Rock Rapids, Iowa — The Lyon County Riverboat Foundation — the nonprofit license-holder for Grand Falls Casino near Larchwood — has decided not to give any new grants in the spring of 2018.
Riverboat Foundation president Jerry Keizer of Doon tells us why this decision was made.
He says this will give the new board members a chance to come up to speed and it will mean they will be able to give away grants based on the amount they know they have to give away rather than what they think they might have. He says they’re talking about paying down some of the multi-cycle grants — projects to which they have committed a large sum of money given over the years rather than a lump sum.
He says that idea is still in the discussion stage, however. Keizer says that the elimination of the 2018 spring grant process in no way reflects the health of the casino or foundation.
State law mandates a certain percentage of the casino’s gaming take has to go back to the community. The agreement between the casino and the Riverboat Foundation stipulates that for the first $20 million the casino collects in gambling winnings in a year, they will give the foundation 4.5 percent. When they get up to $20 million, the percentage goes up to 4.75 percent; and when they get up to $30 million, it goes to 5 percent.
The Lyon County Riverboat foundation is set up to give half of the money in grants to county government subdivisions and schools, and the other half to non-profit projects.
Keizer says the next grants given will be the mini-grants, which have been given away in past years in July. These are grants of up to $2000, given to non-profit projects in Lyon County and beyond.
