Kick-Start For Endowments

Charitable agency endowments are getting a kick-start from an innovative program launched recently by the foundation.

Endowment Growth Initiative grants help charities with limited dollars increase the amount of their initial endowment fund.

The result is assured annual endowment income of more than $1,000.

On the first $25,000 of endowment funds placed with the foundation, the board will allocate 10 percent of the value over a four-year period to leverage the payout amounts.

This allows more investment earnings to be retained in the actual endowment account for future growth and payouts.

The grants are distributed as part of the foundation's annual endowment earnings payout, and are funded from the foundation's other fund-raising projects.

In the fiscal year ending June 20, 2000, the foundation paid out just under $5,000 in additional Endowment Growth Initiative grants to 14 charitable organizations receiving endowment earnings.

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