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Foundation gets $1.6 M from Caesars in October

The Harrison County Community Foundation received a record $1.6 million from Caesars Indiana for its October payment under the Riverboat Gaming Development Agreement.
Under the agreement, Caesars pays 10 percent monthly of its adjusted gross receipts over $200 million within a year. For October, that amounted to $2.1 million, with Harrison County receiving 75 percent and the Caesars Riverboat Casino Foundation in Floyd County, the remaining 25 percent.
Payment was forwarded via wire transfer to the Harrison County Auditor’s Office by Edward Garruto, Caesars’ chief financial officer, on Nov. 8.
The amount breaks the previous record of $1.2 million received by the Foundation in January, for December 2001.
“I continue to be in awe of the amounts we are receiving from Caesars each month,” said Steve Gilliland, executive director of the Harrison County Community Foundation. “When I consider the total dollars we have to invest, I can’t help but fantasize about the many great things the Foundation will be able to accomplish in the short years ahead.”
But, Gilliland said there is a negative aspect to the flow of assets. “When our citizens see these numbers, it’s difficult for most to understand that the Foundation continues to be dependent upon their donations.
“To maintain our status as a community foundation, we must still prove to the IRS that we are a publicly supported charitable organization,” Gilliland said. “That requires donations from our businesses and individuals who are already under a constant barrage of solicitations.
“The advantage we offer is the dollars from Caesars allow us to match donations into our growing list of funds. Also, a donation to a Foundation fund grows over time and supports the purpose of the fund forever.”

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