School of the Arts Foundation Announces New Endowment Fund
Spotlight Date:January 29, 2016
The Board of Directors of the Dreyfoos School of the Arts Foundation and the Community Foundation for Palm Beach and Martin County have decided to join forces. In December, the School of the Arts Foundation board established an endowment fund at the Community Foundation. The fund will be a permanent, self-sustaining source of funding that will support the Dreyfoos School of the Arts Foundation services, forever.
“This endowment fund will ensure that we will always be able to assist the students at Dreyfoos to achieve their dreams.” said Executive Director Kris Lidinsky. “We chose to partner with the Community Foundation on this initiative because of their investment expertise and community leadership. We hope that our supporters will help us grow this endowment so that we can continue to do more in the future.”
Agency endowment funds provide a stable, predictable source of income for nonprofit organizations, and are a testament to the organization’s plan to sustain their future. The Community Foundation manages these funds and, like a community savings account, this permanent pool of assets generates income and grows over time.
The Dreyfoos School of the Arts Foundation has an endowment that was established many years ago with the generous donations from Alexander W. Dreyfoos and Arthur and Sydelle Meyer, to name a few. It was decided that having a second endowment housed at the Community Foundation would have a number of advantages. The first being that the partnership offers broader exposure to individuals who might want to support the school. A second is the ability to offer financial tools that the School of the Arts Foundation doesn’t presently have.
One of those tools is a Charitable Gift Annuity. Many people are looking for a secure source of fixed income for now or in the future and still want to make a gift to a charity. A charitable gift annuity can do just that. It is a contract in which a charity, in turn for a transfer of cash, marketable securities, or other assets, agrees to pay a fixed amount of money to one or two individuals, for their lifetime. A portion of the payments are considered to be a partial tax-free return of the donor's gift, which are spread in equal payments over the life expectancy of the annuitant(s). The amount that remains at the end of the contact, goes to the charity.
For more information about a Charitable Gift Annuity or making a gift to the new endowment fund, please contact Kris Lidinsky at 561-802-6023.