# Expanding Dormant Assets Scheme could provide catalyst for growing community philanthropy

- Link: https://fundraising.co.uk/2022/09/29/expanding-dormant-assets-scheme-could-provide-catalyst-for-growing-community-philanthropy/
- Published: 2022-09-29T09:15:00+01:00
- Author: Melanie May

**Expanding the Dormant Assets Scheme could be the catalyst for growing community
philanthropy in the UK, according to a new report by UK Community Foundations.**

The report, ‘_A place for philanthropy: the role of local giving in addressing regional
inequality and building community resilience’_, looks at the work of the UK’s 47
community foundations through the lens of the Levelling Up agenda. It explains how
community philanthropy plays an important role in tackling regional inequality and
looks at some of the ways it can be grown to help build the resilience of communities.

It points to an expansion of the Dormant Assets Scheme as a _“once in a generation
opportunity to leverage the value of community philanthropy and provide funding 
which empowers local people to change their places for the better”._

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The report continues:

_“The funding yet to be allocated from the Dormant Assets Scheme could be the catalyst
to help build a sustainable financial asset base for communities across the country._

_“By providing the fiscal stimulus to help incentivise community philanthropy, the
Government could help ensure that dormant assets money continues to support a broad
range of good causes now, and in the long term.”_

It says that if tried and tested mechanisms like match funding and community endowment
building are utilised, there is an opportunity for dormant assets money to multiply
both in value and in terms of the positive difference it can make.

The report’s main conclusions are:

 * Money from the Dormant Assets Scheme could be used to launch a government-backed
   match-funding programme that would aim to build community endowments to ensure
   a lasting impact. In doing this, the Government would multiply the value of dormant
   assets and help build a sustainable source of funding for the voluntary sector.
   It would also help encourage a new generation of local philanthropists.
 * Community philanthropy is already playing a role in creating social capital –
   one of the key drivers of the Levelling Up agenda. It brings people together 
   from across different sectors and increases understanding of local issues and
   how to distribute funding to charities that address them. This helps build community
   cohesion and encourages more strategic charitable giving.

 * In many cases the pandemic proved to be pivotal for improving the relationship
   between local authorities and the voluntary sector. This should be built on. 
   Moving forward there should be meaningful representation of the voluntary sector
   in initiatives that encourage collaboration between communities and local authorities.

Rosemary Macdonald, CEO of UK Community Foundations commented:

> “We are living in turbulent times. We need to look at how we can build the resilience
> and capacity of our communities. This means putting real power and resources in
> the hands of local people. The Dormant Assets Scheme presents us with a once in
> a generation opportunity to do that by growing community philanthropy. We don’t
> need to reinvent the wheel. Our members been working with local people for decades
> to create opportunities and support communities. We should be using the local 
> knowledge, insights, and expertise that is already there.”