A large anonymous donation will go a long way in ensuring the local homeless shelter continues to serve the community for the foreseeable future.
The Shepherd’s House recently established the Shepherd’s House Endowment with $10,000, but the new revenue source for the shelter got a huge lift when it received an anonymous donation of $100,000.
“After in-depth conversations the board of directors wanted to ensure the shelter would be in operation for generations to come by diversifying their funding streams to create reliable revenue,” noted Mary Boyles, the shelter’s executive director, in explaining the thought process behind creating the endowment.
“For many organizations, a reliable source of income from a designated endowment fund lightens their fundraising burden on an annual basis. For individual donors, supporting an endowment fund is a chance to be part of an organization’s long-term vision,” Boyles added.
According to Boyles, her organization will continually raise funds to be put back into the endowment through planned giving and fundraising. Those efforts will allow the initial investment to grow “exponentially,” and in 2018, the Shepherd’s House will become eligible to draw funds from the endowment.
“We have pending commitments for the endowment which will contribute to the amount we are eligible to draw down in 2018,” said Boyles.
The shelter director noted that any donations received prior to September of 2018 will contribute to the amount the shelter is eligible to draw in 2018. Anything received after will go toward the 2019 draw.
The North Carolina Community Foundation will “house, manage and help grow the endowment,” Boyles stated.
“We administer endowments for nonprofit agencies and create strategies to help grow these funds. We work with nonprofits to leverage resources through grant-making and other capacity-building endeavors,” explained Megan Lynch Ellis, regional director of development for the N.C. Community Foundation.
“And we partner with the nonprofit sector to strengthen communities across the state. Nonprofits are well-acquainted with the need to establish stable, predictable sources of income for sustainability, credibility, operational and program needs.”
With more than $222 million in assets, the organization sustains 1,200 endowments established to provide long-term support of a broad range of community needs, nonprofit organizations, institutions and scholarships.
To contribute to the endowment or learn more about it, contact Boyles at firstname.lastname@example.org or at 336-786-1420.