News and Tribune

May 15, 2013

Horseshoe hands out $725K in major grants

Floyd Memorial, IUS among recipients; aquatic center left out

By DANIEL SUDDEATH
daniel.suddeath@newsandtribune.com

NEW ALBANY —

Indiana University Southeast, Floyd Memorial Hospital and Health Services, New Albany Little League and the Scribner House will receive a funding boost this year. 

The Horseshoe Foundation of Floyd County Board of Directors agreed to award those organizations with grants this week. Floyd Memorial will garner $100,000 for its cafeteria renovation project; IU Southeast will receive $300,000 for a stage and shelter for its amphitheater; and the Scribner House restoration effort will receive a $75,000 cash injection from the Horseshoe Foundation. 

New Albany Little League will get $250,000 toward its baseball park project, which is set to be built off Charlestown Road near the Interstate 265 interchange. 

“We call them our major grants, and we have a whole list of organizations who are on that list who have asked to be considered because of the amount of funding that we have available,” said Jerry Finn, executive director of the Horseshoe Foundation of Floyd County. 

The major grants aren’t handed out annually. Due to an economic downturn, the Horseshoe Foundation focused on prior commitments, including small-business loans and scholarship allotments during some recent years, Finn said. 

“But they decided it was time to do something,” Finn said of the board awarding $725,000 in major grants this year. 

There were 13 major projects applications submitted totaling more than $4 million, and not each of the four selected for grants were awarded at the monetary level they requested, he continued. 

There are stipulations that must be met in order for the groups to receive the funds, and Finn said the Horseshoe Foundation will monitor the projects to ensure they are following the proper courses to earn the grants. 

The Horseshoe Foundation doesn’t release all of the money at once, as for example, the Scribner House will receive $50,000 this year and $25,000 in 2014. 

Board members rank the projects to determine which will receive grants. Proposals to aid New Albany financially for its aquatic center and multiuse recreational facility which are slated for construction this year didn’t receive funding from the Horseshoe Foundation. The organization did provide a grant in 2011 toward the construction of the New Albany Bicentennial Park. 

New Albany Mayor Jeff Gahan — who is a member of the board — said the Horseshoe Foundation has about $24 million at its disposal, and he hopes the organization will support more major projects in the future. 

“I made it a point to challenge the Horseshoe Foundation to up their game,” Gahan said. “I think they have the ability to be a regional force for New Albany and Floyd County, and I’m going to continue to encourage them to engage in major projects.” 

He added the organizations that received grants this year all presented worthy projects. 

“I’m happy for each one of the organizations that received funding,” Gahan said. “Obviously I would have liked to see our projects make the list, but there’s always next year.”