Schools Have Now Received Over $1 Million Each From Foundation

Larchwood, Iowa — The three public schools in Lyon County have now received over a million dollars each from the Lyon County Riverboat Foundation, since the Grand Falls Casino opened in 2011.

The foundation is the non-profit license holder for the casino. State law mandates a certain percentage of the casino’s gaming take has to go back to the community.

The foundation has announced the fourth quarter 2016 Non-Competitive Grant awards, and they total nearly $241,000.

The foundation’s Non-Competitive Grant program distributes half of the foundation’s total revenue directly to the cities, schools, and county government in Lyon County based upon population. For 2016 LCRF has distributed over $955,000 to the eight cities, three public schools and the county government in Lyon County and over $6 million since inception. The funds are programmed by each city council or school board and the County Board of Supervisors. The other half — another $6 million — has been given to non-profit projects in the competitive grant process.

The schools (West Lyon, Central Lyon and George-Little Rock) received a little over $40,000 each this quarter. The cities received in the range of about $12,000 to nearly $15,000 this time.

The agreement between the casino and the non-profit 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.