Endowments – Built To Last
Written by Stephanie Overbey, CEO of the Community Foundation.
My 16-year-old triplets recently got their drivers licenses. So, last weekend my husband and I told them we were going used car shopping. The kids did not go with us, and we did not make a purchase that day. When we got home, my parents (who live a couple hours away) surprised us with a visit as they were passing through town. The kids arrived home from a birthday party just after my parents. They saw my parents’ minivan in our driveway and their first thought was, “Oh No! Mom and dad bought us a minivan!” They told us later that they were prepared to hide their disappointment and say thank you, but were so relieved to come in the house and discover that the minivan was grandma’s and grandpa’s. We’ve had some good laughs about their dismay at thinking that their new ride would be a minivan.
We did end up finding a used car for them this week. We were shopping for something safe, something that we thought would be reliable enough to last one of them through college, and that was within budget. My husband is a mechanic and has his opinions on which vehicles are “built to last.”
“Built to last” makes me think of endowments because they too are designed to last. When you make a gift to an endowment, that gift is invested, and a percentage of that gift is made available every year to make charitable grants, forever. Over time, the fund can grow and spend it’s original gift amount, and still award gifts in perpetuity. We have numerous examples of endowments held here at the Community Foundation where the gift has given itself away, continues to grow in value, and will still continue to make charitable grants- forever.
Right now, the Community Foundation has an amazing opportunity, thanks to Lilly Endowment Inc., to match gifts to Unrestricted/Community Endowment Funds. Donors can give to an existing fund or start a new named fund and every $1 given will be matched with $2 from Lilly Endowment. This is an amazing opportunity to triple your gift’s impact into a fund that is “built to last.”
I would love to talk with you more about this opportunity and can be reached at 574-267-1901 or by email at stephanie@kcfoundation.org.
Warmly,
Stephanie
P.S. If you want to see a list of existing Community/Unrestricted Funds, click HERE.
Please note that gifts of cash, credit card, stock, and charitable distributions from an IRA qualify for the match, as do gifts from a donor advised fund held outside of the Community Foundation. However, Lilly Endowment will not match gifts from a donor advised fund already held at the Community Foundation nor will they match gifts of grain.