Fund provide income and revenue to annually support the programs, projects and activities of the Scandinavian Heritage Association as determined by the Foundation Board and upon recommendation by the Scandinavian Heritage Association Board.
SHA Park Endowment (John and Olive Sinn Maintenance and Grounds Endowment Fund)
The fund establishes a permanent financial base (generally only earnings can be used) to provide income and revenue to support general Scandinavian Park maintenance and grounds keeping. It is named in honor of John and Olive Sinn whose dedication and work in building and maintaining the Park will serve generations of visitors.
