Advantages to an Endowment
Stability is the primary reason to have an endowment. An endowment fund helps an organization diversify its income and reduces its dependency on annual results. Furthermore, endowments allow donors to provide a gift that continually keeps on giving in the form of compound interest. After all, Albert Einstein called compound interest the eighth wonder of the world.
What Is an Endowment?
An endowment is a fund that is restricted. Only the interest from the fund can be spent, not the principal that anchors the endowment. Usually, only a portion of the interest or earnings from the endowment are spent on an annual basis in order to assure that the original funds will grow over time.
Why a Main Street Amherst Endowment
The Main Street Amherst Endowment Fund was established in 2015 to provide a medium through which people may provide permanent, financial gifts that will assist in supporting the future of the organization. The principal of these gifts is held in perpetuity and the investment income made available as needed. The earnings from these gifts may be used for operating expenses, to maintain the facilities, and to fund scholarships. The endowment fund is set up through the Community Foundation of Lorain County.
Giving to the Endowment Fund
Gifts of any size are welcome. You may make a donation online through the Community Foundation of Lorain County’s website or by contacting Main Street Amherst directly. To donate through the Community Foundation of Lorain County, click the link, search Main Street Amherst, and follow the directions. http://www.peoplewhocare.org/funds