The Viking Foundation of Lincoln is incorporated under the Nebraska Nonprofit Corporation Act as a public benefit corporation. The Foundation enjoys 501(c)(3) status conferred by the Internal Revenue Service of the United States Treasury.
The Corporation is organized as a private foundation to provide modest need-based grants to other 501(c)(3) organizations usually in Polk County, Iowa, Lancaster County, Nebraska and Denver County, Colorado to support individuals (especially children) challenged with education, poverty, gender, mental and physical health along with occasional support of other progressive causes.
The funds will be derived from the growth of an initial $1,000,000 committed endowment that may eventually grow to $2,000,000 or beyond, as a result of a specific provision in the Last Will of Steven A. Eggland or from contributions from other benefactors. This will amount to at least $50,000 in grant funds each year for the foreseeable future. To assure the endowment is valued in current dollars, each year grants will be awarded using the amount calculated by totaling the net growth of the endowment minus the CPI times the endowment amount.