The Greater White Bear Lake Community Foundation has established its first partnership with one of the area’s longtime nonprofit organizations – the White Bear Lake Area Historical Society (WBLAHS).
The WBLAHS, founded in 1970, voted to establish an Agency Endowment Fund with the Community Foundation, with an initial contribution of $10,000 and a long-term goal of growing the fund to $1 million.
As described by Sara Hanson, WBLAHS executive director, “The White Bear Lake Area Historical Society is excited to take part in this opportunity with the Greater White Bear Lake Community Foundation. We see it as being beneficial to the WBLAHS in the long term, as well as a show of support for the foundation and all of the good it will do for the greater White Bear Lake community.”
One of the foundation’s purposes is to provide a home for permanent funds established by other nonprofit organizations as a way of providing long-term sustainability. Agency endowments return annual distributions to that organization, while the principal continues to grow.
Any nonprofit can enjoy the benefit of the foundation’s investment policies and practices for bequest gifts, or for funds set aside for long-term investment. Income from endowments is one way for nonprofit agencies to diversify revenue.