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Galesburg Wins Big With "We Hear You, America"
The Reader's Digest "We Hear You America" contest has come to a close and Galesburg has made it's mark by coming in second place.

That qualifies the city to receive $25,000 from Reader's Digest, an award the Galesburg Community Foundation has promised to match.

In anticipation of the success, which was confirmed late Mondaynight, the Galesburg City Council Monday approved a measure to funnel the money to the Foundation, which will create an endowment for youth and community projects in Galesburg.

Director Josh Gibb, says if the city and local business contribute as well to the fund for a total of $100,000 it would have an impact for years to come.

"If it would maintain that level of funding over a 50-year period, an endowment of $100,000 -- based on a seven-percent return and a 400% payout -- would put $440,000 into our community, and would have a value of $300,000 at the end of that period."

The council unanimously approved the measure and the Foundation will be in charge of distributing monies from the endowment each year at their discretion.

Gibb added, however, that the city had already won, as they came and worked together for a common goal.
05 17 11 by Newsroom
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