The Reuter Foundation
THE REUTER FOUNDATION is a family foundation founded in 1988 as a provider of human services and to assist other organizations that provide human services to the disadvantaged. It was originally incorporated in Delaware as THE REUTER FAMILY FOUNDATION. Delaware was chosen because it was the fastest and least expensive state in which to incorporate a nonprofit organization at the time. As the Foundation grew, it became more difficult to remain a Delaware corporation. In 1992 the name was simplified to THE REUTER FOUNDATION and incorporated in the state of Ohio.
The Foundation is a nonprofit charitable corporation qualified under the Internal Revenue Service guidelines for 501 (C) (3) charitable organizations.
Since its inception, the Foundation has concentrated its grant awards on emergency assistance to individuals, services and rehabilitation for individuals with chemical dependencies, abused women, low-cost housing, and innovative medical research.
FIRST CREDIT FUND
In 1995 the Foundation founded THE FIRST CREDIT FUND. This organization provided zero interest loans to individuals who did not qualify for regular bank loans. Loans of up to $1,200 were made with three year paybacks. The program was administered by volunteers from Catholic Charities, Key Bank and Bank One. The program was designed to help those coming out of prison, out of transitional housing programs, and the working poor. The program was discontinued in 1998 because of the availability of very low cost loans from other service providers.
In 1996 the Foundation formed WOMEN’S HOUSING CORP. and purchased a 16 unit apartment building to provide a safe, affordable residence for women coming out of two year chemical dependency programs. The Foundation partners with various transitional housing groups that provide referrals to its apartments.
Grants from the Foundation are normally between $2,000 and $35,000 and are made only to nonprofit tax-exempt organizations, or to government agencies. Currently the Foundation assets are about $8 million, and it gives out about $400,000 to needy causes each year. There are always more requests for grants than money available.
The Foundation officers are children of the founder. Trustees consist of both family members and outside volunteers.