GRAFTON— Taylor County Family Resources (TCFR) has recently created a way to ensure the sustainability of their many programs that assist children, individuals and families within the community, while also providing an opportunity for residents to leave a legacy.
TCFR Board President Joe Solberg shared that back in November the organization’s Board of Directors began discussing the need for a long-term funding solution for programs that serve the community; more specifically those programs that are either grant, or not traditionally funded at all.
“An established endowment would certainly fill this need, but endowments take money up front to create, and that’s not the sort of thing you can use grant money on,” Solberg explained. “Our agency is primarily grant driven, so ‘undesignated dollars’ are hard to come by.”
He disclosed that Your Community Foundation (YCF) allows the establishment of an endowment with as little as $10,000 within three years of the first deposit.
“The board devised this plan: we can put $5,000 up front, and we will ask the community to get us the rest of the way to $10,000! Strictly speaking, we have three years to get there, but our ambitions plan is to get there by the end of 2021,” Solberg revealed.
After talking all this over with the board, and gaining their approval of establishing the endowment, it became a cooperative effort for Solberg and TCFR Executive Director Cathy Coontz-Griffith.
The Taylor County Children & Families Endowment Fund is an agency endowment, meaning that it endows or supports TCFR. And the interest from this fund would be used to fund community supporting programs indefinitely.
With their ambitious $10,000 goal, the fund is likely to pay out a $500 annual dividend. Each year, the board of directors will decide whether to invest the dividend in one of their own programs, another worthy program in the community or to allow that dividend to roll back into the principal fund of the endowment.
And Solberg noted that the larger the endowment principle grows, the larger the annual payout would be.
Funding that substantial could greatly support the many programs offered throughout North Central West Virginia including: Hunger Relief, Child Abuse Prevention, Clothing and Essential Needs Assistance, Diapers, Wipes, and Formula Assistance, Emergency Utilities Assistance, Early Childhood Development, Community Programing, Substance Abuse Prevention, Substance Abuse Recovery Support, Gambling Addiction Prevention, Youth Development and Community Development, just to name a few.
“This endowment also creates way for our donors to give a long-lasting sustainable gift that leaves a legacy,” Solberg voiced. “Obviously small one-time gifts are accepted, but the endowment can even be named as a beneficiary in a person’s after-life estate planning. We can use a portion of your life insurance, remnants of an investment or retirement plan, or even a gift of real estate to benefit children and families in Taylor County for decades to come.”
To learn more, or to make a donation that will ensure these programs stand the test of time and can support generations to come, please visit http://www.tccfendowment.org.
Any questions about donations or inquires about the programs offered through TCFR may be directed to Griffith, by calling 304-265-6838.