A Local Fund is an internal account that is formed and maintained by each separate LOPSIII. The Local Fund has a dual purpose:
- The Local Fund collects the allocated shares of profit distributions from the Income Inequality Inhibitor (III) function of the LOPSIII; and,
- The Local Fund disburses the collected profits out to eligible recipients in the local area as free grants, donations, or gifts with no repayments or clawback provisions.
These paired processes of collecting excess profits and disbursing them to those who can benefit most work to inhibit runaway income inequality and its myriad harms. The Local Fund is the Income Inequality Inhibitor (III) core of every LOPSIII. Any undistributed funds that remain in the Local Fund at the end of the fiscal year are to be remitted to the NAACP Empowerment Programs 501(c)(3)*. This annual “refresh” of the Local Fund account is an important part of LOPSIII maintenance by ensuring that potentially helpful money never becomes paralyzed in static accounts, endlessly awaiting the fine details of bureaucracy or ineffective decision makers. In order to help as quickly as possible, the funds must move as quickly as possible!
LOCAL FUND distributions are always GIFTS or GRANTS to eligible recipients with no repayment and no strings attached.
The Local Fund fundamentally underpins a core LOPSIII goal of equitably distributing the shared economic gain from locally generated commercial activity, while ethically re-balancing the wealth distribution dynamics of the economy by specifically focusing on the most disadvantaged people who fall outside of the beneficial umbrella of the majority.
As individual LOPSIII businesses earn more revenue and thrive economically, the greater is their flow of funds through their Income Inequality Inhibitor (III), and the more active that LOPSIII’s Local Fund becomes. More Local Fund activity feeds (and funds) a greater base of potential beneficiaries with the critical capital needed to empower and invest in their own economic prosperity. Giving financial advantage to the local consumer group that constitutes each LOPSIII’s commercial base is a mutually beneficial endeavor with limitless positive externalities. In order to build a more socially cohesive and mutually supportive community, it’s hard to find a more enticing enterprise than the LOPSIII model which financially rewards people now for harms that have already been transgressed against them and their families through this country’s history.
Eligibility for Recipients of the Local Fund
Any individual person who lives locally (city or county) and has been historically, economically disenfranchised within the United States is eligible by default to receive distributions from a LOPSIII Local Fund. Such persons can apply for a free, no-repayment grant from a LOPSIII in their local area for their chance to contribute to their neighborhood’s economic success and/or their own financial freedom.
Proof of historical, economic disenfranchisement is typically obvious and primarily includes BIPOC groups and those who populate groups outside of the white, male patriarchy which has shaped and institutionalized this country to its own advantage.
Each LOPSIII supports and maintains a simple framework for displaying the available funds in their own Local Fund (usually online), accepting simple applications, determining the basic eligibility and requests of recipients, and distributing the available funds on a rolling basis with absolute liquidity. This process should be as streamlined and efficient as possible.
After determining a recipient’s fundamental eligibility and local address, NO ADDITIONAL REQUIREMENTS are to be imposed on recipients in order to qualify for a distribution from the Local Fund.
- No age requirements
- No experience or merit requirements
- No wealth requirements
- No pre-existing connection or relationship requirements
* The NAACP Empowerment Programs 501(c)(3) has been initially selected as the default recipient for ALL excess Local Fund money from ALL LOPSIII businesses across the country due to its proven track record of empowering Black Americans who are by far the most historically disenfranchised demographic in the U.S., and who by far make up the largest and most deserving group of an automatic reparations mechanism.