Seneca Land District
>> Endowment Fund Details and History
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Seneca Land District
>> Endowment Fund Details and History
In 1999 the Seneca Land District Board of Directors established a district endowment fund which was kicked off with a $1000 gift from the St. Marys, PA Chapter. The fund grew to more than $5,000 over the next three years. In 2003, Charles McCollum of the East Aurora, NY Chapter pledged a matching gift donation up to $25,000, matching gifts from the Seneca Land District at large. The drive lasted for approximately sixteen months, ending December 31, 2004, reaching a total fund value of approximately $60,000.
The funds were turned over to Harmony Foundation to be invested and managed. The foundation takes 5% of all new money plus 5% of the earnings for their operating costs. The SLD gets 95% of the earnings or 5% of the invested capital, whichever is the lesser amount. Earnings for each year are paid annually, the following February. In years when the earnings exceed 5.25% (5% +5% of 5%), the excess is either used to increase the capital investment for the district fund, or held in reserve to average out the earnings in a lean year.
The earnings paid for 2004 were slightly less than 5% and the invested capital for the year was substantially under the final figure of approximately $60,000, resulting in $1637 paid out to us in 2005. It is expected that our annual earnings will be about $3000 starting in February of 2006.
The District president appoints a committee of three members to administer and disburse the funds. Appointed by President Brian Moore in 2005 were Fred Burne, chairman, for a one year term, Bob Coant for a two year term and Chuck McCollum for a three years term. The district president will re-appoint or replace one committee member each year. For 2006, the committee is Butch Talada, Bob Coant, and Chuck McCollum. Direct questions to Butch at <Butalco1[at]aol[dot]com>.
The committee has designed an application form, formulated some rules and guidelines established a checking account and specified an application process which is now available to all members of the Seneca Land District. All the information is now available on the District Web Site, will be published in the Smoke Signals and is available from any of the committee members.
The earnings become available early in the year (Feb). Applications for funding of projects for any year, must be made before March 15 of that year. Please see the fund rules and guidelines for further information.