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.
“The White Bear Lake Area Historical Society is one of the oldest and most respected nonprofit organizations in the greater White Bear Lake community,” stated Bill Foussard, foundation chairman. “We are pleased to welcome them as our first endowment fund and look forward to our ongoing partnership with them as they work to grow their endowment.”
Anyone interested in contributing to the new White Bear Lake Area Historical Society Endowment Fund may do so by sending a contribution to the Greater White Bear Lake Community Foundation (with a designation on the memo line that it is for the WBLAHS Endowment Fund), 4940 Highway 61 N., White Bear Lake, 55110, or directly to WBLAHS at P.O. Box 10543, again designating it for the endowment fund.
The foundation was established in 2015 to inspire philanthropy and enrich lives in the greater White Bear Lake community. For more information on how the foundation can work with other organizations to establish an endowment fund, or with individual donors to establish donor-advised or field of interest funds, contact Jackie Reis, email@example.com. The foundation hopes to have its website up and running by April. — Community Foundation press release