Media Contacts:
Charlie Rohlfing
Venture Out Business Center Foundation
(812) 701-9066
Bill Barnes
Community Foundation of Madison & Jefferson County
(812) 265-3327
VENTURE OUT BUSINESS CENTER FOUNDATION ANNOUNCES ORGANIZATION DISSOLUTION
Net Proceeds from Sale of Real Estate to Establish Economic Development Focused Endowment at the Community Foundation
MADISON, IN – The Board of Directors of the Venture Out Business Center Foundation has decided to dissolve the organization. The organization’s mission has been to serve as an incubator for small business, which has included operating and managing the Venture Out Business Center (VOBC) property for over 28 years.
“Over the years, the demand for commercial real estate has replaced a need for the VOBC facility,” said VOBC Foundation Vice-President Andy Lytle. “This change no longer allows us to effectively carry out our mission as an incubator, which has led to our Board of Directors’ decision to dissolve.” With the dissolution of the organization, the VOBC property has been sold, and the net proceeds of the sale will establish an Economic Development focused endowment at the Community Foundation of Madison & Jefferson County (CFMJC).
“The Community Foundation is honored to continue the legacy of the VOBC Foundation in supporting Economic Development in Jefferson County through this new endowment,” said CFMJC President & CEO Bill Barnes. “Though the physical business incubator will close, the annual grants generated from this fund will continue to support businesses in our community for many generations to come.”
Established in 1988, the Venture Out Business Center Foundation’s mission has been to promote and enhance the local economy by offering assistance to new businesses. For information on the VOBC Foundation, contact Charlie Rohlfing at (812) 701-9066, email [email protected], or visit www.vobcinc.com.
Established in 1991, the Community Foundation of Madison & Jefferson County, Inc. fulfills the mission of building a strong, vibrant community by helping donors provide perpetual funding for the people, projects, and passions of Jefferson County. Since the Foundation’s creation, over 265 permanent funds have been established. For information about the Community Foundation, contact Bill Barnes at (812) 265-3327, email [email protected], or visit www.cfmjc.org.
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