With $70 million in giving, the Inland Northwest Community Foundation changing name to ‘Innovia’
"Congratulations on your new job," well-wishers said. "Now, where is it that you're going?"
The foundation is the Inland Northwest's investment account for philanthropy. It manages
The grants and donations embrace a wide range of causes: art councils, food banks,
Today, they'll unveil a new name,
Innovia plays off "innovate" and "via," which is Latin for way. The new name gets at the innovation the foundation brings to creating positive change in the communities it serves, O'Quinn said.
The name has been used by other companies in different industries.
In the
The
During the meetings, stakeholders had a ho-hum response to the
The foundation put
O'Quinn said she hopes the new brand will do a better job of explaining the foundation's work to the general public. The foundation started about the same time as Expo '74 and has given away
"We have to get better at telling our story," O'Quinn said.
Distilling a mission
A
Brands are important because they trigger associations, said
"A rebranding is kind of this interesting paradox," Perkins said. "When you rebrand (an established organization) ... you're removing those cues. You're losing all the brand equity that existed in the prior brand."
Rebranding is resource intensive, but it can remove negative associations or clear up customer confusion about the company's mission or values, Perkins said.
Often, rebranding reflects changes in the organization, said
The
The new name, Helveticka, reflected the company's expanding products and services, which had moved far beyond the original work in graphic design, Bragg said.
"Sometimes, a name change can focus and clarify what you strive to be," he said. "It's meant to cut the clutter -- to distill as simply as possible what you do."
In 1999,
"They were much more than a hydro company and their geographic reach was expanding," said CK Anderson, Helveticka's creative director.
Avista's experience with its name change was inspiring to the foundation's staff and board, O'Quinn said.
"It was such a hard transition, but now Avista is a household word," she said.
Looking forward
Miller is a former volunteer for the
She picked the foundation as the eventual focus of her volunteer work. "It takes effecting change to a high level," she said.
Miller said she likes the name Innovia, because it honors the foundation's long heritage while looking forward.
The foundation's roots date to Expo '74. At the time,
Over the years, the foundation's name has been tweaked several times. The name Innovia puts the focus on the future, O'Quinn said.
The foundation recently received a
"In five to 10 to 20 years, we want to be able to show the impact the foundation is having on communities," she said. "We want to make sure we're providing that return on investment."
Assetwise, the endowed funds managed by the foundation have been on a growth streak, O'Quinn said. The foundation's assets grew in value by
About 500 charitable funds are managed by the foundation. The funds support causes that include arts and culture; education and youth development; civic engagement; economic opportunity; and health and well-being.
Some of the funds are charged a small fee, averaging 1.3 percent, to pay for the foundation's overhead, O'Quinn said.
"Often, what gets attention is the large gifts of
The money gets pooled for a greater impact, with the goal of changing lives, O'Quinn said.
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