by Tom Tobin
Over the past two years, through lots of hard work by both staff and volunteers, ACB has balanced its budget and even produced a small surplus! As a result, ACB has stabilized its revenue streams, putting ACB in a position to establish an endowment fund.
An endowment policy was written and presented at ACB’s board meeting in February and, after some discussion and debate, the board unanimously adopted the policy. Bequests received from this point forward will be used to make sure adequate reserves are in place to cover annual operating expenses, and then the residual assets will be added to ACB’s Legacy Fund.
Over time, The Legacy Fund will grow, both through investment growth and through new bequests coming to ACB. At some point, to be determined in the future, ACB will begin to draw from this endowment to help with annual operations. But, perhaps most importantly, The Legacy Fund will ensure ACB’s financial future and help to perpetuate ACB’s important work for many years to come.
To date, ACB has received three bequests and, using the formula above, will insure board reserves and then add residual assets to The Legacy Fund. In short order, ACB’s endowment has gone from being non-existent to over $1,000,000! One bequest we received is from a longtime supporter of ACB’s work, Rhoades Schroeder, someone I had the privilege of knowing and a man who deeply cared about ACB’s work. Another is from Louis Wagner, a career firefighter with no family; he left ACB a seven-figure bequest. What is truly amazing about this bequest is that ACB did not have a previous relationship with Mr. Wagner. Other bequests are pending.
- ACB Establishes The Legacy Fund
ACB Establishes The Legacy Fund
by Tom Tobin